Economist Peter Schiff has criticized Sen. Bernie Sanders‘ call for a moratorium on new AI data centers, describing it as an attack on productivity, progress, and growth.
Employment Is Not The Goal
Schiff argues that Sanders’ opposition to AI is rooted in concerns that the rich might get richer, rather than broader economic welfare. He believes that the real tragedy is not poverty or scarcity, but the possibility that someone might profit while making everyone else’s life easier.
Apparently, the real tragedy isn’t poverty or scarcity, but the possibility that someone might profit while making everyone else’s life easier.
Schiff says that productivity gains from AI would ultimately benefit consumers, not just corporations or wealthy investors. He adds that lower prices reduce the amount of labor required to maintain living standards.
The Benefits of AI
Schiff dismissed the idea of job preservation being the end in itself, saying:
Jobs are not the goal. They’re the cost.
He believes that technological progress that reduces labor requirements should be viewed as an advancement rather than exploitation.
When technology eliminates one job, it frees up labor to do something else.
Elon Musk Slams Sanders’ Calls For A Moratorium
Earlier this week, Sanders had called for a halt to new data center construction, warning that their rapid expansion was threatening jobs, democracy, and public resources.
AI and robotics are described as the most transformative technologies in the history of humanity, with an impact on every person in the country.
Billionaire entrepreneur and Tesla Inc. CEO, Elon Musk, slammed Sanders’ views, saying:
The takers like Bernie will eventually follow the makers, but they’re cowards too and lack any sense of adventure, so they will wait until it is safe.
Conclusion
The debate surrounding AI and its impact on the economy and society continues to be a contentious issue. While some argue that AI will bring about significant benefits, others worry about the potential risks and drawbacks. As the conversation unfolds, it is essential to consider the perspectives of experts like Peter Schiff and Elon Musk, as well as the concerns of lawmakers like Bernie Sanders.