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tv   Making Money With Charles Payne  FOX Business  March 10, 2023 8:00pm-9:00pm EST

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the u.s. open for the covid rule supposed to expire in may there keeping them out of the store and tainted the competition when it comes to winning these titles. gerry: they can't let go, this is a problem hundreds of thousands of people coming across the border and vaccinated that seems to be fine but can't let go of the control and they need to have over one tennis player that clearly represents a threat to nobody other than his opponents on the court. that is it important for this week my great thanks to katie pavlich and christopher bedford will be back next week more commentary on the "wall street t journal at large". have a great weekend day, put it back. over to charles payne. week. s ecial presentation, "the future of work." here's your host, charles payne. ♪. [applause] >> whoo. all right.
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okay. all right, folks, thanks a lot, everyone, welcome to the future of work. i'm charles payne. this moment in time there are very legitimate questions what work will look like in just a few years. will there jobs? or will robots, artificial intelligence do all the heavy lifting and thinking? will there jobs but nobody willing to work? if they're willing to work, what will they actually be up to the task, right? humankind grappled with the notion of work from the beginning of time. for the most part there wasn't time initially to even debate the merits of it. it was all initially about survival. a human resource expert, he notes there were three distinctive of meanings of work in the bible itself. in early civilizations work was solely associated with punishment. from there the concept of work as a source of individual pride started to evolve. think about the renaissance, continued western societies. of course all those folks coming to america, three great
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migration periods you had what they called pride of authorship, pottery to masonry. that was comprised with the jude h judeo-christian work ethic. i think that was because we became the preeminent nation in the world, from the industrial revolution, through the civil rights movement. the desire of work was admirable. it was seen as a quintessential part of being a good citizen a productive citizen. we're making transition from rosy the riveterhelped win world war ii, to rosie the robot making a debut, attitudes about work has begun to change. future of work has begun. the we'll cover the arc of work, challenges ahead. the pride and dignity of work. is a relic of the past, is it a myth? hybrid status, four-day work
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week. there is anti-work movement. will all of this a moot point when robots and a.i. take everyone's jobs? will this bring utopia, human enlightenment, mankind not doing anything, a empty experience, we'll see. before i get to the first panel, i want to take a couple of polls, get an idea of folks out in the audience. by the way, thank you all for showing up. [applause] first just, a round of applause, raise of hands how many still believe there is pride and dignity in work? [applause] pretty good. pretty good. anyone, anyone who doesn't believe that? i'm going to get to you a little bit later. the rich guy doesn't believe that. [laughter]. how many, how many think that everyone should be able to work from home or maybe there should be something like a four-day work week? about half. about half the audience. a lot of mixture on that, right?
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a little mix on that. i will tell you, nice if you do work in the city, nobody is working on fridays, it is a whiz to get in. a show of hands, for those who are afraid they will eventually lose their jobs to technology? how many people out there concerned? of course younger ones are, the guy who doesn't want to work he is okay with everything. you can add me to that list by the way. i think, listen, robots have perfected reading teleprompters a long time ago, right? this gig has been in trouble for a while. let's bring in the first panel, america's career coach, syndicated radio show host ken coleman, "new york times" best-selling author john levy. when i google dignity of work these days you get a whole lot of stuff, almost all negative. which i find to be really amazing. some calling it racist. when i grew up it was about pride, pride and dignity doing something, getting something done achieving.
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my brand parents worked on a farm. my father was in the army. there was a great piece out recently about the three levels of work place pride. let me start with you, ken, the notion of, you know, dignity of work being a relic of the past. even something a myth that never even existed? >> dignity is the word. i'm glad you're using it. what that means is personal dignity, do i admire myself? where that comes from a desire that every human has to do do something that actually matters. in other words, am i making a mark in this world? making a contribution through my work that i can see? i helped someone, i created something today, that creates inspiration or enjoy men and that has not changed. what is threatening that, socialistic movement, thought patterns around the anti-work movement in this young generation. the reason that is kind of billowing up because they have not tasted hard work and seen
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something good come from it. put hard work in front of somebody that allows them to produce something they're proud of, dignity takes place. it is not a myth. it's not a relic. i think it needs revival. charles: john? >> i like the fact that ken used word matters. behavioral science standpoint does my work have meaning? mean something really hard to judge. we can ask the question, do i matter? if i weren't here today would that have impact on work taking place and the people around me? when we can treat people well to do work that matters in that i think there is dignity. charles: we've got a lot of questions from the audience. i think both of you guys could speak to. i want to maybe go to the audience, get a couple questions here. who do we have boeing up first here on -- going up here on this? who is ricardo? where is ricardo? my man with the great hat.
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>> charles i've been watching you all week. you touched on a lot of points. my question is a mixture of a lot of things. seems we have combination of a educational system that is failing us, a fed that wants us to be poor and a government that is backing that concept versus us, the hard-working individual that does want to be independent and say, i own my own business or i work for somebody. charles: right. >> me, myself, i own my own business. charles: what is the question though? are you afraid society will take this from you? >> i'm afraid the government will actually take this from us and not -- charles: stop right there, ricardo. let me get these guys in. today president biden unveiled his budget. really heavy-handed with respect to 25% tax on billionaires. a higher tax on businesses. john, a lot of people would say it feels like success is being punished and if that is the case, why take the risk? you know, if you're going to tax, for instance, if my tesla stock is up one year, i didn't
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sell it, but you will tax it 25%, down the next year, no one will help me out. when you have folks who are trying like ricardo is, to get into the system to, make this work for them, what do you say when they worry it all could be taken away? >> i think that everybody has a concern and fears around losing the things that matter to them, right? with inflation at a really high level, all that savings that ricardo has built up now becoming devalued is a major risk. but we also need to accept something. which is that the thinks that motivate us as much as money is nice, it is not going to be the main thing. charles: not the money part though. the fact that i worked my ass off to get the money. that is what they're taking from me. i don't care about the money either. i don't think ricardo does. if he busted his ass for 30 years does the government have the right to take that from him? >> it is important we get a lot of thinks when we invest into growing programs, things like that. for example, ricardo you want to
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be a first-time homebuyer there are federal assistance programs that help him achieve the american dream owning a home that comes from a certain amount of taxes. >> the answer is emphatically no, the government should not touch what he makes. [cheers and applause] let me also encourage him to say that i believe the entrepreneurial spirit in america is as alive and well as it has been because we're seeing gen-z, the generation new into the workforce, graduating, charles, they want to start businesses out of high schools. charles: we've seen record amount of businesses last few years a lot driven by gen-z. the only thing with gen-z, it will not happen overnight. it ain't happening overnight. >> that's. charles: go to rick. he has a question about our future. rick. >> i'm sorry. i'm a union union carpenter in new york city, retired recently. my wife was food ingredient
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salesman when we started workforce. i'm concerned, i have a 28-year-old who is nurse in columbia-presbyterian in new york city. i have a daughter will be a veterinarian, accepted in vet school, my son still in school high school at 16. where is the work going? my wife making a point, doctors now a day, make a phone call to get a doctors appointment, my daughter going to veterinarian, what will this look like, when they get into the workforce as, me and my wife did. charles: no doubt, ken the workforce is changing. it is really confusing. add on to how expensive things are. going to college. spending 100 grand a year for maybe a degree that will be worthless by the time you even get out of school? >> rick, i want to encourage you while the way we work, the way our generation is kind of adapting to technology and the way things are delivered, here is what has not changed, will
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not change, when you provide value, your kids provide value to a customer they will get certificates of appreciation otherwise known as dollars. if you teach the young people, you're up skilling adapting to the times, what will not change is creating value. charles: john, your thought? >> i think i'm with ken on this, and i would add one critical thing. we're at an all-time record low in terms of isolation and loneliness. people's social skills are absolutely terrible. when you have an entire group of people going to college on zoom, never learned to interact and work with people, the people who will do really well in the next generation are ones willing to take the risk and interact and make friends and connect. if you look where people get jobs, through their connections. if you look at what causes people to live a long time, it is their relationships. if you look what make as company's stock value rise, number of employee sick days go down profitability, how of
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people trust each other at the company. charles: elizabeth from new york has a question about being self-employed. hi, elizabeth. >> hi, charles, nice to see you. i watch you every day. charles: i appreciate it. i wonder who that was. >> [laughter]. i notice everybody has a similar question. not so much about people in the corporate environment but people that work for themselves such as myself. i'm self-employed as a tarot card reader. i know a lot of people who are not interested in the corporate world at all in engreenwich village. wonder where you see the future of self-employment? charles: you know your own future. are you prohibited from -- [laughter] is there tarot card reader association? you can know everybody else but can can't know your own? that is what you're trying to get, right? tell her her future ken. >> yeah, wow, there we go. there is pressure. charles, 70% of americans want to be self-employed but only 7%
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are. so anytime i get a self-employment question i want people to make sure that they see a very clear problem that they are deeply moved to solve. because the key to winning in entrepreneurship is wading through the first year which we know is very, very difficult. charles: right. >> because you care so deeply about the solution you believe you can provide to the problem. so again, i think self-employment in the future is going to boom. in fact one of the things i read recently on my show, we're seeing the gig economy expand into free-lancing. right now free-lancing is booming. that is essential 1099 self-employment. it is where can i add value and do i care enough about it to stick through the thin part and over the hump and winning? charles: john, if you think about a lot of success stories, people were right there at the very edge of failure. i mean you have to be able to look failure and not blink and keep it going.
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you know when i started my business i remember one time not having enough money for payroll. the bank allowed my employees cash a check. i promised employees money would come on monday. i had a special relationship with a bank. it wasn't a big bank but a small bank. these are the kind of things. there are a lot of character tests in this as well. >> i agree whole-heartedly, absolute critical thing to understand, not only big tax advantage if you're self-employed about expenses and other things, benefit in terms of having a side gig like that while also working a corporate job, allows you to develop relationships on somebody else's money. so my biggest advice if you're thinking about this freelancer or gig economy or whatever it is, have the stability in place. then you can build relationships, develop and entire book of business, while having stability, while having insurance. then i think what we're going to see moving forward is significantly larger number of people becoming entrepreneurs.
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charles: on flip side of that, guys, businesses are really complaining. trying to find ways of recruiting folks. right now would-be workers have upper hand. there are far more openings than potential workers. the workers are demanding a lot of things. what do you say, ken, to potential employers struggling in the new environment, they still sometimes, even if they don't have shareholders, they have to make sure there is something left on the bottom line. >> a different pitch now, charles. used to be i want a better job. now they're looking at their life. you have to offer a better life. what that looks like is autonomy. at the heart of self-employment is the heart of every human, that is a desire to be free. i want to make decisions on how i work, where i work, and the rub is i'm remote. now you're making me come back in. to recruit the people back in, charles, you have to speak to autonomy and a better life. if you show them the latter at your place, you have a better shot at getting them. charles: i want to pick up on
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that, john. fdr had four freedoms. three of them i agree with. the last one was freedom of want. want is what drives us. necessity is the mother of invention. if that was taken from us, if we didn't want things, if the government gave us everything, for instance, where would that leave us? so there is this new battle that is going on with hey, freedom to come and go as i choose. that is tough for a business. especially if it is not a big business. >> absolutely. so first of all, what you're talking about this freedom from wont, there is something called optimal anxiety theory. optimal anxiety theory if you're too calm you will not get out of bed. if you pile on too much pressure, we're going to crumble. we need enough pressure on us to feel like i'm motivated but not so much that i'm falling over. charles: right. >> now the key here is, in the workplace, like, work place of the future, yes, we want to be able to find meaning motivation,
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what matter, right? in addition to that, we also want to make sure a place people feel like they belong. we are more disconnected than ever. charles: right. >> if we create a culture people will flock to the country. pay is not the biggest factor in general, unless you can't pay. >> sure. >> if you get a place where people belong, they will flock to you. charles: john, ken, give them a round of applause. thank you very much. [applause] my next next guest raised howl on both sides of on his book on future of work. we have orrin cash. you written this book, really short. what is your vision for "the future of work"? >> i don't think work is changing all that much. i think we'll see it changing slowly as it has in the past but we're not seeing robots take over of the like you've side we are seeing more need for workers
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than ever. it is the same things that still create value, that create meaning in peoples own lives, make for people being productive workers. so i think we really need more of a back to basics approach. the things that have worked in the past seem like they still are working and probably are still going to work probably in the future. >> mentioned pride. you talk a lot about culture. in this nation it feels like there is dire need for truck drivers, auto mechanics, welders, people who do things with their hand, get their hands dirty, fingernails dirty. there is sort of disdain or underappreciation for them. you wrote a great piece i read, called the culture war on work. i feel like it talks to that, it speaks to that. this is an area, era where people don't want to take on 400,000-dollars in college debt there are opportunities, many people are not going at them. they feel like okay, not seen as a positive light in society? >> well that is exactly right.
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i think you know when we think about what we get out of our work, part of is a paycheck. part of it is both dignity for ourselves and that sense of respect in the community that we're a part of. if we take that away and we say, sorry we'll not give you that respect anymore, in a lot of ways that is the same thing as taking a pay cut. i think we have a real problem in this country where we've taken huge swaths of the economy, during covid we realized are actually the most essential jobs in a lot of cases and just said those are not good jobs somehow. charles: yeah. >> we caught them dead end jobs because they're not the right kind of work or don't come with the right kind of education and i think that is something we have to reject. none of us would actually stand for it in our own lives, or in our own relationships. >> no, those folks were absolutely the heroes during the pandemic. i want to bring the audience in. steven from new jersey with a question about the trades.
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steven. do we have steven here? >> i'm here. charles: hey. >> i started out in the trades, and through a lot of encouragement of family and friends went through college, 13 year battle. charles: 13 years to get through college? >> came out with a really good i.t. career. that was all great. the question is, how do we make the trades more attractive to young people. charles: right. >> or does everyone have to go to college or how do you remove the stigma of not going to college? charles: that is a key word, stigma. oren. >> that is great question. most people are not going to college or not finishing college. even among those who finish college are not ending up in a job that required a degree. we have this idea in our heads that you know, everybody is off going to college, succeeding, it is just a few people who are being left behind. it is really most people are being left behind. i think we have to build much better alternative pathways.
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we have to say, being in school isn't just about going to college. it is not just about how do i get into the best school with the best test scores because that is not necessarily the recipe for success. so we have to really hold up the alternatives and say, that's just as good. if that helps you build a decent life, support a family, you are a success. charles: we used to call that the american dream by the way. oren, thank you very much, appreciate it. folks coming up remote work is a major hot topic. a lot of ceos are demanding this. people come back to work. heck no, i love it flip-flops. will work become normal? jim bianco says it will be. we'll talk to him, get more questions from this amazing audience right after this. ♪.
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♪. charles: all right, well we know it is all the rage thee days, right? working from home is seen as sort of the great equalizer, driven by the greater working power of workers. they have a lot more bargaining power. think of the ultimate cast for
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this. estimated manhattan alone loses $12 billion a year because of people working remotely. there is a sign that productivity is beginning to wane. adp put out the employment numbers for the month. this is something happening a whole lot more. small businesses cannot compete. 60,000 jobs lost in small businesses in part they can't pay higher fees. they can't afford to have people working from home. this new paradigm shift, it comes at a cost, maybe, maybe it won't be for a long time although my next guest says the die is cast, and no turning back. we have jim bianco. up front i am still not convinced, i'm still not convinced. why are you cone vinceed this is it and we won't go back? >> first of all to answer the question, let's be clear, only half the jobs in america can be done remotely. the other half you have to go into a place of employment to
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do. for those done remotely we pay people on proficiency, how well do you do your job. we don't pay them on collaboration, how nice of a person are you in the office, around the water cooler or in the meeting? since we pay people on proficiency, if you get it done remotely you have accomplished the basic task of that job. charles: i speak to a lot of ceos, small businesses, large businesses they are concerned about the human element, the collaboration. you can't get certain things in a zoom call. i somewhere recently half people in zoom call don't have the video up. there is a disconnect. what do you say about that? >> well that is the issue about work from home. you are more efficient and you are more productive if your job is to answer emails, write reports, update spreadsheets, do anything you would do with a work in a small job but the collaboration part does suffer. so the question you have to ask the boss is, do you want the report done quickly or do you want people to sit around a room
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and collaborate with each other? if you want it don't quickly, leave them at home. if you want them to sit around to talk to each other bring them into the office. it is not an either/or thing. there is advantages to getting together, and there are advantages to being remote. like i said before we pay people to do reports, pay people to answer emails that seems like that has the upper hand now. charles: the audience has strong opinions. go to paul from maryland, next guest question, paul, what is your question. >> thank you, mr. payne. from in maryland the legislature this session has considered a bill to offer tax incentives to businesses to reduce the work week from five days to four days. work hours from 40 hours to 32, at no reduction this pay. sew how would that, something like that affect the economy? charles: so, jim, i got to tell you a long time ago i thought maybe four-day work week would work. you have to still at least put
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40 hours in. i know in the uk, 96% of people out there said they want a four-day work week. maybe it becomes reality. what are the economics of it? >> the economics are backwards. basically you're raising the cost of having an employee. if i'm going to have to work 32 hours as opposed to 40 hours, i have to hire more people to get the same amount of work done which means you made it more expensive. the thing about remote work to tie it into that, it will be next to impossible to try to measure a job in terms of hours because what is happening with remote work, we're measuring it in terms of taskings. charles: yeah. >> i need you to do x, y, and z, takes you 15 minutes or 10 hours to do it that is up to you. how do you measure it in a four-day work week. you are raising cost of employment. that is not what we want to do. charles: i'm surprised maryland would be considering that. let's go to jessica from new york. >> had you, how are you?
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i'm seeing income subsidies, coupled with a.i. advancements going on, what can be done for the future of the job force to keep social advancement a possibility for lower and middle class? charles: so, jim, this is a big part of today's show. we have macchio kaku coming up soon, a.i. futurist. a.i. opportunities, a lot of people obviously will lose out as a.i. and robots take over. how do you see that integrating into the workforce? >> i will push back on that people losing out. yes, a.i. does eliminate, technology does eliminate some jobs but makes the jobs higher end. when the spreadsheet was invented we eliminated a entire class of workers called accounting clerks but we created financial managers that used the spreadsheet for higher end
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stuff. we created more financial managers. when we created atm, we created more tellers because they were doing more important, higher end work than we eliminated. what will happen with a.i. it will him not a lot of low end jobs. it will push us up to scale. it creates usually more jobs than not. i'm a big believer technology is bigger creator of jobs. i warn it won't be smooth. you might see job loss first and job creation later. charles: i'm a natural ludite. i will be honest. first three industrial revolutions, net-net, we got jock. jim you're brilliant and i love but. >> thank you. charles: dusting off jobs you may have thought were relics of the past. our expert panel, joanie bailey, tom gimbel. we'll ask more of the audience's questions, this amazing audience. thank you. [applause]
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do you stay in the industry, do i get out? consider completely writing off your current job. i was reading about the diaplasis of elevator operators, right? one of our show meetings, her produce said they had two elevators. are you kidding me? one is here right now, chris w. my man! [laughter]. the article said you guys went the way of the dodo bird, typewriter repairman. what is going on? >> basically, man, i'm just a elevator operator. my job is doorman, i'm sorry, helping people in and out of the building, taking them in and out, up into their apartments, packages. charles: are people surprised visit the building first time that there is elevator person? >> yes, they are. charles: i remember growing up. i thought it was the coolest thing, what floor. they hook you up. now we got to do everything. what do you say to people out there who might be saying hey,
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limiting themselves, well this job won't be around, this job won't be around? i venture to say 99% of americans would not believe there are still elevator men? >> yes a lot of people still don't, i mean, sorry. charles: no problem you like the job? you're happy with the job? >> yes i do like the job. i'm very happy with it. charles: great meeting you, my man. >> you too. charles: i will take a ride with you one day. >> definitely. [applause] charles: folks bring in now, really can't get a better panel than this. bridge chief workforce analyst, joanie bailey, network founder ceo tom gimbel. let me start with you, tom. you have really amazing thoughts. i watch all the time. your presence is very powerful within this industry. what do you make of this, this sort of transition people are contemplating they feel they have to do, because it feels like the workforce is changing quickly. >> i think number one, charles, is people have to do what
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they're passionate about and i'm less concerned on industry and i'm more concerned what your skills are, what you like doing. you know there has been so many surveys that show people aren't engaged in their job. if you're not engaged in your work today finding a job that is going to be here in 20 years is really irrelevant. you got to focus on what you're doing, get really good at it. when you're the best at something it will continue. whether you're an elevator operator or you're changing horseshoes or you're doing whatever it is, there still are those jobs, not in plentiful amounts but if you're the best there is always a job for the best. charles: tarot card reader shaking her ahead. i'm the best damn tarot card reader i just don't know my own future. joanie i, do you agree. >> i agree with tom pursue something you're passionate about.
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i encourage people with that i try to encourage my children as well as they pursue -- charles: let me ask you. federal reserve came out with a list of all these majoring under employ rate. things like psychology had 12% unemployment rate. things you may be good, passionate about what if there are no economic opportunities? is it about fulfillment than economic opportunity? >> you have to look at both sides of the equation. you need to know where the opportunities are going to be. you know what sectors are going to be hiring? what are the jobs of the future? we all know certain jobs are going away. you need to marry the jobs and opportunity with your interests, with your purpose, with what you want to do. because you know that old saying i love, find a job you love you will never work a day in your life? i believe there is some truth to that, i really do. charles: let's ask the audience, has a lot of questions. let's get to some of them.
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we have charles from texas. chars? >> charles, as well. charles: there you go. great name. >> it's great name. >> so my question is i work for major airline. everybody talks about the pilot shortage right now but with technology, there is a big push even within the faa, with all the airlines to automate the cockpits and basically be kind of like elevator doorman, a job no more in the future. wonder your thoughts on that? charles: tom? >> i think the same thing we're talking about automated cars. i think that will be a long time in coming, that you have to realize those things are going to change but there is also going to be people that are working on the ground level, they're helping those planes fly. every technological advantage we ever had, there is a labor factor that goes to supporting it and making sure it evolves to the next level, i don't see that happening with air travel anymore than i see it with happening with car transportation the next few years. i think we have time on that
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one. charles: i worry about younger pilots. i saw someone come out of the cockpit with a lollipop the other day. what the hell is going on? what do you think, joni. >> those jobs are changing. there will still need to be a pilot, something that is technical. what if something goes wrong? to tom's point he made, he is right. the jobs certainly are changing and there is opportunities though, even when some of those lower level jobs go away we see more jobs created. more jobs in technology or safety, you know, just look at what's happened in the health care sector. charles: right. >> for example, yes, some jobs are going away, some are being eliminated. it is creating new opportunity i we, i don't think robots are completely taking over. i look at artificial intelligence, robotics, it is not against humans, humans
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enabled with a.i. and with robotics. it well help us all do our jobs better in the future. charles: go to michael from pennsylvania. michael. >> hello. as you showed with, with amelia's chart as far as different sized businesses are being affected differently -- charles: right. >> bill dunkelberg at the nfib seems to indicate they're having a hard time getting qualified employees, whereas the large companies that overhired are now shedding employees. how can the fed really react to those disparate types of environments? charles: you know, i mean the federal reserve, this is, it is interesting with respect to the jobs market. jay powell is on the hill this week. he is testifying in front of the house and senate. got a real hard time, by the way from both sides of the aisle, senator kennedy, senator warren gave him a hard time about the idea he has to deliberately make a million, two million people
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lose their jobs. they're saying two million people may lose their jobs, rest of the folks in the country to live with lower inflation. i do believe there is something inherently wrong with that whole system. we need to blow it up and do something else. we'll talk about later on. mark from new jersey, has a question. >> did you say mark? that's me. charles: [laughter] >> so, i worked for a lon tricks company for 27 years. i can identify with the previous segment where it said there was a real sense of satisfaction. i loved what i did. over 1000 people, i knew the husband, the wife, the kids. it was very intimate. i loved the satisfaction you get out of work. that is what i was taught by my father. charles: right. >> when the the 27-year-old train downsized i had to start my own company, a stock research company. there is so much involved with trying to grow that company, to i really have to? if you think about it, i think
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there needs to be lessening of things that small companies have to do. of course there is all kinds of regulations but maybe you could just tone it back a bit for a real small company. charles: right. >> tom, what do you make of that? there is always complaints about red tape. as an entrepreneur things you don't mow learning the hard way? >> i think that is the case i wish i would have known now what i knew then, vice versa. that is the challenge. what the sent man said there are less regulations for smaller companies, health insurance, affordable care act, what you have to provide for your employees. there are different rules for companies that have less than 50 employees. it does exist. the real challenge is, people go into the situation like this gentleman did because he got downsized. the opportunity was, should i start my own company. charles: right.
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>> it doesn't mean it was his vision for his whole life or his dream, he was prepared. he did it out of no other option at this point. we should make it there are resources for people like that, make it easier for them to know the steps to take. charles: right. i will say amen to that. joanie, tom, thank you both very, very much. when we come back, folks, michio kaku. we'll be right back. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. (vo) the fully electric audi e-tron family is here. with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant design and progressive technology.
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♪ [applause] charles: all right, we've been talking about it all year, we've been talking about it our whole life, right? especially recently, a.i. robots. obviously already transforming the economy. now we can say they're totally in action. we have a ceo of robot labs. the lg serve robot. first you have to tell us how does this work? because i'm seeing them all over the place, particularly the small restaurants that can't afford workers. it has been something after god send for some of these companies. >> absolutely, same thing you shown on the graph, small businesses, especially small restaurants are losing employees. they don't want to work anymore this is a life safer.
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charles: how does it work? >> we provide the robot to restaurant. come on sight. create a digital map of the restaurant. map all the tables. set serving position for each table. then we train servers how send robot to table one, table five, just like what we're seeing here. here is your lunch. [laughter]. charles: we got a wiseguy brought me a salad. okay! i didn't know they also make suggestions. charlie, you might want to lose a couple. [laughter] >> so as the guest takes the salad from the lunch or whatever, from -- charles: i grab my salad, my lunch. i got the hint. thank you. >> robot has a sensor. it knows the food is gone and will go to the next table, either back to the kitchen or where it is programmed to. charles: how is demand? is demand starting to grow here? >> exponential growth. we have than 1 million meals delivered.
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>> 12 million meals. >> delivered in the past year. we traveled 500 times to the international space station and back. it is just growing rapidly. charles: i'm sure you've seen elon musk talk about the robots he is working on, significantly more advanced. these are the robots we grew up with science fiction. how close is that to being reality? >> in my observation from what i see in the market, we're still far away, at least 10, 15 years away from a general robot that can do everything. we grew on this hollywood movies, irobot, robots flip backwards do that. robots are very, very specific. charles: do we want them to do everything? >> that is a good question, for philosphers i believe. from our point of view we want robots to help humanity and business owners especially where they can not find labor. charles: great stuff. i got lunch.
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i didn't know i get a bonus. you guys remember, that 2013 oh. >> not right, not right. cold dispassionate impersonal, they chuck a man out right in his prime, chuck him out like he was some kind of a part. said i was knew rottic about things. said that being alone with the machines hurt me. that was the expression they used warped. it is not fair handley. it is not fair. a man has value. a man has worth. >> so we all remember that 2013 oxford university study, right, it came out it was everywhere. said 47% of jobs in america were susceptible to be taken over by computerization. although we have lived with this potential really from the very moment the word robot was coined by a playwrite, that play ended with a line. the robot was named radius. the power of man has fallen
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gaining possessions of the factory we have become masters of everything. the period of mankind has passed away, a new world has arisen. man kind is no more. since that moment, we learned the word robot the threat has been there. there are many questions how we coexist into world of robots, art official intelligence? few contemplated this more than michio kuku. he is with us now. you talk abouted golden age, you talked about the golden age in the past. is this golden age? should we look at this area we're going into now, as opportunity, a golden age or look at it with some skepticism? >> think of the blacksmith. the blacksmith used to be the bedrock of every community, right? what happened to the blacksmith? the horse was replaced by the mechanical horse, the automobile and the blacksmith became an automobile worker. so the key is not to fight progress, not to fight change, not to fight science.
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that is inevitable, roll with the punches. you have to adapt to it. educate people. in fact in the educational system we have a regressive movement to dumb down the curriculum. that's the wrong strategy because we have to uplift workers to adapt to row about the ticks, adapt to the new technology and be part of it. workers that understand artificial intelligence and how to use it they will thrive. workers who do not will be out of a job. charles: so interesting. i was just reading an article where some schools are saying okay, give this chatgpt a chance. initially everyone was recoiling, this is it, this is over. this oxford study men years old, it is inevitable at least half of us will lose our jobs. the big question, will jobs replace those jobs? >> i think journalists are hyperventilating of chatbots --
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charles: told you already. get rid of the teleprompter. i've been out of a gig a long time ago. >> journalists that use chatbots will thrive. journalists that don't use chatbots will be out of a job. charles: arthur c clark said that robot was free up mankind. we should look at a term called full unemployment as a beautiful thing. we would not have to worry about drudgery or anything. we would be free to evolve our minds from i guess running through 5% of our brains to maybe 10%? is that really going to be good enough in a world where we're used to achieving things on our own? >> this is purely hypothetical now but take a look at the fact maybe 5% of homo sapiens would take drugs to wallow in a sanitary -- sanitarium. the rest of humanity wants to
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thrive, feel useful, otherwise they feel like a paratight sight the bulk of society will thrive even when everything is automated. charles: that is speech from the great "twilight zone" episode. we have a nathan from iowa. >> pleasure to be here. i'm from iowa, self-employed, 22 years old. the general question how does a 22-year-old like myself prepare for technological advances in the future? looking to take oaf a book of business for financial advisor in town? will that career, other careers be around in the future? >> there are three kinds of jobs robots have a hard time replacing. blue-collar jobs not repetitive. robots cannot hammer a nail, pick up garbage, fix a toilet. robots are very bad at non-representative work.
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rapport with human being, being a professor, being a teacher, being a counselor, being a therapist all that cannot be replaced by a robot. third category is imagination. people that are innovative that are leaders of society, that strategize, that dream about the future, those jobs cannot be replaced. so as long as you get into one of these three categories chances are you will have a job for a long time. charles: this young man here, he didn't grow up with a curriculum perhaps you're describing we should be pushing, maybe at earliest age possible. now as he is entering the work age he will be able to use a.i. and all the other tools to his advantage, right? >> right. same reason worker use as hammer, the hammer doesn't out use the humans it gives him more power. we use technology not as a rival, something we work with and exploit because workers that use a.i. will thrive. workers that don't will be
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unemployment. charles: i read somewhere recently 85% of the jobs over next say 20 years have not been created yet. we don't know what they are but they will be all new jobs. do you think that is true? >> every evolution has new technologies no one saw. the industrial revolution of 1800s. who saw coming of trains, factories, mass production? electric revolution with radio, television, who foresaw that? the revolution with computers. "the next revolution" with artificial intelligence and nanotechnology. we don't see these things. charles: they will be there. >> they will be there. charles: give him a hand. one of the most brilliant minds on the planet. thank you very much. [laughter] [applause] i'm sorry. you know, recently i was talking to my cousin. i just came back from a trip. showing the super bowl, right? i returned from a trip. she replied to me hey, when will you take time for yourself, do
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something for yourself? i looked at her, i took a first class flight to aruba, stayed in a great hotel, look over the ocean. met a lot of people, made new friend, got paid a lot of money. believe me i was doing that for myself, right? here's the thing, sadly in the nation in my mind veered off into the notion if you're not engaged 100% leisure you're in the midst of drudgery. i get that many people are sort of punching the clock, they dread every single moment, they should give themselves a chance to be the best, even if it is not at the perfect job, right? this is bothering me. someone said it earlier. you can excel even not necessarily the job you want at that time. practicing excellence means achievement. that can be made and measured on a whole lot of different levels. means what might feel like a mundane job can actually have its own rewards, ultimately become a template. you're not doing the job you want to do now, if you get the right work habits, when you get
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the opportunity you will excel. i grew up in an era where families took pride in the breadwinner, mostly men putting roof over their heads, food on the table a few bucks to go to the movies. over the years we live vicariously through celebrities, watch reality television shows. people more than ever want to look and dress like the famous folks, can or should be able to without having to work hard, without having to save, invest in their minds and career. i get time is limited. nobody gets a chance to do everything they want. few can afford to pay for all the things they like to do. by the same token we weep for the dad in harry chapin's cats and the cradle. i weep with that song. the man in the gray flannel suit. the they want great compensation, but they don't want to work for it, and that that's never going
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