Amy Webb, futurist and bestselling author, is concerned. The recent comments by Treasury Secretary Steve Mnuchin about the effect of artificial intelligence and automation on the job market (“…not even on my radar screen… 50-100 more years.”) indicate to her that the administration is not up to speed on the latest developments in the field. In response, Webb looks at the state of artificial intelligence and its potential to replace human jobs in a Los Angeles Times op-ed.

Regarding Mnuchin’s position, Webb writes, “He suffers from the paradox of the present — the delusion that the way things are now will continue indefinitely.” She notes that in order to arrive at his conclusion, Mnuchin must have not only missed any news on automated vehicles, but also ignored the effect that artificial intelligence is having on his own industry: “Already, machines are out-performing humans at storied investment banks like Goldman Sachs, where four traders can be replaced by one computer engineer and a handful of complex trading algorithms with machine-learning capabilities.”

Webb is optimistic – she believes that the ascension of artificial intelligence will also create many jobs. But she believes the short-term outlook is not as rosy or uncomplicated as the administration would like to think. For more details, read Webb’s full article in the Los Angeles Times. To learn more about how she can apply her expertise to your company or industry, contact us.