‘U.S plans to impose a Fed hike in upcoming year’ is the news that had world-wide repercussions in way that no one expected. Many companies started to take into account, the possibility of increase in rates, in their preparation of budgeted ledgers for upcoming years.
The increase in rate was also followed by a dramatic increase in jobs in U.S. MarketWatch reported that U.S employed 143 million people outside farming sector.
However soon after this, a Central Bank official reported U.S to be running a risk of losing around 80 million jobs to machines. Andy Haldane, chief economist of Bank of England was reported saying, “Technology could act like a regressive income tax on the unskilled. It could further widen income disparities, yet the smarter machines become, the greater the likelihood that the space remaining for uniquely-human skills could shrink further”.
He further said what was previously unthinkable even a decade ago is now reality, like a driverless car. Commenting on the raising interest rates in U.K he said “there is still time to for some decisions to be made”.
Technology has made it easier for people all around the world but invoked a new concept of substituting labor for capital and man for machine. It remains to be seen how man makes a comeback in a fast rising tech world.
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