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Federal economic advisers issued a stark assessment Monday about the nation's technology direction. Innovation in the U.S. is slowing, and federal spending on basic research -- the seed corn of innovation -- is declining.
But here's the kicker: If you earn roughly between $41,000 and $83,000 ($20 to $40 a hour), there is a median probability of 31 percent that your job will be automated.
The probability of being replaced by robotic systems is as high as 83 percent if you earn less than $20 an hour. Those who earn more than $40 an hour face a negligible chance of being replaced by automation.
What the Council of Economic Advisers can't predict, in its annual report to Congress, is the response to automation. Most economists believe automation will lead to higher incomes, more consumption and job creation. But a "critical question" is whether the new jobs "are created fast enough to replace the lost jobs."
The trend, though, is clear: Robotics use in industry is on the rise.
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