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Tuesday, March 18, 2014

Gates: Tax consumption to fix unemployment caused by technology [VIDEO] -- By Neil Munro, The Daily Caller

Cancer Research UKMega-billionaire software mogul Bill Gates has joined the growing chorus of tech experts who predict that low-skill Americans will face greater unemployment because more jobs are being done by software and robots.

The Microsoft founder, whose net worth is $76 billion, suggested the problem could be fixed by reducing taxes on employers and raising taxes on employees, via the reduction of payroll taxes and the addition of new federal consumption taxes.

The widening recognition of greater low-skill unemployment is also creating a problem for the many executives — including Gates — and lobbyists and legislators pushing for increased immigration. They back the Senate’s immigration bill that would dramatically increase the supply of foreign labor, despite Americans’ high unemployment rates.

“Software substitution, you know, whether it’s for drivers or waiters or nurses or even, you know, whatever it is you do … is progressing,” Gates told university-trained Washington professionals gathered at a March 13 talk hosted by the American Enterprise Institute.

The growing role of technology “will reduce demand for jobs particularly at the lower end of the skill set. … These things are coming fast,” he said.

“Twenty years from now, labor demand for lots of skill sets will be substantially lower, and I don’t think people have that in their mental model,” he added, echoing other predictions of low-skill unemployment.

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