Vanguard says the AI white-collar jobs wipeout is overblown

Vanguard's senior economist rejects the case that AI will gut office employment, comparing the moment to ATMs in the 1980s, which automated routine tasks without producing the bank job losses predicted. "If AI becomes a general-purpose technology like electricity and the personal computer before it, it will enable products, services, and industries that we have not yet envisioned," the economist wrote. "Fears of widespread job loss are likely overblown." The counterweight comes from the top of the industry: dire forecasts from the CEOs of Anthropic and DeepMind have fueled enough anxiety that young professionals are now debating degrees versus skilled trades.

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