So, one of the reasons why I wanted to write this article is to talk about the importance of unlocking opportunities via Artificial Intelligence (AI). According to recent statistics white families hold a medium wealth of $287,000 while black families hold only $45,000. Hispanic families $61,000 and Asian families have the highest median wealth of $553,000. In the next six to seven years the job market is expected to undergo a dramatic transformation. It’s projected that 97,000,000 jobs will be created and most of those jobs will be driven by advancements in technology and particularly Artificial Intelligence (AI). Also note that 85,000,000 existing jobs may be lost due to automation from Artificial Intelligence. This is one of the reasons why I try to get people to learn Artificial Intelligence (AI), so they can understand this is going to affect the job market in future jobs heavily.
So as far as Black and Hispanic communities I think it’s a must that we learn to embrace AI and educate ourselves so we can have careers that could be a pivotal Strategy to bridge the wealth gap. So being that white households currently hold a disproportionately large share of the nation’s wealth, initiatives to increase representation in high growth high paying AI related jobs are essential for us to be a part of. If Blacks and Hispanics can secure a significant portion of those 97,000,000 new jobs that’s coming and at least aim for 30 to 35%, it could mark a substantial step forward towards a new economic equality.
I want to give you an example on how Artificial Intelligence (AI) can enhance us by trying to close the wealth gap. By 2045 there’s going to be $500 billion that’s going to be generated from Gen. AI and that wealth creation can cost black households in the United States $43 billion each year. Black people make up 13% of all households in the U.S.A but we only get back 5% of the share of U.S.A household wealth. Now the problem with that is by 2045 five $100 billion will be generated from Gen. AI and $70 billion of that will go to or is projected to go to black households. But because we’re not getting the 13 percent like we’re supposed to be getting, we’re only going to get out of that $70 billion, $27 billion. That means $43 billion is going to go to who? and that’s yearly. So, one of the things we have to do is figure out why are we only getting back 5% when we make up 13% and then we have to understand Artificial Intelligence (AI) is going to be very important and it’s going to play a major role in us trying to close this wealth gap.
So in conclusion the need for Artificial Intelligence (AI) education training is not just about staying current with technological trends, it’s a crucial tool for economic empowerment by empowering our kids for the future job markets and strive for significant representation in AI roles that’s right now under represented from our communities. We can leverage these opportunities to improve our economic standings and work towards closing the wealth gap. That’s the whole thing for me, trying to close this wealth gap. We have to invest in AI education, it is an investment that is more equitable and prosperous for all.
AI Erik
AIErik.com
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