Capitalism is the Answer to the loss of Jobs to Automation

A new report says 38% of the retail workforce will be replaced by robots or other automation in the next ten years. Some fear this will destroy the American economy.

Economist Dr. Peter Morici says the answer is Capitalism.

"Historically, we have always automated since the days of the axle and the wheel but we have created enough growth to absorb the people that lose their jobs in other activities."

Dr. Morici says robots will allow us to make more stuff and provide more jobs.

"If we could grow at 4%, which is possible with all these robots, then everybody would still have a job."

Dr. Morici says we should enact President Trump's budget, which would raise growth enough to boost incomes, alleviate poverty and avert a fiscal crisis.

"Take a look at Trump's budget today; it would do a lot to restore growth. The trick is to get people investing and working again, instead of on the dole and leaving the country."

Dr. Morici says if we can grow the economy, having robots replace six or seven million retail workers in the next ten years won't be bad; there'll be plenty of jobs for them.

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