AI and Job Loss: OpenAI CEO Sam Altman Warns of the Consequences as Research Predicts Automation of Millions of Jobs in Advanced Economies

OpenAI CEO Sam Altman has expressed concerns about the impact of AI on the economy and its potential consequences. During a Brookings Institute panel on AI and geopolitics, Altman discussed the socioeconomic changes that AI may bring and the resulting impacts. He noted that discussions around AI’s influence on the economy have waned in recent years compared to earlier years. However, Altman believes that these issues are massive and cannot be ignored, despite advancements like GPT-4 not having a noticeable economic impact yet.

Recent research has shown that AI could disrupt up to 60% of jobs in advanced economies, with nearly half of these jobs being automated. This leads to reduced hiring and lower wages. A McKinsey study projected that around 12 million US workers will need to switch jobs by 2030 due to AI-driven changes in the workforce. Evidence suggests that companies are already replacing employees with AI chatbots, creating opportunities for individuals to increase productivity and potentially advance in their careers but also raising concerns about broader implications for the labor market. In previous interviews, Altman expressed fears about the potential for job loss due to AI advancements like ChatGPT, highlighting the need for proactive measures to address these challenges.