Top Economist Warns AI Could Triple Unemployment Within a Decade – Yahoo Finance

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AI-driven job disruption is moving faster than any technological shift in history, and Nobel Prize-winning economist Daron Acemoglu warns unemployment could triple within a decade if nothing changes.

“What we are living through with AI is unprecedented,” Acemoglu said in a “60 Minutes” interview, published by CBS News on Sunday. “The first phase of the Industrial Revolution took 80 years. Today it’s taking place in one or two years,” he said.

Acemoglu said while AI training jobs do exist, “the number of people they’re employing in these positions is small relative to the number of people who will be replaced.”

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Nearly three-fourths of Americans now fear AI could cost them their jobs, according to a Pew Research study, while a September report from the McKinsey Global Institute projected AI could push 11 million U.S. workers into new careers by 2035.

A Different View From Silicon Valley

Mercor CEO Brendan Foody, who also appeared in the interview, described the shift as a natural evolution that could free workers from repetitive tasks, pointing to AI training as a growing career path that can pay up to $200 an hour. He called it “the career of the future.”

Clara Shih, a former AI executive at Salesforce Inc. and Meta Platforms, Inc., told CBS Newsshe left her job after watching AI shrink teams that once required dozens of people down to a handful. “It’s never just about the jobs. It’s people’s sense of self-worth,” Shih said.

Entry-Level Jobs Already Under Pressure

Wall Street has echoed similar warnings. Goldman Sachs Group recently found that entry-level workers are facing the sharpest AI-related hiring pressure, with call-center employment running well below historical trends in the U.S., Canada and Germany.

Not All Economists Agree

Johns Hopkins economist Steve Hanke has pushed back, saying AI “might just end up being a net job creator,” since the steep cost of AI infrastructure could slow how fast companies actually replace workers.

Image via Shutterstock

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