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Elon Musk says ‘no need to save money’, claims there will be no poverty in future
Elon Musk talked about “universal high income” while reacting to a tweet by Ray Dalio on the Trump Accounts program.
Elon Musk has reacted to billionaire investor Ray Dalio backing Trump Accounts, a new proposal involving investment accounts for children. Although the world’s richest man appreciated the gesture, he claimed there was no need for such a step, suggesting that poverty would be eradicated and everyone would have a “universal high income.”
What did Ray Dalio say?
Taking to X, Ray Dalio posted, “I personally appreciate the Trump administration’s launch of the Trump accounts, appreciate the Dells for piling on with their support, and appreciate both of them for allowing Dalio Philanthropies and others to join in,” as a part of his statement about the matter. Michael Dell is backing the Trump administration’s proposal.
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Elon Musk reacted to the share. “It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money,” the Tesla CEO wrote. He added, “There will be universal high income.”
His statement prompted a series of remarks on X. An individual questioned, “If everything costs basically nothing, what incentive does anyone have to make the stuff?” Another added, “Explain how that works, and why the people with all the money now would want it to happen to me as you would to a 5-year-old.”
A third explained, “Eliminating poverty is a technological issue at its core. However, the human mind becomes accustomed to things very quickly. Relative poverty may be eliminated, but as long as humans exist, I suspect the poverty mindset will exist forever.” A fourth wrote, “That's why you have 600$ billion, you save for the rest of the Earth.” Elon Musk recently became the first person ever to have a net worth of $600 billion, according to Forbes.
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This is not the first time that Musk has spoken about AI eliminating the need to work. At the 2024 Viva Technology conference in Paris, he was asked about concerns of losing his job to artificial intelligence.
Musk replied, “In a benign scenario, probably none of us will have a job," adding, "There will be universal high income – and not universal basic income – universal high income. There'll be no shortage of goods or services."
