Question: (c) According to the IMF Blog article dated Jan. 2024, AI will transform the global economy...and almost 40% of global employment is exposed to AI
(c) According to the IMF Blog article dated Jan. 2024, AI will transform the global economy...and "almost 40% of global employment is exposed to AI" - 4 para. down, and in "advanced countries almost 60% of jobs will be impacted by AI advancements in the job market" - 5 para down. If the U.S. labor market realizes a sweeping 20% reduction in the human labor market by 2025 - 2026, what is the economic impact of this on U.S. federal revenue? Consider fiscal spending on discretionary spending programs. (in 2022 - 23, individual income tax generated approx. 54% of federal revenue (10.5% of GDP in 2022- 23 (ref. IMF: Tax Acts & Job Cuts, March 2024)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
