This why I have little trust in the future of capitalism. Where will the money come from to pay people a decent 'living wage'? And how will people adjust to not working? I retired at 60, but went back to work part time last autumn because I didn't have enough in my life to maintain my well being. People like to feel that they are contributing to society in some way. If the likes of Musk, Bezos et al continue on their trajectory then they will employ no one, and pay little if nothing in taxation. -- SW6.doc

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

Thursday, April 23, 10:36:36am [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4 ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: Wednesday, April 22, 12:27:07pm
Author: Mr Kurkuruza
Author Host/IP: 217-155-46-35.dsl.in-addr.zen.co.uk / 217.155.46.35
Subject: This why I have little trust in the future of capitalism. Where will the money come from to pay people a decent 'living wage'? And how will people adjust to not working? I retired at 60, but went back to work part time last autumn because I didn't have enough in my life to maintain my well being. People like to feel that they are contributing to society in some way. If the likes of Musk, Bezos et al continue on their trajectory then they will employ no one, and pay little if nothing in taxation.
In reply to: Same Old Story 's message, "I work for a company that is heavily leaning into AI, and of course, there will be impacts in the mid-long term, thats undeniable. We've just laid off 7700 UK based employees and offshored them to other countries because of the cost of employing them in the UK though - AI will just offer an alternative replacement for those people, rather than looking for cheaper options in other world markets." on Wednesday, April 22, 09:17:28am

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

I'm not sure capitalism is to blame for rachel reeves increasing the NI contributions tax burden on the company by £300m per year and thereby causing the company to source cheaper employment options. Its economic illiteracy that's caused it. (NT) -- Same Old Story, Wednesday, April 22, 12:48:29pm (85-115-50-2.mailcontrol.com/85.115.50.2)
- The move towards AI surely predates bloody Rachel Reeves. (NT) -- HemelRog, Wednesday, April 22, 01:46:29pm (host31-104-139-106.range31-104.btcentralplus.com/31.104.139.106)
  - My company hasn't made 7700 people redundant because of AI, Rog. They were made redundant because of the cost of employment increase in the UK. I'm not sure how much clearer I can be on that. AI will impact jobs later down the line, but the roles that have just been chopped have been re-recruited in cheaper locations, not replaced by machines. I said that in my first response. (NT) -- Same Old Story, Wednesday, April 22, 02:17:25pm (85-115-50-2.mailcontrol.com/85.115.50.2)
    - I appreciate that it hasn’t started to kick in a lot yet but it will do.My youngest works in Insurance and has been told he must work from home starting in May.His company haven’t replaced anyone who leaves for years.Lives 100 yards from Spoons.I actually think he would be better off their.1.85 for a pint of Abbot Mon-Wed.I’m out the loop though. (NT) -- HemelRog, Wednesday, April 22, 02:51:08pm (NoHost/31.94.74.184)
      - Yeah i'm fully aware it will do. But the people who have just lost their job wouldn't have done without the NIC changes in last years budget. Its two different things which are being conflated. Those people may have had jobs for 5 more years. Now they won't, the tax from their own contributions (income) has been lost, the additional NIC reeves was trying to raise has been lost, and 7700 people don't have jobs in a market where £9m people are economically inactive. (NT) -- Same Old Story, Wednesday, April 22, 04:11:18pm (85-115-50-2.mailcontrol.com/85.115.50.2)
        I assume that figure includes us old farts. (NT) -- HemelRog, Wednesday, April 22, 07:18:06pm (host31-104-139-106.range31-104.btcentralplus.com/31.104.139.106)
        Not if you’re over 64. Its the latest data for 16-64 year olds. We now have a welfare state which is larger than our total tax reciepts. (NT) -- Same old story, Wednesday, April 22, 07:41:26pm (NoHost/148.252.149.157)
- Im no apologist for the current Labour administration. They struggle to take responsibility for most of their decisions. Im curious to know what options other than redundancy and outsourcing were on the table for your organisation? But anyway, the main thrust of my post is about the future for our children and Grandchildren. Where will their income come from? What will they likely do to make life worthwhile or sustainable? (NT) -- Mr Kurkuruza, Wednesday, April 22, 03:47:15pm (92.40.170.140.threembb.co.uk/92.40.170.140)
  - could split the answer into two, but don't have the time so inside. -- Same Old Story, Wednesday, April 22, 04:19:46pm (85-115-50-2.mailcontrol.com/85.115.50.2)

[ Contact Forum Admin ]

Forum timezone: GMT+0
VF Version: 3.00b, ConfDB:
Before posting please read our privacy policy.
VoyForums^(tm) is a Free Service from Voyager Info-Systems.
Copyright © 1998-2019 Voyager Info-Systems. All Rights Reserved.