- I’m curious where your belief that technological improvements have never caused a loss in employment. Where do you think all the immigrants came from in the 19th century? In 1800, roughly 60% of the labor force was in agriculture in France, Italy & Poland, 40% in the Netherlands and 32% in England. Those numbers were halved by 1900 and the excess labor emigrated.
- Money is created — it’s not static. If a lot of truckdrivers, mechanics & auto parts makers lose a trillion dollars, that trillion dollars is not necessarily sitting somewhere waiting to be spent. They are also not paying taxes on that trillion so government revenues go down.
- Also who owns the fleet? Is it a global company? If so, those profits could easily be moved offshore and put to work in some other country, taking that $1T out of our economy all together.
Yes, economic disruption is coming. No, we can’t stop it. But pretending that job fairies will come in the night and fix everything is not useful.