Comment Re:Translation (Score 4, Interesting) 59
The problem is that with less money floating around in the wild via wages, fewer people have money to spend. The response to that is to lower prices. When two companies producing the same kind of product have reduced their costs, unless they are colluding to keep their prices up, they both lower their prices to make their product more appealing than their competitor's. That's market forces.
Automation will reduce employment. There's no question about that. The remaining jobs will tend to be those that command higher wages, but there will be fewer of them. We're going to have a rough couple of years, but when we come out through the other side, we're in post-scarcity territory.