One of the reasons I wanted to write this article is to talk about the importance of unlocking opportunities through artificial intelligence (AI). Recent statistics show that white families have a median wealth of $287,000, while black families have only $45,000. Hispanic families have the highest median wealth at $61,000 and Asian families have the highest median wealth at $553,000. In the next 6-7 years, the job market is expected to undergo a dramatic change. 97 million jobs are projected to be created, most of which will be driven by advances in technology, especially artificial intelligence (AI). It is also important to note that 85 million existing jobs may be lost due to automation through artificial intelligence. This is one of the reasons why I encourage people to learn about artificial intelligence (AI) and understand how this will have a huge impact on the future job market.
As for Black and Hispanic communities, I believe it is imperative that they embrace AI, educate themselves, and learn to pursue careers that will be key strategies for closing the wealth gap. Given that white households currently hold a disproportionately large share of the nation’s wealth, efforts to increase participation in high-growth, high-paying AI-related jobs are essential for us. If Black and Hispanic people can secure a significant share of those jobs, 97,000,000 The new jobs that will be created in the coming years, with a target of at least 30-35%, could be a major step towards new economic equality.
I want to give you an example of how artificial intelligence (AI) empowers us by closing the wealth gap. By 2045, $500 billion will be generated by AI, and that wealth creation will cost black households in the U.S. $43 billion annually. Black people make up 13% of U.S. households, but only 5% of the wealth of U.S. households will get back. The problem here is that by 2045, $5100 billion will be generated by AI, and $70 billion of that will go, or is projected to go, to black households. But because we are not receiving the 13% that we are supposed to receive, we only get $27 billion of that $70 billion. So, who is going to get the $43 billion? And that is an annual amount. So one of the things we have to do is figure out why we are making up 13% and only getting 5% back. And we need to understand that artificial intelligence (AI) is going to be very important and will play a big role in closing this wealth gap.
In conclusion, the need for Artificial Intelligence (AI) education and training is not just to keep up with technology trends, but a critical tool for economic empowerment to empower our children for the future job market and gain significant representation in AI occupations that are currently under-represented in our communities. We can leverage these opportunities to improve our economic status and work to eliminate the wealth gap. To me, this is what it’s all about. We must invest in AI education. It’s an investment that is more equitable and prosperous for all.
AI Eric
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