We've been through this before. The GFC in 2008 wiped out entry-level jobs for millenials who did everything "right" (or, at least, what they were told to do) by going to college and accumulating student debt [1].

Those graduates ended up doing lower-paid and often non-career jobs like service works. The cliche in the early 2010s was college grads being baristas for a reason.

Those jobs never came back. And it's essentially destroyed that generation who are under crippling debt with no security and no prospects. People in tech did well in the 2010s. Nobody else did. So, on HN a lot of people didn't see this because HN skews towards tech but this was really destructive for society as a whole. We're still feeling the affects of it. It was a key factor in the 2016 election.

It's going to get worse. What people should really understand that there's, so far, only one product for AI and that is labor displacement and wage suppression when we already have historically low savings rate (ie a buffer) [2] and an affordability crisis that is also only going to get worse. How do we have a functioning economy if nobody has any money?

[1]: https://www.newyorkfed.org/research/college-labor-market#--:...

[2]: https://usafacts.org/articles/why-arent-americans-saving-as-...

> if nobody has any money?

This is clearly false, the K shaped economy framing does ring true to me and you are describing the lower half of the K. Those millenials (and younger) with crippling student loans, no savings, and unmarketable skills are a major voting block and will definitely have an impact on policy. The size of the impact will be determined by their level of anger and ability to essentially convince the upper half of the K to go along with wealth transfers (traditionally not easy to do).

Not a problem, LLMs can be very efficient at controlling social unrest.

I don’t think it was a key factor in the 2016 election. It’s mostly older people (older than millennials in 2016) who vote.

Back to the barter system

It is funny I was a dishwasher for a while $20K income somehow living on that. Then get into tech 5x it and now more poor/in a lot more debt, my own dumb decisions but yeah.

Like the people that win the lottery and end up broke that's me.

GFC? Gordon Food Service?