Howard Marks says AI is going to have a 'terrifying' impact on employment - and it goes well past lost paychecks

"That's one of the words legendary investor Howard Marks used to describe the impacts of AI on the workforce. "Terrifying." "I find the resulting outlook for employment terrifying. I am enormously concerned about what will happen to the people whose jobs AI renders unnecessary, or who can't find jobs because of it," Marks wrote in his latest blog post on Tuesday."

"But Mark said that even if governments find a way to fund universal basic incomes, it doesn't account for a key issue: That people get a lot more from jobs than just a paycheck. "A job gives them a reason to get up in the morning, imparts structure to their day, gives them a productive role in society and self-respect," he said."

AI poses a 'terrifying' outlook for employment, threatening both jobs and the purpose people derive from work. Work provides routine, structure, productive roles, and self-respect that income alone cannot replace. Some leaders have experimented with AI in writing and expressed concern for workers whose roles become unnecessary. Estimates vary: an IMF analysis suggested about 60% of jobs in advanced economies will be affected by AI, while McKinsey found technologies could automate more than half of US work hours. There is concern that large numbers may receive subsistence checks yet lack meaningful daily roles.

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