With everyone competing with everyone else and a huge supply of what we can call the “labor army”, the wages will plummet. Today one can rise above the mediocre life by trying to acquire new skill sets or by getting a new degree. If things go on according to your vision, education and training might just lose their importance. The well being of human kind shall largely become dependent on the policy makers. While this is true even for the present day, the extent of this phenomenon in the upcoming future might just be appalling. Examples of inefficient politicians are large in number. Just look around.
Of course we can depend on AI to makes efficient policies for us, but then isn’t that exactly what Elon Musk has been warning us about?
While AI can surely push the human race forward, it can also lead to its downfall, if allowed to expand unchecked.