Elon Musk says there is no need to save money as poverty will end in the future
Elon Musk has claimed that there is no need to save money now, because soon there will be no poverty in the society. Musk believes that with advancements in AI and robots, we will have universal high incomes in the future.
Elon Musk is one of the biggest proponents of artificial intelligence (AI). The tech billionaire is doubling down on AI with his startup xAI. As AI is changing society in various fields, many fear that it may take jobs from humans. However, Musk has reiterated that poverty will disappear with greater advancements in AI. So much so that he believes there is no need to save money anymore.
Elon Musk believes there is no need to save money
On Twitter, Musk responded to a post by American billionaire Ray Dalio. Dalio announced that he and his wife are contributing to Trump Accounts, an initiative by the Trump administration to start savings accounts for children born between 2025 and 2028. He also praised the efforts of Michael Dell and his wife for pledging $6.25 billion to this fund.
In his response, Elon Musk admitted that while it was a good sign, there is no real need for savings accounts anymore. He believed that in the future everyone would have high income and there would be no poverty. He wrote, “This is certainly a nice gesture from the Dales, but there will be no poverty in the future, and so no need to save money. There will be universal high incomes.”
Elon Musk says AI will bring sustainable abundance
In a separate post, Elon Musk doubled down on his optimism towards a society with more AI. According to the Tesla CEO, AI and robots will allow for sustainable abundance. He wrote, “The future is going to be amazing with AI and robots that will enable sustainable abundance for all!”
Elon Musk’s AI vision
This is not the first time Musk has shared such views. Musk has previously argued that the widespread adoption of AI and robotics would fundamentally change society. In October this year, the tech billionaire claimed that although AI and robots would take over all jobs, there would be no real need for humans to do the work. Instead, humans would be free to grow vegetables if they wished.
He described a future in which robots would outnumber humans, and every person would have access to advanced mechanical assistants, ensuring an abundance of goods and services.
Musk’s optimism also extends to the institution of money. Last month, Tesla’s CEO claimed that money would stop being relevant with greater advancements in AI and robotics.
