How do we build a society when most jobs are automated?

#automations #jobs #universalbasicincome

As automation increases more people become unemployable. However we have built a society that assumes that most people have jobs. How do we prepare for a world where that’s not the case?

Bill Gross defends in this article the idea of establishing a Universal Basic Income of, eg: $10k per year per person in the US and argues that it could be paid for with 1) raising taxes, 2) issuing more debt via the private market and 3) selling debt to central banks at low interest rates that would be paid back to the government.

Can the excess productivity of a few pay people for the sustenance of the rest of the world? For example, as of 2015 in the US alone 20% of Americans have 93% of the money. Paying for the UBI sounds in principle like a solvable problem.

And, more interestingly, once something like this is feasible, what would do the world look like? What will civilization do with all the millions of new man hours per day of cognitive surplus?