the reasons why the unemployment rate is so often touted as the measure of economic success in America is that, in a gig economy, it is easier to yo-yo and fudge employment numbers than it is, say, real wages. We now live in an economy where employment does not necessarily mean someone is able to make ends meet; in fact, quite often it doesn’t. The gig economy, combined with our overriding economic structure, has wildly increased financial precarity among the U.S. populace. Since 2008, a continuing sentiment echoed to this day is that “the economy never really recovered for regular Americans.” Unfortunately, in a multitude of ways, this is true. Notoriously, the 2008 bailout, while addressing the economic emergency at the time, was largely directed at the highest levels of our economy, largely institutional interests, while millions of average Americans suffered economic setbacks they still haven’t fully recovered from. This includes losing life savings, home foreclosures, and a permanent decrease in gainful employment opportunities. The gig economy, in retrospect, was the logical extension of the fallout from the 2008 financial crisis. It has made economic conditions far more precarious for many Americans and has essentially made millions of people into freelance mercenary employees, only chasing the next paycheck to make ends meet. There are millions of people who find themselves in this situation despite making perfectly fine life choices, but the vagaries of the system have beaten and bruised them pretty severely. Even if one doesn’t take a maximalist view of the potential fallout of more sophisticated, omnipresent artificial intelligence, there’s no denying that it looms as another tool to severely discipline labor and make the economic existence of many people more precarious. The hyperbolic talk of AI wiping out humanity belies the more likely, mundane fallout from AI’s spread. It will likely drive America further into a gig economy without a solid financial foundation and genuine security. This will increase all the issues that bother most Americans, no matter what your political perspective is — crime, homelessness, economic distress, lack of trust in our institutions, etc. AI is foreboding, not because its’ most maximalist outcomes will come true, but because we know, given the trajectory of many aspects of our society, it won’t be used to enhance the human experience, but instead used to make the lives of human beings more difficult. The Advisors’ Trust Company® Zia Trust, Inc. 505.881.3338 www.ziatrust.com 6301 Indian School Road, Suite 800, Albuquerque, NM 87110 It’s an honor to serve residents of The Land of Enchantment, and clients in 41 other states. We’ll Meet You. even out Here. Our team of Trust Officers and 3 local offices provide fiduciary services across the state. We work alongside your clients’ investment advisor Bisti Badlands, De-Na-Zin Wilderness Area, New Mexico 21
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