An increasing number of Americans are grappling with FOBO – a fear of becoming obsolete. This phobia revolves around the idea that new technologies will render one's profession outdated, leaving them as an unemployable relic in the job market.
Now, let's explore the predictions of billionaire and philanthropist Bill Gates, whose companies, including OpenAI, and innovations like ChatGPT, hold a considerable stake in the contemporary AI market.
The job disruption from AI will be massive, and we need to prepare for it. Certainly, we’re going to lose jobs to automation. The question is, what do we do about it?posits Gates.
Bill Gates' foresight is remarkable. Around half a century ago, a single computer occupied an entire room on average. Yet, even in those early days, he predicted that computers would soon become a common sight on every desk—and he was absolutely right. In the early '90s, he postulated that the Internet would revolutionize human civilization. He also anticipated a future where mobile phones would evolve beyond mere calling devices into tools for communication, shopping, banking, education, and more. Gates recognized the potential of online advertising and predicted the 2021 pandemic with striking accuracy.
Bill Gates: A Master of Crystal Ball Gazing. Source: The Guardian
So, what's his current focus of concern?
Soon Job demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model,Gates remarks.
Gallup’s studies show that the average American concerned about their job becoming obsolete due to technological advancements is often a young individual with a degree, earning below $100,000 a year. In this demographic, the levels of FOBO have increased from 8% to 20% in the last two years.
Individuals without higher education also acknowledge this issue, maintaining a 24% level of FOBO.
Gender doesn’t appear to differentiate these fears; both men and women demonstrate similar levels of concern.
Hence, the sociological profile exhibiting increased anxiety regarding job obsolescence from new technologies is predominantly composed of younger, educated individuals with lower incomes.
The green curve shows FOBO percentages. Source: Gallup
In general, American employees have a wide range of fears regarding their work and career paths. According to Gallup, the primary concern is the loss of benefits, a worry shared by almost one in three respondents. Around 24% of individuals are anxious about a salary reduction. Notably, those grappling with FOBO rank third, with roughly one in five workers expressing such concerns. An additional 20% fear termination, and 19% are worried about a reduction in working hours.
Since 2021, the fear of becoming obsolete has notably increased, while other concerns remain below the peaks recorded during the last economic downturn between 2009 and 2013.
The job disruption from AI will be massive, and we need to prepare for it,Bill Gates predicts.
