Bill Gates Says Neither People Nor Governments Are Prepared for the Huge Changes Coming to the Labor Market

(Before It's News)

Via Ryan

Within 20 years, “software substitution” will dramatically reduce the demand for many types jobs, Bill Gates said Thursday at the American Enterprise Institute. It’s a gloomy prediction that he says many people, including governments, aren’t prepared for.

Make no mistake, “software substitution” is a fancy way of saying software automation — as in “bots” and whatnot. Many of the jobs that could be eliminated are lower skill occupations.

“Software substitution, whether it’s for drivers or waiters or nurses … it’s progressing,” Gates said. “Technology over time will reduce demand for jobs, particularly at the lower end of skill set. … 20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.”

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