America’s Rich Get Richer and the Poor Get Replaced by Robots

Vincent Del Giudice and Wei Lu report for Bloomberg:

Image result for America’s Rich Get Richer and the Poor Get Replaced by RobotsAmerica’s working class is falling further behind.

The rich-poor gap — the difference in annual income between households in the top 20 percent and those in the bottom 20 percent — ballooned by $29,200 to $189,600 between 2010 and 2015, based on Bloomberg calculations using U.S. Census Bureau data.

Computers and robots are taking over many types of tasks, shoving aside some workers while boosting the productivity of specialized employees, contributing to the gap.

“Technological developments have increasingly replaced low- and mid-skilled jobs while complementing higher-skilled jobs,” said Chad Sparber, an associate professor and chair of the economic department at Colgate University.

This shift is predicted to continue. About 38 percent of U.S. jobs could be at high risk of automation by the early 2030s, according to a study by PricewaterhouseCoopers LLP. The “most-exposed” industries include retail and wholesale trade, transportation and storage, and manufacturing, with less-educated workers facing the biggest challenges.

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