> Who is going to be buying the products and services if no-one has money to throw around?
The same people who are buying products and services right now. Just 10% of the US population is responsible for nearly 50% of consumption.
We are just going to bifurcate even more into the haves and have-nots. Maybe that 10% now becomes responsible for 70+% of consumption and everyone else is fighting for scraps.
It won't be sustainable and we need UBI. A bunch of unemployed, hungry citizens with nothing left to lose is a combo that equals violent revolution.
Top 10% of households are 212k. Plenty of software developers don't make that but if they have a spouse with 70k job, they are in top 10%. However, many software jobs are starting to be in HCOL so they probably don't feel like they are in top 10%.
Pretty much yeah, I believe it's around $200k/year puts you in that bracket.
If all jobs evaporate, then only asset owners will have money to spend, everyone else is left to fight for scraps so we either all die off or we get mad max.
Or maybe the type of labor desired will be more comple, interesting, and valuable as it was when we gave up hunting and gathering for farms and as we mechanized farming and left for factories and factories and offices.
The same people who are buying products and services right now. Just 10% of the US population is responsible for nearly 50% of consumption.
We are just going to bifurcate even more into the haves and have-nots. Maybe that 10% now becomes responsible for 70+% of consumption and everyone else is fighting for scraps.
It won't be sustainable and we need UBI. A bunch of unemployed, hungry citizens with nothing left to lose is a combo that equals violent revolution.