I agree with you. This generation of LLMs is on track to automate knowledge work.
For the US, if we had strong unions, those gains could be absorbed by the workers to make our jobs easier. But instead we have at-will employment and shareholder primacy. That was fine while we held value in the job market, but as that value is whittled away by AI, employers are incentivized to pocket the gains by cutting workers (or pay).
I haven't seen signs that the US politically has the will to use AI to raise the average standard of living. For example, the US never got data protections on par with GDPR, preferring to be business friendly. If I had to guess, I would expect socialist countries to adapt more comfortably to the post-AI era. If heavy regulation is on the table, we have options like restricting the role or intelligence of AI used in the workplace. Or UBI further down the road.
No, it will not affect you. The above post is mostly correct, but it's misleading because it's from the perspective of a trader trying to make short term profits. But most of us are considered investors, we periodically buy/sell low volume of liquid ETF/funds/stocks and hold our positions for years. Market makers do collect a tiny premium for every trade, but it's irrelevant for the time horizon that investors are concerned with.
For the US, if we had strong unions, those gains could be absorbed by the workers to make our jobs easier. But instead we have at-will employment and shareholder primacy. That was fine while we held value in the job market, but as that value is whittled away by AI, employers are incentivized to pocket the gains by cutting workers (or pay).
I haven't seen signs that the US politically has the will to use AI to raise the average standard of living. For example, the US never got data protections on par with GDPR, preferring to be business friendly. If I had to guess, I would expect socialist countries to adapt more comfortably to the post-AI era. If heavy regulation is on the table, we have options like restricting the role or intelligence of AI used in the workplace. Or UBI further down the road.