The world's richest man, Elon Musk, continues to insist that the artificial intelligence technology he profits from will create an economic utopia free from poverty, where work is optional and saving money is unnecessary.
But at a time of unprecedented wealth inequality that the Trump administration Musk supports has helped to accelerate, Sen. Bernie Sanders (I-Vt.) expressed incredulity about how Musk envisions such a future coming about.
Musk, the CEO of SpaceX and Tesla, made his comments on his social media app X, in response to billionaire investor Ray Dalio, who'd announced that he and his wife were contributing to an initiative backed by the Trump administration to create savings accounts for children born between 2025 and 2028.
Dalio mentioned that the computer billionaire Michael Dell and his wife had also pledged $6.25 billion to the effort.
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Unprompted, Musk responded: "It is certainly a nice gesture of the Dells, but there will be no poverty in the future, and so no need to save money. There will be universal high income."
It's a theory that Musk has proposed repeatedly of late. Last month, while on a podcast, he suggested that thanks to rapidly accelerating AI and robot technology, all labor will soon be automated, making the need for wages obsolete: "In less than 20 years, working will be optional. Working at all will be optional. Like a hobby."
Earlier this week, he postulated—in almost Marxian fashion—that automation would do away with the need for money as a store of value.
“I think money disappears as a concept, honestly,” he told another podcast. “It’s kind of strange, but in a future where anyone can have anything, you no longer need money as a database for labor allocation. If AI and robotics are big enough to satisfy all human needs, then money is no longer necessary. Its relevance declines dramatically.”
Social media users have had a field day with Musk's fanciful predictions. One noted that it was a bit strange that a person who believed money would soon lose all value recently strong-armed Tesla shareholders into giving him a nearly $1 trillion pay package, the biggest corporate compensation plan in history. Another simply asked, "Are you high on ketamine?"
But perhaps the most blistering reaction came from Sanders, one of Musk's most steadfast adversaries, who posted a sardonic response video on Thursday.
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"I was delighted to hear that through the rapid advancement in artificial intelligence and robotics that you are funding, you will be bringing about utopia to the world," the senator said. "You have told us that poverty will be wiped out, work will be optional, there will be universal high income, and that everyone will have the best medical care, food, home, transport, and everything else. That is wonderful news."
"I just have a couple of questions. How will this utopia come about?" he continued. "If young people can't find the entry-level jobs that used to exist, and they are unemployed without income, when are they going to get the free housing you talk about? If manufacturing workers lose their jobs because robots take their place, when are they going to get the free healthcare you promise? If a young nurse with kids loses her job, how is she going to get the food she needs to feed her family?"
Sanders then turned his attention to the fact that Musk spent an unprecedented amount of more than $270 million to help elect President Donald Trump, who earlier this year enacted historic cuts to the social safety net to fund tax breaks that overwhelmingly benefit the rich, in what has been described as the greatest upward transfer of wealth in US history.
"I look forward to hearing about how you and your other oligarch friends are going to provide working people with a magnificent life that you promise," he continued. "Because let's not forget, Donald Trump, the guy you got elected, is kicking 15 million people off their healthcare, doubling insurance premiums for more than 20 million, and is making massive cuts to nutrition assistance and education for kids across the country."
Sanders concluded, "With that track record, I can't wait to hear how your plan to provide universal high income for every American is going to be implemented."
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