Billionaire investor Jeff Greene predicts there’s a looming economic collapse on the way due to the rise of automation in the workforce.
In an interview on FOX Business Network’s Countdown to the Closing Bell, Greene said he is prepared to tell President Trump that he needs to focus on this tangible economic threat before it turns into a full-blown crisis.
“I think that what globalization did to the blue collar workforce and manufacturing over forty years, AI [artificial intelligence], machine learning, robotics and big data is going to do to the white collar workforce in the next five to seven years,” he said.
According to a PricewaterhouseCoopers study, nearly four in ten, or 38%, of U.S. jobs could be taken by artificial intelligence within the next 15 years.
The billionaire investor said the service industry is most at risk of losing its jobs to the technology sector.
“Just like when you go online on Amazon, I could push a button and say, I’d like to see, rate them from most popular to least popular. Why am I having a waiter standing there writing things down going to the kitchen so that job already is much better done by AI,” Greene said.
Greene, founder of The Greene School which teaches children the skills necessary to succeed in a global economy, said understanding the negatives and positives of technology is the best way to ensure it works for everyone.
“We need to embrace technology. It’s not going to go away. We have to live with it. We have to love it,” he said.