Make that a failed future economy. The ratio of producers to customers is plummeting. For example:
In coming years, software apps will be doing many of the things physicians, nurses, and technicians now do (think ultrasound, CT scans, and electrocardiograms).
Meanwhile, the jobs of many teachers and university professors will disappear, replaced by online courses and interactive online textbooks.
Where will this end?
Reich's prediction is not pretty.
... most of us will have less and less money to buy the dazzling array of products and services spawned by blockbuster technologies – because those same technologies will be supplanting our jobs and driving down our pay.
... A future of almost unlimited production by a handful, for consumption by whoever can afford it, is a recipe for economic and social collapse.
Our underlying problem won’t be the number of jobs. It will be – it already is — the allocation of income and wealth.
In other words, we really need to solve the problem of huge economic inequality. Now.
Read the complete post here.