Elon Musk stated in an interview with Peter Diamandis on the “Moonshots” podcast that traditional financial models will soon be a thing of the past, and money and individual savings will no longer play a key role in people's lives.
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Elon Musk: don't worry about retirement
The head of Tesla and SpaceX argued that In the next 10-20 years, saving money for the future will make no sense. — Don't worry about saving for retirement. It won't be important, he said, emphasizing that he was speaking from an “optimistic” perspective.
However, Elon Musk stipulated that Before the world reaches a stage of widespread prosperity, it will face difficulties, including social tensions and protests.
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A world of abundant resources
According to Musk further technological advances will bring enormous increases in productivity, enabling the reality of “resource abundance”. In such a world, the costs of producing goods and services would fall dramatically, and many goods would become virtually free. The billionaire has a vision in which everyone has access to high-quality education and health care that exceeds current standards.
In this futuristic reality the classic basic income would be replaced by a “universal high income”, obtained mainly through work in the new, automated economy. However, Musk did not explain in detail how such a system would work or how publicly available public services would be financed.
Enthusiasm versus realities of life in the USA
Musk's optimistic forecasts stand in stark contrast to the current situation of many households, especially in the United States. Recent years there have been marked by high inflation and expensive loans, and wage growth has often not kept pace with the cost of living. Critics warn that unconditional faith in the billionaire's vision may prove dangerous. If the technological revolution does not occur at the expected pace, people who give up saving may be left without financial security in the future.
