Andrew Yang🧢⬆️🇺🇸

Please, put your phone down! @joinnoblemobile

Andrew Yang explains why lawyers will be replaced by AI “The first thing that jumped into my mind when you said that was lawyer. Law school applications, last I checked, went up 21% last year, and I would suggest that was a flight to safety, and that stuff’s not safe at all. Lawyering is highly structured. It’s very process oriented. It’s kind of the ideal environment for AI” “I have friends who are partners in law firms who say, ‘Look, I’m giving AI work that would have taken a second or third year associate a week to complete, and it gives it back to me in 20 minutes. So why on earth would I hire a small army of these associates?’”

There would be a lot fewer workers at these companies’ manufacturing facilities in this version of the economy.

AI is going to make a lot of people feel poorer, not richer.

And the winner is @HamerlingMike! Will do this again soon. 👍

It’s @joinnoblemobile giveaway time! Just like this post and one person will get free wireless for a year, a ~$600 value. Winner chosen Thursday at random. The average American spends $83/month on wireless which is . . . twice what they do in other countries. 🤔 Good luck!

Andrew Yang is calling it "The Fuckening." That's his actual word for it. And honestly it fits. A CEO of a publicly traded tech company told him directly: "We're firing 15% now. Another 20% in two years. Another 20% after that." There are 70 million white collar workers in this country. Yang projects 20 to 50% of those jobs gone within a few years. The low end of that is 14 million people. The entire 2008 crisis wiped out 8.7 million. The difference this time is the jobs don't come back. A recession ends and companies rehire. This time the work still gets done. It just gets done by software. The position itself stops existing. Nothing expands margins like replacing a $379K employee with a $200/month subscription. We track it all at layoffhedge.com. 58 companies. 254,000 people. And climbing. Yang is writing about what's coming. We're counting what's already here.

Unfettered capitalism plus AI will be no one’s idea of a good time.

LAYOFF ALERT: DELL Dell just confirmed 11,000 jobs cut in their annual filing. They spent $569M on severance and called it “disciplined cost management.” The list keeps growing.

I’m pretty sure we should tax AI. blog.andrewyang.com/p/tax-the-bots

Guys, the AI layoffs are very real and are about to rip through organizations throughout the economy. Be prepared - and sad for those affected because it’s going to impact millions of people.

Welcome Scott to NYC tomorrow! 😀

👀

The Fuckening of white-collar workers has arrived. blog.andrewyang.com/p/the-end-of-t…

We need to prove we can make people’s lives better. That’s how we move this state forward, this party forward, and our country forward.

BIG NEWS! "The Forward Party today announced that @mindyfinn will join the organization as Vice President of Advancement, bringing her extensive experience in politics, digital strategy, and coalition-building to the growing movement of voters seeking practical solutions and leadership beyond the two-party system." Read the announcement: forwardparty.com/media/blog/min…

The top 10% now account for almost half of all consumer spending. That’s not what you want to see.

How humans are doing and how GDP is doing are diverging very sharply.

While full AI role displacement will happen in certain roles, history shows that wage resets are a more common, insidious, and often equally disruptive way that new technologies affect workers 1. Intra-sector squeeze: Displaced workers flood the remaining jobs in their own field, compressing wages. When trade shocks hit manufacturing in the early 2000s, laid-off factory workers competed fiercely for an ever-shrinking number of U.S. jobs, resulting in declining real wages. 2. Labor supply growth outpacing labor demand: AI (like past tech waves) slashes the skill floor for once-premium jobs, flooding labor supply and compressing wages. This can happen even when the total # jobs in a sector increases, and/or when Jevons paradox plays out. We saw this with London black cab drivers, who prided themselves on mastering "The Knowledge," a rigorous, years-long training required to memorize 25K streets, 20K landmarks, and thousands of specific routes within a six-mile radius of Charing Cross, and previous to 2012 made a middle-class wage. But once GPS driving directions and Uber/Lyft commoditized professional driving, they faced sudden competition from a flood of low-skill workers. Despite consumer demand for rides increasing (Jevons) over the last 14 years, black cab drivers have seen real income fall by 50% and today sit below the London Living Wage. 3. Inter-sector pay cut and spillover: Displaced high-skill workers switch fields, often taking a pay cut while displacing incumbent workers. We may be seeing early stages of this now: 42% of recent college grads are *underemployed*, taking jobs that don’t require a degree and competing directly with non-college grads. This may be responsible for the increased unemployment among young non-college educated workers [see chart]. The same thing happened after NAFTA and China’s WTO entry. Manufacturing workers didn’t disappear; they spilled into retail, construction, and services, on average taking a $13,500 (~20-30%) pay cut. The key takeaway is we need to track not only # jobs but also wage trends in order to help people prepare.

We should stop taxing human labor and start taxing the bots. blog.andrewyang.com/p/tax-the-bots