Fmr. McDonald's USA CEO: $35K Robots Cheaper Than Hiring at $15 Per Hour : news: ""Economists today are finally acknowledging what they have been denying for years. Not only is technological unemployment exasperating the current labor crisis we see see across the world due to the global economic downturn, but the more the recession deepens the faster the industries are mechanizing. The catch which is not realized, is that the faster they mechanize to save money, the more they displace people, the more they reduce public purchasing power. This means that while the corporation can produce everything more cheaply, fewer and fewer people will actually have the money to buy anything, regardless of how cheap they become. The bottom line is that the labor-for-income game is slowly coming to an end."
'via Blog this'