It's a complicated argument, but basically our society is moving towards a structurally unstable configuration, and the easiest long-term way to fix the problem is guaranteed income (welfare) and reduced hours per worker. It sort of works like this:
1. rich people get and stay rich by being able to sell goods and services to large amounts of normal people
2. normal people need adequate income to create these markets
3. right now, job/wage growth is insufficient to grow these markets
4. automation will continue to amplify point 3
5. automation will enlarge the amount of goods/services that can be sold
6. points 3-5 create overcapacity, inequality and deflation. Hence, the current inability of the Fed to create inflation, and the record low labor participation rate in society.
7. Like a chronic disease, the symptoms of points 3-5 will be managed until at some point, things fall apart. Remember, the closest thing we have to a captain of the economy is the Fed, and they are not omnipotent in their abilities or foresight.
8. Initial treatment will involve guaranteed income, perhaps some kind of EITC on steroids
9. It will eventually become clear that it makes no sense to have 50% of your labor pool idle, and the ones still working resentful as hell about all the freeloaders. So long term treatment involves policy that encourages the majority of people to reduce their hours so one job becomes two jobs, etc.
Freddo how that plays out in specific industries with actual labor shortages, I'm not sure. Maybe you get to live in a slightly bigger house, slightly higher up the hill, because you're special.
