How many of these top 10% of households will have their breadwinners be replaced with AI? The LLM boom is aimed at them, professionals, knowledge workers, not at landscapers and plumbers.
How many of these top 10% of households will have their breadwinners be replaced with AI? The LLM boom is aimed at them, professionals, knowledge workers, not at landscapers and plumbers.
90% of the 10% will be doomed. The remainder, the 1% overall lives off capital not labor, they’ll be fine.
that is incorrect, the 0.1% (>50m) live purely off capital. the 1% are still mostly highly paid specialized labor and despite high savings their capital would not sustain their lifestyle outside a brief retirement.
In the US, 99th percentile household wealth is ~$14M, which at historical rates of return is enough to live opulently indefinitely. (Of course although we're discussing a scenario where capital holds most of the cards, who knows if those returns would be dependable.)
if you dig into whats actual safe to distribute after inflation and taxes, or conservative FIRE mid-life recommendations, its around 1-2% of principal per year . From 14m, 10-20k/month, about the budget of the white collar household in a major metro. Which is nice but hardly opulent. Rent, healthcare, and kids (or some expensive hobbies) eat that up in hurry.
20k a month being the budget of a white-collar household? We obviously live in very different worlds.
>>> I guess if global population drops by 80-90℅ you suddenly get a "sustainable" economy, as everything is repriced the economy of scale needs a much smaller scale.
> How many of these top 10% of households will have their breadwinners be replaced with AI? The LLM boom is aimed at them, professionals, knowledge workers, not at landscapers and plumbers.
The point of AI is to make inequality even more extreme. A well-off worker is still a worker, and it's the dream of every capitalist to not have to pay any of them a dime.
For supposedly smart people, software engineers are really dumb. We should have unionized a decade ago, at the height of our power. Instead too many of us inhaled libertarian propaganda and identified with our bosses instead of our own class.