Paul Tudor Jones, a billionaire investor and risk management veteran with nearly five decades of experience, is raising urgent concerns about the transformative effects of artificial intelligence (AI) on the labor market.
Speaking candidly, Jones points to a troubling milestone: in June, the unemployment rate among recent college graduates hit 5.8%, surpassing the national unemployment rate for the first time in 45 years. This unprecedented statistic serves as a stark warning of the structural shifts already underway.
Jones emphasizes that the rising unemployment among entry-level professionals is a call to action. “The early signs of societal disruption from AI are here,” he warns, drawing parallels to the opioid crisis. “I’m a capitalist and believe in free markets, but we’ve seen what unchecked greed can do.
Look at the opioid epidemic—over 800,000 Americans died from overdoses because the government failed to rein in pharmaceutical companies profiting by hooking people on drugs.”
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As a seasoned risk manager, Jones says, “Every instinct I have is flashing red, and yours should be too.”
Despite widespread discussions about the economy, this critical data on employment has gone largely unnoticed and under-discussed, even though it signals the beginning of profound changes in the labor market. Jones’ warning underscores the need for proactive measures to address AI’s disruptive potential before its societal impacts deepen further.
