The Coming Unemployment Wave Will Make 2008 Look Like a Warm-up
In 2008, the financial crisis destroyed millions of jobs. The unemployment rate doubled. People lost homes, savings, careers. It was the worst economic crisis in generations and it scarred everyone who lived through it. I think we are headed for something worse. Not a financial crisis. An automation crisis. The kind of job displacement that makes 2008 look like a practice run. This is not going to happen all at once. It is going to happen gradually, then suddenly, the way these things always happen. And when it hits, we will not be ready because we spent the warning period arguing about whether it was real.