Both Biden And Trump Say They'll Protect Social Security And Medicare. Musk Answers, 'AI & Robotics Will Save Us (Probably)'

A recent tweet from commentator John Stossel has sparked a lively debate about the future of Social Security and Medicare. Stossel quoted former President Donald Trump and President Biden, who reassured the public that these programs are untouchable. 

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However, Stossel warned that both leaders are "dangerously wrong" because these vital programs are hurtling toward financial trouble. Elon Musk chimed in on the discussion with a different perspective. He replied to Stossel's tweet, "True, although AI & robotics will save us (probably)."

The issues facing Social Security and Medicare stem from outdated assumptions about life expectancy and workforce demographics. When these programs were established, people didn't live as long as they do now, and there were more workers to support each retiree. 

Today, many people live well into their 70s and beyond, drawing benefits for much longer than originally anticipated. And because fewer workers are paying into the system, the funds are being depleted faster than they can be replenished.

Addressing these issues is challenging from a political standpoint, to say the least. Proposals such as raising the retirement age, cutting benefits, or increasing taxes are unpopular. Politicians avoid these tough choices, pushing the programs closer to financial collapse.

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The Potential Role Of Technology

Although Musk has repeatedly warned people against AI, he recently jumped on the AI bandwagon wholeheartedly by creating his own AI company called xAI and developing a generative artificial intelligence chatbot, Grok. He also says that Tesla should be viewed as an AI and robotics company first and foremost, as it’s trying to mass-produce robots.

By saying that "AI and robotics will save us," he’s probably implying that they will increase productivity and boost economic growth by taking over many repetitive and labor-intensive jobs, making businesses more efficient. This increased efficiency and productivity could help the economy grow, generating more tax revenue to support social programs like Social Security and Medicare.

Who will pay taxes if and when AI and robots take over most human jobs is anyone’s guess. Some people suggest an AI tax on companies deploying AI and robotics. Others, including the leaders of almost all AI companies, recommend implementing universal basic income to solve job loss due to automation. 

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Relying solely on technological advancements is not a surefire solution. Integrating AI and robotics into the economy is complex and may take time to show significant benefits, if any.

If we have learned anything from the past, the benefits of AI and robotics won’t be equally distributed, possibly increasing the economic divide between different groups.

The future of Social Security and Medicare is a big issue that requires quick action and fresh ideas. Politicians often make reassuring promises, but the truth is that without major changes, these programs are in financial trouble. 

Solving these problems will probably require tough political choices and new technologies to ensure the viability of these important programs for future generations.

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