🚨NEW:
@JTLonsdale &
@SquawkCNBC clash on AI and wealth inequality.
Joe Lonsdale: 2030s is the disinflation decade... we're all going to be really wealthy if we don't break this.
Joe Kernen: Everybody's going to get wealthier? Because only the wealthy have been getting wealthier...
Joe Lonsdale: That's not true. Let's go back: 1870 to 1900, the Second Industrial Revolution, the last time productivity shot up a lot, the average American, the average working class American, was twice as wealthy in real terms within one generation...
Andrew Ross Sorkin: Tell me where you land on "We've got to slow everything down, because if we don't, we could end up dying...
Joe Kernen: or worse...
Joe Lonsdale: or worse, the companies go bankrupt
Andrew: versus we've got to go full steam ahead. No matter what. No matter what the case.
Joe Lonsdale: I love the meme where it's Dario and Sam saying, please regulate us. And Trump says, keep building, nerds.
These companies have a lot of liabilities. These companies need to slow down if they see themselves causing damage. I'm not worried about any existential risks in the near term. I 100% could see these companies accidentally causing some problems with hacking with cyber, for example.
They have a responsibility to slow down themselves, and we should be holding them liable if they cause any damage. And so it makes sense that they would be very careful about that. But we were just talking...
2030s is disinflation decade. We're going to all be really wealthy if we don't break this. So don't slow down too much is my view.
Joe Kernen: Go back to this again. You told me that 2030s are going to be the decade of disinflation. We're going to all get rich, and we're not going to need to raise taxes, and we're going to start growing faster. The deficit will come under control. This is going to happen?
Joe Lonsdale: The AI is really good for rooting out fraud and grift in the government. It's really going to bring down health care costs dramatically. It's amazing for bringing back manufacturing. We have companies already bringing back lots of manufacturing here. That's only about to accelerate.
We're at what's called a GPT-3 moment right now for robotics, right. World models, which are a new type of AI -- how do things move and interact in the real world in general terms...
Joe Kernen: So this will help one of our most daunting fears of the $40 trillion and the out of control deficits we're running now, this will come under control from AI?
Joe Lonsdale: If you get productivity up to 3, 4 or 5%, what you 100% should be able to do with these things, if not significantly higher, that solves the deficit problem.
This is an amazing thing for a civilization; this is the answer is to get growth higher, and it's how everyone gets wealthier, it's doing more with less. It's going to do it.
Joe Kernen: Everybody's going to get wealthier? Because only the wealthy have been getting wealthier...
Joe Lonsdale: That's not true. Let's go back: 1870 to1900, the Second Industrial Revolution, the last time productivity shot up a lot, the average American, the average working class American, was twice as wealthy in real terms within one generation.
And that's what happens when productivity goes up. Everyone gets wealthier. We we teach economics very poorly in this country.