The Federal Reserve Is Much More Likely To Take Your Job Than a Robot, so Naturally, the Media Are Talking About Robots

The Fed is boring and robots are cool. Was there anything else you wanted to know? JL

The Center for Economic Policy and Research comments:

If the Fed starts raising interest rates it can keep tens of millions from getting pay raises since a weak labor market will reduce their bargaining power. But hey, why bother listeners and readers with this stuff, let's have another piece on those nifty robots.
Today's culprit is National Public Radio. The point here is extremely simple. We know how fast robots and other technologies are replacing workers. In fact the Bureau of Labor Statistics measures it quarterly, it's called "productivity growth."
Productivity growth has actually been very slow in the last decade, as in the opposite of robots stealing our jobs. But hey, why should news outlets be limited by data?
By contrast, if the Fed starts raising interest rates, it can prevent millions of people from getting jobs over the next few years. This will also keep tens of millions from getting pay raises since a weak labor market will reduce their bargaining power. But hey, why bother listeners and readers with this stuff, let's have another piece on those nifty robots.