Gen Z is terrified of AI and dismissing their concerns could cost Republicans elections
Pollsters and analysts are grappling with a new confounding trend: despite all the positive indicators in the stock market, the vast majority of young people think the economy is in terrible shape. But, as a member of Gen Z, I’m not confused.It’s the AI, stupid. On Sunday, the Wall Street Journal’s “What’s News” podcast reported that a full 80% of Gen Z think the economy is in bad shape.
That’s in spite of double-digit growth in the Nasdaq and S&P this year and low unemployment.I’d be willing to bet that a big part of that dissonance can be explained by the fact that young people are overwhelmingly stressed that the very AI companies propping up the stock market right now threaten their futures.Young people are aware that virtually any field they enter could be turned upside down by AI before they establish themselves. Sure, the economy looks great on paper, but, to many young people, an AI boom feels like a personal bust.Three in four Americans under 30 think that AI will lead to fewer jobs, and the majority are more concerned than excited about the technology, per an August Pew poll.And a May CNBC survey found that students are far more likely to be concerned about AI’s impact on the job market than current workers.They aren’t just foolish luddites.
Already a quarter of HR leaders say that their company has reduced entry-level hiring due to AI automation, and job searches are getting longer and longer. A stock market rally is little comfort to young people concerned about the rise of AI — not only because they probably don’t have too many stocks themselves, but also because market gains are propped up by AI speculation.NYU Stern professor and podcaster Scott Galloway made the chilling observation that, as of last October, stocks related to AI have accounted for 75% of the S&P’s return since 2022. Reuters just reported that many stocks are actually suffering, in spite of the overall gains.
The S&P 500 is up 14% so far...