Yesterday, Meta and Microsoft announced mass layoffs. In total, they are kicking 17,000 of their workers to the curb. This is only the beginning of the crisis A.I. will create if we allow billionaires to stay in the driver's seat.
The companies claim the layoffs are because they "need” to invest in A.I. infrastructure. But they aren’t really investing in infrastructure — in their short-sighted race to compete over A.I., these corporations are gambling with the entire economy.
I remember the financial crash of 2008, another result of billionaires’ gambles. Millions of people lost their jobs, their homes, and their savings.
Capitalists like Mark Zuckerberg are setting us up for a similar crisis today. But they don’t care about the employees they’re laying off, the students graduating into the worst job market in years, or those of us who will suffer from the next economic crash. They only care about their profits.
Under capitalism, billionaires decide how A.I. is developed. It doesn’t have to be this way. Instead of causing chaos, new technologies can and should be used to improve people's lives. To make that a reality, we need to build an entirely new system — socialism.
Breaking News: Meta plans to cut 10% of its work force, roughly 8,000 employees, and close another 6,000 open roles. The cuts come as the company — which owns Facebook, Instagram and WhatsApp — spends heavily on developing A.I.
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