A majority of U.S. employees now support holding corporations accountable through an AI sovereign wealth fund, according to a national survey conducted in June by research firm Verasight. The survey of 1,690 adults, published earlier this month, found that 69% of Americans support forcing AI firms to transfer 50% of their stock to a public sovereign wealth fund. This sentiment stems from dissatisfaction over a growing number of tech layoffs despite higher overall corporate profits, as corporations continue to ramp up capital expenditure for AI expansion.
Survey Findings on AI Wealth Fund Support
The national survey by Verasight suggests that 69% of Americans now support forcing AI firms to transfer 50% of their stock to a public sovereign wealth fund. Benjamin Leff, chief executive officer of Verasight, stated that in the eyes of the public, AI sovereign funds are seen as a tool to distribute the gains from the AI industry back to broader society. The rising number of tech layoffs in the U.S. have left many workers frustrated and worried over job security.
Sanders Proposes AI Sovereign Wealth Fund Act
In June, Senator Bernie Sanders proposed the American AI Sovereign Wealth Fund Act which, if passed, would give the public a 50% stake in the largest AI companies in the U.S. Sanders said in a statement last month that the act would guarantee that the economic benefits generated by AI are used to improve the lives of all of us, not simply to make the richest people in the world even richer. Sanders also stated that the future of AI and the fate of humanity must not be decided behind closed doors in Silicon Valley by billionaires seeking to maximize their power and profit.
Goldman Sachs Estimates Job Displacement
Goldman Sachs Senior Global Economist Joseph Briggs estimates that more than 9% of the labor force, or around 15 million workers, could lose their jobs during a 10-year AI transition period, according to a report published last month by the bank. Briggs said this would be the type of automation and reallocation shock that we saw in the late '90s and early 2000s and in other periods of significant technological change. The Goldman Sachs report states that Briggs believes these losses will prove temporary owing to his expectation that AI will create many new jobs over the long term even as it destroys existing ones.
Role and Challenges of Sovereign Wealth Funds
Sovereign wealth funds can serve in multiple roles when it comes to AI. They can lead development of AI at a national level by funding capital-intensive AI infrastructure, take equity stakes in AI companies and capture a share of AI-driven economic gains for the public treasury, according to research firm Windfall Trust. However, sovereign wealth funds could also face challenges in managing between the public good and the global race to build AI capabilities. Windfall Trust added that there is also a tension between the financial mandate (maximize returns for citizens) and the strategic mandate (build national AI capacity, maintain influence over frontier systems), since these objectives can conflict when the best financial investment is a foreign AI company rather than a domestic one.
FAQ
What did the Verasight survey find about U.S. workers and AI wealth funds?
The Verasight survey of 1,690 adults conducted in June and published earlier this month found that 69% of Americans support forcing AI firms to transfer 50% of their stock to a public sovereign wealth fund.
What did Senator Bernie Sanders propose in June?
In June, Senator Bernie Sanders proposed the American AI Sovereign Wealth Fund Act which, if passed, would give the public a 50% stake in the largest AI companies in the U.S.
How many workers could lose jobs during the AI transition according to Goldman Sachs?
Goldman Sachs Senior Global Economist Joseph Briggs estimates that more than 9% of the labor force, or around 15 million workers, could lose their jobs during a 10-year AI transition period, according to a report published last month.
