alt Hacker NewsIf America becomes wealthier due to AI, it will mean more follow-on jobs such as people using their newfound fortunes to remodel their homes, consume more , vacation, etc. Companies will expand and hire. All of this creates jobs even if AI may also destroy some jobs. The net result is more jobs. There is a huge market for upper-middle-class people in their 30-50s to look younger. This means more health clinic jobs and demand for pharma.
Theoretically, that's true. In practice the gains were limited to the wealthy who use that money to fund increasingly deranged start-ups* until the market crashes. Then rinse and repeat. The failed start-ups effectively waste any increased productivity leaving everyone about where they were before.
*They fund these start-ups to get a good return on investment so they can get even more money. As the economy overheats the number of places to invest with a reasonable return falls so they are left with the high-risk stuff to invest in. I'm not sure what they want the money for, though, since they could already afford most of the things I would find useful...