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<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

<ul><li>A study by <keyword id="19900426" type="General" weightage="100" keywordseo="Accenture" source="keywords" meta.keywordsubtype="org" meta.entityname="Accenture" meta.hostid="261" meta.entityid="Accenture">Accenture</keyword> says GenAI could add billions to Indian economy</li><li>The study added that 31 percent of working hours in India could be automated</li><li> Indian economy could be up by as much as USD 675 billion by 2038</li></ul> In the last two years, there have been many debates about the possibility of AI replacing human beings at their jobs. Various tech experts have expressed their opinions on this. While there is one section of people saying that AI will make it easier for human beings to do their jobs, there is another section that fears being replaced altogether. Talking about the section that thinks AI will help humans do their jobs better, various experts have said in the past that AI will focus on mundane aspects of a job so that human beings can be fully focused on more challenging and creative parts. And a new study by Accenture seems to support this argument. Moreover, the study also says that due to the use of generative AI, Indian economy could be up by as much as USD 675 billion. <h2>GenAI could add USD 675 billion to Indian economy</h2>According to the study by Accenture, adopting a people-centric approach to GenAI could potentially add USD 675 billion to India's economy by 2038. This transformative impact hinges on a bold vision for reinvention, underscored by strong data and technology foundations, and an intentional approach to workforce development. The <keyword id="22702248" type="General" weightage="20" keywordseo="Accenture-study" source="keywords">Accenture study</keyword> highlights that the deployment of GenAI could automate approximately 31 percent of working hours in India. This significant shift is expected to contribute a 0.6 percentage point increase to the annual GDP growth, showcasing GenAI's potential as a powerful economic driver. However, the journey to harnessing this potential is fraught with both opportunities and challenges. For the unversed, generative AI, a subset of artificial intelligence, involves machines generating text, images, or other media in response to prompts. This technology has far-reaching implications for industries ranging from capital markets to retail, banking, insurance, and software platforms. Globally, these sectors are expected to witness the automation or augmentation of 49% to 71% of working hours due to GenAI. <h2>31 percent automation in India</h2>The Accenture study also highlights that in the Asia-Pacific region, the impact of GenAI is anticipated to be substantial, with Australia and Japan seeing the highest impact at 45% and 44% of working hours, respectively. For India, the projection of 31% automation signifies a seismic shift in how businesses operate and how work is performed. <keyword id="22702250" type="General" weightage="20" keywordseo="saurabh-kumar-sahu" source="keywords">Saurabh Kumar Sahu</keyword>, Lead for India Business at Accenture, underscored the necessity of a bold vision for reinvention. He said that the scaled and responsible deployment of GenAI can drive revenue growth and act as a force of change, reinventing functions across industries. However, unlocking the real value of GenAI requires businesses to have robust data and technology foundations. "The scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a force of change that can reinvent almost all functions across industries. To unlock its real value, businesses need to have a bold vision for reinvention anchored in a strong data and technology foundation. This, coupled with an intentional approach to skilling, is crucial to succeed in the age of generative AI," Sahu said in a statement according to a report in Business Standard. <h2>89 percent businesses plan to increase AI spending</h2>Despite the promising prospects, there is a critical gap in preparation that could hinder the effective integration of GenAI. The Accenture study reveals that while 89% of businesses plan to increase spending on AI, only 35% prioritise workforce development. Moreover, a mere 4% of business leaders have implemented GenAI training at scale. This disparity underscores the urgent need for comprehensive skill development programs. As organisations embrace GenAI, equipping the workforce with the necessary skills is important to ensuring that the technology's implementation is both effective and sustainable. SEE ALSO: <a href="https://www.businessinsider.in/artificial-intelligence/news/verizon-sees-early-success-using-generative-ai-to-answer-questions-from-business-customers/amp_articleshow/112145960.cms" data-type="tilCustomLink" target="_blank">Verizon sees early success using generative AI to answer questions from business customers </a><a href="https://www.businessinsider.in/tech/news/yup-ai-is-basically-just-a-homework-cheating-machine/amp_articleshow/112330231.cms" data-type="tilCustomLink" target="_blank">Yup, AI is basically just a homework-cheating machine</a>

Indian economy could get USD 675 billion due to AI by 2038, study shows

We all know the pressure of meeting deadlines, but what if we told you that being late doesn’t just affect your calendar — it could actually tarnish how people see the quality of your <keyword id="6355058" type="General" weightage="20" keywordseo="Work" source="Orion">work</keyword>? According to researchers, that’s exactly the case. They found that work submitted late is seen as lower in quality than the same work submitted on time or early, no matter how great it actually is. It turns out, missing a deadline can make you and your work seem less competent and trustworthy, all because of the subtle judgments deadlines trigger in other people. <h2>The deadly deadline dilemma</h2>Previous studies have focused on how deadlines affect employees’ productivity and stress levels, but lead researcher Sam Maglio’s team wanted to know how missing a deadline changes an outsider’s perception. To test this, the researchers conducted 18 different experiments with thousands of people, from managers and HR professionals to everyday folks, evaluating a wide range of creative and professional work. In the test, participants saw the same exact work samples — like photography, product pitches, news articles, and art — but they were told it was submitted either early, on time, or late. And guess what? The late submissions were consistently rated as lower quality, despite being identical to those submitted on time. <div type="Article" hostid="261" msid="114883482" title="We heard from over 750 people who have recently struggled to find work. Here are their biggest frustrations with getting hired." mstype="2" mssubtype="0"></div>Maglio explains, “Everyone saw the exact same art contest entry, school submission, or business proposal, but they couldn’t help but use their knowledge of when it came in to guide their evaluation of how good it was.” In other words, once people knew something was late, it was hard not to think less of it. <h2>Early birds don’t really get extra credit, but late birds do lose points</h2>Interestingly, turning in work early didn’t seem to earn extra praise. Evaluators ranked work that came in early and on time as equally good, which means there’s no major boost for those overachievers who submit work ahead of the deadline. But the real problem comes if you’re late — even by a little. In fact, it didn’t matter if the work was one day or one week late; the hit to quality ratings was the same. Late submissions were rated as poorly as work that objectively missed the mark, like not meeting word counts. And it turns out that advance warning doesn’t do much to soften the blow — one missed deadline still chipped away at the evaluator’s view of the employee’s competence and integrity, even if they were usually punctual. But here’s where it gets even trickier: evaluators didn’t just judge the work as poorer in quality — they also saw the latecomer as less reliable and were less likely to consider them for future tasks. One missed deadline could, in theory, limit your future opportunities to shine or earn promotions. <div type="Article" hostid="261" msid="114915871" title="I did a remote internship while also side hustling at a national park. I worked all day but lived in a beautiful place." mstype="2" mssubtype="0"></div>The researchers even tested this with high school students in China, who were shown art entries with the submission dates marked as either early, on time, or late. Even though they were told to ignore everything except the artwork itself, the “late” pieces received lower grades. And that’s with peers evaluating peers, so it didn’t matter if a boss or manager had set the deadline — missing it still left a mark. <h2>Let your manager know!</h2>Luckily, not all hope is lost for late submitters. Maglio’s team found that the reason behind a missed deadline actually mattered. If the delay was due to uncontrollable events — like jury duty or a medical emergency — people cut the submitter more slack. The same was true if the deadline was a “soft” one rather than a hard cutoff, or if the work wasn’t particularly critical. “Communication around deadlines is vital. If it’s a hard, and not a soft, deadline, you as the manager should let your employees know,” Maglio explained. “If the reason why you missed the deadline was beyond your control, you as the employee should let your manager know.” The findings of this study have been published in Organizational Behavior and Human Decision Processes and can be accessed <a href="https://dx.doi.org/10.1016/j.obhdp.2024.104365">here</a>.

Missed a deadline? Here’s why it might cost you more than just a little extra time

For many Americans, the most important focus heading into a presidential election is how the winner will impact their wallet. Whatever your financial priorities, Business Insider has you covered with a five-part series on the impacts a Trump or a Harris presidency could have on US consumers.You can go deep on how the race for the White House could impact everything from childcare costs to housing to your grocery bill. Just follow the links below, or keep scrolling for a speed-read. Explore BI's election series:• <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">How a Trump or Harris presidency could impact your investments</a>• <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">What's expected to get more and less expensive under Trump or Harris</a>• <a target="_blank" class="" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">How the cost of housing is expected to change under Trump or Harris</a>• <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">What a Trump or Harris presidency would mean for your tax bill</a>• <a target="_blank" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">How the cost of childcare is expected to change under Trump or Harris</a> <h2 id="0f3ba487-221e-4717-9396-f6e71080aee6"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investments</a></h2><h3 id="c604a2de-d86e-4c5a-8272-80c2c117fa03">Trump</h3>The former president's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. However, his plan to tax all US imports is viewed as a headwind that could be inflationary and hit consumer spending.If those inflation worries come true, interest rates would be higher and push bond prices lower. Trump is also seen as bullish for crypto, and his protectionist policies are viewed as likely to push the dollar higher.<h3 id="f5661b95-8cae-4195-968e-937088b5c035">Harris</h3>The current vice president's plan to raise the corporate tax rate is expected to hit the beneficiaries of Trump's proposed cut hardest. Her plan to regulate the financial sector is also seen as holding back stocks in the industry. On the positive side, Harris' policies would likely benefit homebuilder and renewable-energy stocks.Harris' plans are also considered to be less inflationary than Trump's, which would allow the Federal Reserve to keep cutting rates, boosting bond prices. Her continuity with President Joe Biden's policies is expected to push the dollar lower. Harris is also viewed as crypto-positive.<h2 id="9fffe11a-9455-431b-baef-03c634fbeb2b"><a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Costs</a></h2><h3 id="4d8effe9-7729-4dbe-b985-0353c12003a7">Trump</h3>Trump's plan to impose a broad-based 10%-to-20% tariff on most goods brought in from other countries is widely viewed as making import-reliant products more expensive. Major categories with high potential tariff exposure include automobiles, drugs for human and veterinary use, food and beverage, furniture, and household appliances.Relatedly, the former president has previously said he'll lower grocery prices by restricting food imports to bolster domestic producers.<h3 id="c9f25ce7-8011-4641-a4cf-cdefe1de92d9">Harris</h3>While Harris could continue tariffs instated by Biden, her import-tax policy is seen as less inflationary than Trump's. For groceries, the vice president released a plan to tackle high food costs by implementing a federal ban on price gouging during national emergencies.For drug prices, Harris has promised to expand two provisions in the Inflation Reduction Act, allowing Medicare to negotiate the prices of some drugs.<h2 id="ed67f4da-e516-414c-ba19-f692892a0f86"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Housing</a></h2><h3 id="c3f2844c-6bb9-473d-91db-9163697e0f29">Trump</h3>Trump has said on the campaign trail that the ongoing housing shortage could be addressed by deporting millions of people from the country. The former president also said he could decrease demand by banning mortgages for immigrants living in the US illegally.Further — during his previous White House tenure — Trump opposed the construction of high-density housing in single-family-zoned areas, although he has not said during this election cycle whether he wants to continue pursuing similar policies.<h3 id="dd9ed82e-f056-4bf1-a84a-ce1071f56fc5">Harris</h3>Harris' planned policy includes the construction of 3 million new housing units, as well as an expansion to the Low-Income Housing Tax Credit. She also plans to create a $40 billion federal innovation fund that would encourage local governments to build housing.The vice president has also said she would take action against "corporate landlords" and call on Congress to remove tax benefits from investors who acquire 50 or more single-family rental homes.<h2 id="b0d6cc09-dd6b-4d2e-9216-5c8ecbcfa7e0"><a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a></h2><h3 id="206237a6-9eca-4208-bb25-b7f76c2ce845">Trump</h3>Trump has proposed lowering the corporate tax rate from 21% to 15% for firms that make their products in the US.The former president has also said he plans to extend his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut."A permanent continuation of the TCJA's income-tax provisions would amount to a nearly $280,000 tax cut for the top 0.1% of earners, compared to $1,000 for middle-income Americas, a Tax Policy Center analysis found. Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans.<h3 id="77d8ca5f-0db1-4a2a-87e9-9b8e7ae5c85b">Harris</h3>Harris wants to bump up the corporate tax rate from 21% to 28%, while also proposing some specific breaks for small businesses.The vice president has also proposed an expanded earned-income tax credit aimed at lower earners, and she wants to restore and expand upon a more generous child tax credit, similar to the one implemented under Biden's pandemic-relief bill in 2021. Harris also shares some middle ground with Trump in terms of wanting to eliminate taxes on tips.For high-income earners, Harris supports two measures that have gained traction during the Biden administration: targeting ultrawealthy investors' capital gains, and imposing a minimum income tax on billionaires.<h2 id="2804ce0e-fc32-40e9-803e-c53a6b31f02b"><a target="_blank" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a></h2><h3 id="ed726a64-f988-4421-a339-c95f21949f4f">Trump</h3>Trump has also proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.In addition, while previously in office, Trump signed a bipartisan bill that provided federal employees with 12 weeks of paid parental leave, although he hasn't emphasized the issue on the 2024 campaign trail.<h3 id="e35abccd-064c-4d14-947d-2de0192dc4b9">Harris</h3>Harris has promised to cap families' childcare costs at no more than 7% of their incomes, compared to the between 8% and 19.3% spent by the median American family in 2022. The vice president's child tax credit policy would restore the enhanced pandemic-era credit, giving parents up to $3,600 annually per child, with the amount dependent on a child's age and family income.Further, during her run for president in 2020, Harris supported a six-month paid-leave policy for Americans with a new child or a sick relative.

How the election will impact your wallet

As <a target="_blank" href="https://www.businessinsider.com/can-ai-be-a-solution-to-the-climate-crisis-2023-5">Luccioni</a> shows me a digital map that tabulates real-time data on electricity consumption and carbon intensity, she explains it's her "favorite website."Her enthusiasm carries over into her role as AI &amp; Climate Lead at <a target="_blank" href="https://www.businessinsider.com/hugging-face-open-source-ai-approach-2023-12">Hugging Face</a>, where Luccioni collects actionable data on AI's environmental impact.She has her work cut out for her, especially as companies like <a target="_blank" href="https://www.businessinsider.com/jensen-huang-nvidia-robots-huamanoid-self-driving-cars-2024-9">Nvidia</a> and Google, which design AI chips, become more secretive about their proprietary offerings."The difficulty is that there's this race to secrecy," Luccioni said. "Since ChatGPT came on in November 2022, companies have really cracked down on how much information they share about their models."Luccioni codeveloped and regularly contributes to <a target="_blank" href="https://codecarbon.io/">CodeCarbon</a>, a program that helps developers estimate emissions and energy use from running AI models. Luccioni says tens of thousands of people have cited the program. She's most proud of how it allows technologists to act on their concern for the environment and benchmark against actual data.Meta recently used the tool to estimate emissions from running one of its <a target="_blank" href="https://huggingface.co/meta-llama/Meta-Llama-3-8B">latest Llama models</a>."Where the energy is coming from is really the biggest impact on emissions," Luccioni said. "The issue is that most supercomputers, be it Google Cloud, Azure, or AWS, are located in places that are not powered by renewable energy, mostly natural gas and coal, and that makes a huge difference."One of her latest projects should make it less opaque to understand how much energy and computing power popular AI models and tools use. This work, done with the Organisation for Economic Co-operation and Development, is expected to eventually help establish an energy-efficiency rating standard for AI models. She likens it to an<a target="_blank" href="https://affiliate.insider.com?h=4eff6049c33f6535f47c8f7e8ac1b3b733fd4f8c291fd482d249faf13be5d56f&amp;postID=66faf5cee5b54083003ce06c&amp;postSlug=sasha-luccioni-hugging-face-ai-power-list-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fd41586-024-02680-3"> Energy Star rating</a>."The EPA adopted this trust-based approach, but in the case of AI it would be a bit harder to adopt that approach because there are so many variables," she said. "You have to define specific data sets and specific hardware to compare these models."As <a target="_blank" href="https://www.businessinsider.com/ai-value-estimate-20-trillion-tech-wave">AI's value soars, possibly into the trillions,</a> Luccioni's work will help document the tech's toll on electric grids and, ultimately, the environment."You train a model once, but you deploy for a while. Even quantifying the amount of energy per query or per day is really powerful," Luccioni said. "In the long term, it really adds ups."See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Sasha Luccioni tracks data about AI's impact on the environment

<ul class="summary-list"><li>Business Insider spoke to five experts about what a Trump and Harris presidency would bring for AI.</li><li>Neither has offered specifics on their AI policies, but Trump would likely ease back regulations.</li></ul>With <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">Silicon Valley executives</a> inserting themselves — and their wallets — into this year's presidential election, questions remain about how <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Vice President Kamala Harris</a> and <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">former President Donald Trump</a> would tackle AI regulation should they win the White House in less than one week.Business Insider spoke to five experts with experience in government and the private sector about how each administration might regulate AI, which is evolving at breakneck speed and influencing nearly every factor of American life."There should be more attention paid to what the candidates do in the AI area, just because it's such an important space," Darrell West, a senior fellow in the Center for Technology Innovation at the nonpartisan Brookings Institute, told Business Insider. "But neither Trump nor Harris have been very detailed in outlining their policies. Neither has put out major position papers on the topic, so it's a little bit of a black box in terms of how each administration would handle AI.""It's a shame that we're a week away from an election and we don't have a detailed AI policy agenda from either candidate," John Bailey, a nonresident senior fellow at the conservative think tank the American Enterprise Institute, saidThe experts anticipate that, broadly speaking, Trump will take a more deregulatory approach to technology and AI, whereas Harris will continue with the Biden administration's approach of regulation. There remains room a degree of uncertainty with either candidate, though, as each juggles the desires of their <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">private sector supporters</a>.<h2 id="4254cad9-402b-4779-9f06-c89b327c70b8">The candidates differ over a recent key AI directive.</h2>Between calling AI <a target="_blank" class="" href="https://www.businessinsider.com/trump-ai-dangerous-still-posts-ai-memes-truth-social-x-2024-8">"very dangerous" </a>and sharing AI-generated images of <a target="_blank" class="" href="https://www.businessinsider.com/trump-taylor-swift-image-shared-made-others-ai-very-dangerous-2024-8">Taylor Swift</a>, Trump hasn't offered many details on how he'd regulate the technology. He has, however, committed to rolling back a sweeping <a target="_blank" class="" href="https://www.businessinsider.com/white-house-advisor-catching-up-on-ai-biden-executive-order-2023-10">executive order that President Joe Biden</a> issued in October, 2023 regarding AI regulation.The wide-reaching order generated significant political backlash, as some conservatives argued that certain provisions constituted government overreach and would hinder innovation. Supporters generally argue that regulation is necessary to ensure safety in the industry."The sticking point was really over the idea that we would create this big, monolithic AI regulation, not that we would create regulation at all, because there's already regulation around AI in those regulated industries," said Nicholas Reese, an adjunct professor at New York University and the Director of Emerging Technology at the Department of Homeland Security from 2019-2023."It was inclusive of certain perspectives and communities who helped shape it, but it did not reflect a lot of center-right thinking," Bailey told BI.In late October of this year, the Biden administration published a national security memorandum telling the Pentagon and intelligence agencies to ramp up their use of AI. Earlier in the month, Biden's team issued guidance over how federal agencies overall should effectively use AI while appropriately contending with risk.Megan Shahi, Director of Technology Policy at the liberal think tank the Center for American Progress, called the executive order "a good first step." Oren Etzioni, the founder of a nonprofit fighting political deepfakes and the former CEO of the Allen Institute on AI, thinks that the order is well-intentioned, but potentially too heavy-handed. "I think that regulating a fast moving technology is challenging, and I would say that it's well intentioned, but the road to regulatory hell is paved with good intentions," Etzioni said.<h2 id="433b3791-3da2-4962-be9f-71fedfb9fe6a">Trump would take a more hands-off approach to AI — but his immigration policies could end up impacting the sector.</h2>Trump has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">inscribed his promise</a> to get rid of the order into the Republican party platform, which reads in part: "We will repeal Joe Biden's dangerous Executive Order that hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology."Other than that, Trump hasn't offered many details on his plans for <a target="_blank" class="" href="https://www.businessinsider.com/cryptocurrency-bitcoin-influence-election-trump-harris-2024-10">AI policy</a> and his campaign did not respond to Business Insider's request for comment. Reese anticipates that he would repeal the new National Security Memorandum as well, but both he and Bailey said it's unclear what he would replace it with. The uncertainty could, Reese said, cause confusion among innovators."I haven't seen any other concrete policies on this, which tells me probably that they're not going to put forth a comprehensive AI strategy," said Shahi. She said that Trump hasn't committed to much regulation in any direction, and Etzioni described him as "pro-deregulation."As president, Trump didn't spend a lot of time talking about AI, but did sign his own executive order in 2019 that instructed federal agencies to prioritize <a target="_blank" class="" href="https://www.businessinsider.com/trump-electric-vehicles-elon-musk-endorsement-2024-8">researching the technology</a> — Bailey described the order as "overlooked and under-appreciated."Reese worked at the Department of Homeland Security during the final year of the Trump administration."When I worked under the Trump administration, there was actually quite a bit of activity, they were very active," he said. "And especially on AI, they were doing things that would be pretty hard to argue over, like creating a list of trustworthy principles for trustworthiness and AI." He described that administration's approach as "incremental."Etzioni said the former president's impact on AI extended beyond narrow policy and that the same could go for another Trump term. In particular, he thinks that the immigration of skilled workers is crucial in the AI race against China, which Trump's immigration policies threaten."The impact on business is nuanced, but I think that it's trumped by the impact of the country," Etzioni said. "If Trump ends up being the agent of chaos that many of us anticipate he will be, that'll have the biggest impact on AI, more so than specific policies."<h2 id="22809d1a-7ad4-4a52-9d01-aaf471dd7cf4">Harris would build on Biden's executive order and likely maintain his overall approach to the AI industry.</h2>With her California roots and deep ties to the tech industry — her brother-in-law <a target="_blank" class="" href="https://www.businessinsider.com/tony-west-wall-street-kamala-harris-cabinet-treasury-2024-10">Tony West is an executive at Uber </a>— Harris played a significant role in the Biden administration's efforts on AI. She met with the leaders of tech companies, helped introduce memos on AI use in the federal government, and represented the administration at a global summit on AI safety, which she flags on her campaign website.After Biden took office, Reese said that the work on AI policy eventually became more ambitious than it had been under Trump."It felt like the major difference was that the Biden administration tried to pursue bigger pieces of policy," he told BI.When asked for comment, the Harris campaign directed Business Insider to the vice president's policy handbook, which specifies Harris' intention to honor Biden's executive order and includes plans for an "America Forward" strategy that focuses in part on strengthening AI technology. The <a target="_blank" href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf">policy book </a>also outlines a plan to scale up the National AI Research Resource, which supports startups and researchers.The experts that Business Insider spoke to don't know precisely what Harris would do as president. They all anticipate that she would take an approach generally consistent with Biden. Shahi said that Biden provided "a straightforward foundation to build on," but doesn't think that AI is necessarily a day one priority."I think that a Harris administration is likely going to take this kind of much more linear, much more predictable path that is based on a lot of the existing corpus of AI policies, like the National AI research resource," Reese said, describing such continuity as the healthiest approach.Whether Trump or Harris wins the White House, Etzioni and Bailey said that having <a target="_blank" class="" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9">AI experts in the administration</a> is crucial. Among the few upsides Bailey sees to Biden's executive order is the call to have agencies appoint AI directors."The bottom line is that neither of them is an AI expert, so it's a question of who they would hire," Etzioni said of the candidates.<h2 id="1e24d451-c0f3-45bd-a9d9-1f2ca945c4f1"></h2>

How a Trump or Harris presidency could impact the future of AI

<ul class="summary-list"><li>The presidential election has the potential to reshape the investment landscape.</li><li>Detailed below is what Wall Street is saying about investing implications across multiple asset classes.</li></ul>With the presidential election just over a week away, and the candidates in a dead heat in the polls, Americans are in suspense about how their lives will change under a new leader.Business Insider has prepared a five-part refresher for the final stretch that will unpack the potential impact that both Donald Trump and Kamala Harris presidencies will have on US consumers. Today's first installment is focused on the investment landscape.To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. Their varying platforms will also be crucial in determining the future path of interest rates, which will shape the bond market.But they're not expected to have diametrically opposed impacts on everything, with both candidates seen as positive forces for crypto.Detailed below is the latest research and commentary from top Wall Street strategists, outlining how the market and investing landscape will shift under potential Trump or Harris administrations.The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each.<h2 id="40896f3b-9c3a-42aa-82ae-49a1761381ac">Stocks</h2>From the perspective of equities, it's helpful to look at the potential impact on both the micro (specific sectors set to be impacted) and the macro (how the broader market will respond).<h3 id="24c47698-0ee7-4a48-bb04-abe2a4f630c2">Trump</h3><h4 id="51cc4655-bf14-43bc-b772-b54703215a1c">Sectors</h4>Much of the industry guidance for the stock market under Trump boils down to his proposed tax policies. Bank of America says his plan to cut the corporate tax rate to 15% from 21% will boost corporate earnings by 4%. How much it impacts each sector ultimately depends on sensitivity to changes in the tax rate.To that end, BofA says the consumer discretionary and communication services sectors — the areas most beholden to tax-rate changes — will benefit the most. On the flip side, less exposed areas like utilities, real estate, and energy will get the smallest boost.For energy specifically, Trump's pro-drilling stance — while supportive of industry activity — will likely lead to oversupply and lower oil prices, says BNY Wealth. That, in turn, will hurt corporate profitability in the sector and drag on stock prices.It's also worth noting that energy was the worst-performing sector during Trump's previous presidential tenure.Financials is another area of the stock market seen benefiting from a Trump win. <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/us/if-trump-wins-he-plans-free-wall-street-burdensome-regulations-2024-04-12/">Allies of the former president have said</a> he aims to unburden banks from many of the regulations that were imposed following the 2008 financial crisis, something that his first administration tried to do with limited success.Those looser regulations could could also ignite a fresh wave of mergers and acquisitions, which would increase advisory revenue for big banks and help drive up profits from dealmaking.<h4 id="08ac2f7c-0094-48df-8910-ca3b12ae746a">Broader market</h4>Zooming out and assessing the full equity-market landscape, views are divided, particularly along partisan lines. Trump's proposed tax and regulatory policies are seen by his supporters as pro-business, which would be good news for corporate profit growth and deal activity.But Trump critics argue that his proposal for universal tariffs and steeper levies on Chinese imports — as well as a crackdown on immigration — will be inflationary, which could hold back stock prices. The nonpartisan Tax Foundation says the tariff plan in particular could <a target="_blank" class="" href="https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/">hurt profit margins and put pressure on consumer spending</a>.Bank of America estimates that 60% tariffs on China and 10% on other countries would lower S&amp;P 500 earnings per share by 3.1%. That would be a problem since earnings growth has long been the stock market's primary driver of gains."The conventional wisdom is wrong: Trump is not going to substantially cut taxes once in office; he is going to raise taxes by jacking up tariffs. To the extent that this dampens economic activity, it is bad news for stocks," BCA Research chief strategist Peter Berezin said.<h3 id="fe116c39-7eef-494d-b923-93e68c7490b4">Harris</h3><h4 id="82c14dd6-d54a-4af0-a6d6-b171c6d4ccd1">Sectors</h4>Just like with Trump, much of the guidance around the stock market under Harris involves her tax plan. Her proposal to hike the corporate tax rate to 28% from 21% would have an inverse effect on sectors.That means consumer discretionary and communication services — the top beneficiaries under Trump — would be hit the hardest under a Harris regime, BofA says."Consumer discretionary stocks have underperformed the S&amp;P 500 modestly since Harris' presidential candidacy was announced, perhaps reflecting concerns that a Democratic President could result in higher corporate taxes and employee wages," BNY Wealth said.Financial firms will also feel a negative impact of both higher taxes and Harris' proposed regulatory tightening.But there are bright spots too. A Harris victory would likely benefit homebuilder stocks because of her proposal to build 3 million houses. Renewable-energy stocks should also see gains due to the favorable view of wind and solar energy by Democrats.Both sectors have outperformed in recent months during periods when Harris saw positive momentum in election polls.<h4 id="27decf30-ab8c-4ed1-beaf-70dfe2073247">Broader market</h4>The stock market <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">has soared to records</a> during Joe Biden's presidency, up more than 50% since he was inaugurated, and a Kamala Harris win would likely be a continuation of many of the same policies that have been supportive of the market.Those include infrastructure investments and tax incentives to bring manufacturing jobs back to the country, like in the semiconductor industry via the CHIPS and Science Act.But BofA says Harris' proposed tax hike would also put downward pressure on corporate profits, which estimates a 5% earnings hit. Beyond that, a quadrupling of the stock buyback tax to 4% would also take 1% off S&amp;P 500 profits, the firm said.With all of these cross-currents swirling, a neutral market outcome must also be assessed.<h3 id="cefe8193-23a0-4521-8119-4d27dde3396d">A potentially muted impact</h3>Capital Economics believes neither a Trump nor Harris win will mean all that much for stock prices because bigger trends — specifically AI — will shape the market's direction."Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. Capital Economics has a 2025 year-end price target of 7,000 for the S&amp;P 500, regardless of which candidate wins the election.Meanwhile, Bank of America said that as long as corporate profits continue to grow, the stock market will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">rise regardless of who wins</a> the White House.<h2 id="7a7d474f-4301-46c7-a48c-d475d0abd0a4">Bonds</h2>The performance of the US bond market largely hinges on the direction of interest rates.As interest rates rise, bond prices generally fall, and vice versa. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.<h3 id="aa298578-a5d5-4e0a-ab3b-fcb78a88d8dc">Trump</h3>A Trump win would is seen ushering in higher interest rates, which would push bond prices lower. It ultimately boils down to inflation.Economists see Trump's double-whammy proposals of mass deportation and universal tariffs as inflationary. And since the Federal Reserve's primary tool for fighting inflation is raising interest rates, bond prices would suffer as yields rise."Our assessment is that a Trump win would lead to higher US yields," Capital Economics said.Estimates from the <a target="_blank" class="" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a> — a non-profit think tank — say a wider deficit and an increasing pile of debt under a Trump presidency, compared to a Harris presidency, would also put upward pressure on interest rates. That would also hurt the performance of bonds.<h3 id="c267d16e-6b3a-4db4-8316-c599ab723494">Harris</h3>Capital Economics said it expects interest rates to fall under a Harris win, which would be good news for bonds, as she wouldn't pursue certain inflationary policies like tariffs or immigration deportations, which could fuel wage inflation.Harris' policies, considered to be less inflationary than Trump's, would also allow the Federal Reserve to continue on their path of cutting interest rates, which would boost bond prices.A Bloomberg survey of institutional investors last month found that 30% of investors would add to their bond exposure if Harris wins, while just 17% said they would buy more bonds if Trump wins.Additionally, 46% of respondents said they would reduce their bond exposure if Trump wins, compared to just 23% under a Harris win.<h2 id="648d1263-465a-44c9-b50e-97ea3cd444a7">Crypto</h2><h3 id="77a393b0-f8c1-49d8-b73b-e2f0119e53e1">Trump</h3>A Trump win is seen as bullish for bitcoin and the broader cryptocurrency industry, as former President Donald Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">firmly embraced digital assets</a> in recent years.According to Bernstein analyst Gautam Chhugani, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9">bitcoin could hit $90,000 by December</a> if Trump wins the election, representing potential upside of about 37% from current levels."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.<h3 id="58f9bbfb-d544-465f-8607-1b699202db17">Harris</h3>Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">has also embraced the crypto industry</a> in recent months, though she's seen as slightly less bullish compared to Trump, given his public displays of support, including addressing crypto conferences and <a target="_blank" class="" href="https://www.businessinsider.com/trump-nfts-digital-cards-mahattan-trial-2024-5">launching his own NFTs</a>.Yet, Wall Street seems to think that a big case for bitcoin will remain intact no matter who wins. The US government debt pile is expected grow regardless of who controls the White House. That scenario is among bitcoin's biggest bull theses."I'm not sure if either President or other candidate would make a difference. I do believe the utilization of digital assets is going to become more and more of a reality worldwide," BlackRock CEO Larry Fink said during the company's third-quarter earnings call.<h2 id="bb5f6b7e-fd9d-459b-a7dd-22eebbb1993b">US dollar</h2><h3 id="0ae89f53-6e41-467c-8f2a-8aa885fcaf18">Trump</h3>Trump's tax plan and protectionist trade policies are expected to strengthen the dollar. It's <a target="_blank" class="" href="https://www.businessinsider.com/us-dollar-trump-presidential-election-weaker-usd-policy-intervention-trillions-2024-7">the opposite</a> of what the presidential hopeful has said he wants, since a weaker currency makes a nation's exports more competitive in global trade.These policies are expected to be inflationary, which would push interest rates higher and possibly prompt the Fed to tighten. Those climbing rates would then underpin dollar gains."Should he re-take the White House ... the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in recent research.<h3 id="e5ae53de-b9c3-4069-a7a1-5fc244dc29c6">Harris</h3>A Harris presidency would continue the trends of a weaker dollar due to "policy continuity" of the Biden administration, Capital Economics said.Since Harris' overall platform is less expansionary, it's expected to drive less inflationary pressure, and therefore keep the coast clear for the Fed to cut rates and stimulate the economy as currently planned.That likelihood of lower interest would, in turn, push the dollar lower.

How a Trump or Harris presidency could impact your investments

Will AI take over humanity? Will it be a threat in the near future? Or Will it be a blessing in disguise and make our lives easier? These are some questions that are being asked today as the world adapts to the “AI way of life.” Ever since OpenAI launched its generative AI chatbot, ChatGPT, discussions around AI’s impact on humanity have been surfacing. While a set of people believe that AI will eventually take over humanity, others are more optimistic about its impact. Not just the people, even the “Godfathers of AI”, whose work made the likes of ChatGPT possible, have different views over its impact. <keyword id="20943380" type="General" weightage="100" keywordseo="geoffrey-hinton" source="keywords">Geoffrey Hinton</keyword>, <keyword id="21043756" type="General" weightage="20" keywordseo="yoshua-bengio" source="keywords">Yoshua Bengio</keyword>, and <keyword id="20082643" type="General" weightage="20" keywordseo="yann-lecun" source="keywords">Yann LeCun</keyword> together received the 2018 Turing Award for their impressive work in deep learning and got the title of “Godfathers of AI.” While they all played pivotal roles in creating the foundations of AI, their views on its future diverge sharply. <h2>Geoffrey <keyword id="23515511" type="General" weightage="20" keywordseo="hinton" source="keywords">Hinton</keyword> is afraid of his own creation</h2> Hinton recently made headlines for winning a Nobel Prize in Physics along with Professor John Hopfield for their work in machine learning. However, after winning the award, he had a warning for all. “Quite a few good researchers believe that sometime in the next 20 years, AI will become more intelligent than us, and we need to think hard about what happens then,” he said as per a report in Independent.co.uk. “If you look around, there are very few examples of more intelligent things being controlled by less intelligent things, which makes you wonder whether when AI gets smarter than us, it’s going to take over control,” he added. This wasn’t the first time that Hinton warned the world about his own creation. Last year, he left his job at Google to speak out about his growing concerns over AI’s trajectory. In an interview with MIT Technology Review, Hinton had explained his departure from Google as motivated by his desire to speak openly about these dangers: “I want to talk about AI safety issues without having to worry about how it interacts with Google’s business” . Since then, he has been candid about his anxieties surrounding the potential consequences of AI. During the same MIT Technology Review interview, he had also said referring to AI and people’s obsession with it, “Sometimes I think it’s as if aliens had landed, and people haven’t realised because they speak very good English.” In various other interviews, Hinton has time and again painted an increasingly alarming picture of AI’s rapid evolution. He believes that as these systems continue to develop, they may ultimately achieve a form of intelligence superior to human cognition. Hinton has also voiced concerns that we are on a path towards a reality where AI outpaces human control. While there have been ample discussions about the potential of people losing their jobs due to AI, for Hinton, AI poses threats that go much beyond that. He worries about the existential risk it might present. In an interview with CBS News’ 60 Minutes, Hinton had said that AI will be able to manipulate people in future as the technology has learnt from all the books that were ever written. "They will be able to manipulate people, right?" he had said and added, "And these will be very good at convincing people because they'll have learned from all the novels that were ever written — all the books by Machiavelli, all the political connivances, they'll know all that stuff. They'll know how to do it." At the same time, he has also said that the AI threat might not materialise at all. In response to an inquiry from Business Insider’s Jordan Hart, Hinton had said that it could be anywhere from five to 20 years before AI might pose a real risk. He also acknowledged the possibility that such a threat may never come to pass, depending on how advancements in AI are managed. Hinton has also drawn comparisons between AI’s threat and that of nuclear weapons, underscoring his conviction that a concerted, international regulatory approach might be essential for curbing AI’s potential dangers. In an interview with Reuters last year, Hinton described AI as a potential risk even more pressing than climate change. While he underscored the importance of addressing climate issues, he argued that AI’s potential hazards might demand faster action. He noted that climate change solutions are relatively well understood—cutting carbon emissions can gradually mitigate the problem. However, with AI, the path forward remains unclear, leaving scientists and policymakers without a straightforward solution. <h2><keyword id="19911549" type="General" weightage="20" keywordseo="meta" source="keywords">Meta</keyword>’s top AI scientist is in favour of AI </h2> Yann <keyword id="21026889" type="General" weightage="20" keywordseo="lecun" source="keywords">LeCun</keyword> was also the recipient of the Turing award along with Hinton. Now working as Meta’s chief AI scientist, LeCun once used to be a student of Hinton. However, his views on AI’s impact are in stark contrast to that of his former teacher. LeCun has remained an outspoken advocate for AI, dismissing warnings of AI-induced existential threats and asserting that fears of AI surpassing humanity are “ridiculous.” LeCun, who joined Meta in 2013 as the founding director of its AI research lab, has been quick to dismiss the notion that AI will outpace human control or evolve into a “rogue intelligence.” He has argued that these fears stem more from human imagination than from technical reality. “If it were the case, we would have AI systems that could teach themselves to drive a car in 20 hours of practice, like any 17-year-old,” LeCun quipped in an X post in response to Elon Musk’s fears about AI surpassing human intelligence . LeCun’s optimistic outlook is shaped by his belief that current AI systems, including large language models like ChatGPT and Meta’s own Llama 2, are still far from developing a genuine form of understanding. According to LeCun, fears of a “hard take-off”—where AI suddenly achieves runaway intelligence—are misguided. In an interview with Wired last year, he said that fear around AI was being “exploited” and that every revolutionary technology is scary at first. He had said, “AI will bring a lot of benefits to the world. But people are exploiting the fear about the technology, and we’re running the risk of scaring people away from it. That's a mistake we made with other technologies that revolutionized the world. Take the invention of the printing press in the 15th century. The Catholic Church hated it, right? People were going to be able to read the Bible themselves and not talk to the priest. Pretty much all the establishment was against the wide use of the printing press because it would change the power structure. They were right—it created 200 years of religious conflict. But it also brought about the Enlightenment.” Moreover, speaking at a Meta event in Paris, LeCun termed fears around AI as “preposterously ridiculous” and said that AI is a promising tool, not an existential risk. According to him, while AI may eventually surpass human intelligence, this is likely decades away. He told BBC that it would be a “huge mistake” to restrict AI research, arguing that concerns stem from a lack of understanding on how to make AI safer. While LeCun dismisses the notion of AI becoming uncontrollably intelligent, he does support the development of open-source AI, which he believes could democratize the technology and mitigate risks associated with centralized control. In a letter to President Joe Biden, LeCun and other AI scientists advocated for an open-source approach, contending that AI should not be monopolized by a select few companies. <h2>The future of AI </h2> Thus, the two Godfathers of AI have opposite views on AI and their views echo larger tensions in the tech industry. The rapid advancement of generative AI tools has rekindled discussions over whether governments should intervene to regulate AI’s development. The US, the EU, and other countries have proposed frameworks aimed at governing AI, with some leaders calling for bans on AI in military applications or strict controls on its use in sensitive sectors. While Hinton is a strong advocate for such restrictions, LeCun cautions against excessive regulation, arguing that too many constraints could stifle innovation. In an interview with BBC, LeCun had said that “keeping AI research under lock and key” would be a mistake. . The disagreement also extends to how AI’s impact on employment and societal roles is perceived. While Hinton warns of mass job displacement as machines take over increasingly complex tasks, LeCun remains unperturbed by such projections. He often argues that AI will complement rather than replace human work, citing past technological revolutions, like the industrial and digital ages, as examples of how new technology can create more opportunities than it displaces.

Threat or not? The Godfathers of AI spar on their views about its impact

Hanna is a former <a target="_blank" class="" href="https://www.businessinsider.com/google-fires-ai-ethics-researcher-margaret-mitchell-2021-2">Google AI ethicist</a> who worked alongside <a target="_blank" class="" href="https://www.businessinsider.com/ai-100-top-12-people-policy-ethics-and-research-2023-11#timnit-gebru-5">Timnit Gebru</a>, who was fired from the tech giant after voicing concerns about its natural language processing tools. Hanna now oversees research at Gebru's Distributed AI Research Institute. Her work centers on communities most affected by AI. "A near-term AI dystopia is one in which there's not a masterful AI that takes over the world — that's bullshit — it's a world in which there are AI tools which are promised to do XYZ and that many employers have effectively bought into only to lay off full-time workers and hire them back at a calcualized rate," Hanna told Business Insider. "So it increases that gigification and casualization of work." She's writing a book, "The AI Con," with the University of Washington linguistics professor Emily Bender examining what they see as the harms posed by AI and the myths around what it can and cannot do.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Alex Hanna, DAIR's director of research explores AI's impact on communities

<ul class="summary-list"><li>US port workers are on strike following the expiration of their labor contract Monday night.</li><li>The work stoppage at Eastern and Gulf Coast facilities will impact a host of consumer products.</li></ul>US port workers with the International Longshoremen's Association are on strike following the expiration of their <a target="_blank" class="" href="https://www.businessinsider.com/longshoremen-strike-leaves-east-and-gulf-coast-ports-shuttered-2024-9">union's contract Monday night.</a>In the latest development of the ongoing labor dispute, the work stoppage at Eastern and Gulf Coast facilities is expected to impact a host of consumer products.Atlantic ports handle more than half of US imports, with an estimated economic impact of $540 million per day, according to <a target="_blank" href="https://www.conference-board.org/publications/looming-US-East-and-West-Coast-port-strikes-would-paralyze-US-trade">The Conference Board</a>.While some companies have managed to work ahead of the impending deadline, accelerating shipments or routing to West Coast ports, others are in a tighter spot.<h2 id="cadaa8ed-437c-44cb-909a-962092c27e71">A wide range of everyday items could be affected</h2>Fresh fruits and vegetables, especially those coming from Central and South America, are expected to be most impacted by the strike, said Margaret Kidd, program manager and associate professor of supply chain and logistics at the University of Houston.Top of the list: <a target="_blank" class="" href="https://www.nytimes.com/2024/09/30/business/port-strike-dockworkers.html">Bananas and mangoes.</a>"Grocery stores and others in the supply chain aren't holding a lot of inventory because they don't want them to expire," Brian Pacula, a supply chain partner at consulting firm West Monroe, told Business Insider of bananas.Tim Ryan, a Florida importer who supplies grocers including Walmart, <a target="_blank" href="https://www.wsj.com/articles/dockworkers-union-strike-shipping-economy-81301038">told</a> The Wall Street Journal he's having to fly in asparagus from Peru that he would ordinarily bring through the port of Miami.Other food and beverage commodities, including beer, wine, and spirits could also be impacted because of their perishable nature, Pacula said.European manufacturers are expected to face more disruption than brands that ship from Asia, according to analysts from Jefferies. That's bad news for toymakers like Playmobil and Lego, as well as Ravensburger puzzle-solvers.Durable goods — where there's less of an urgency to reroute them because they are not perishable — like furniture and tires could also be stuck at ports, according to Pacula. Continental Tire, Michelin, and Goodyear are all top importers through East and Gulf Coast ports, Pacula noted.In addition to tires, shortages of other auto parts could plague consumers in the coming days, two supply chain experts said, especially those coming from Europe or tied to secondary markets like car maintenance and manufacturing.When the Port of Baltimore was closed after the vessel Dali knocked out the Francis Scott Key Bridge, it shut down the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-impact-imports-exports-cars-coal-farm-equipment-2024-3">largest point of entry for imported cars</a> to the US. Baltimore is also a key site for importing sugar and gypsum, which is commonly used in construction and agriculture.Meanwhile, parts of the East Coast are still reeling from Hurricane Helene, which is expected to further slow the transport of goods throughout the US.Michael Yamartino, CEO of post-purchasing company Route, said smaller businesses that don't have large inventories or the luxury of planning ahead, as well as companies dealing with complex products, will most likely be hit the hardest.Three experts said that with less than two months until Black Friday, the likelihood that the strike could impact holiday shopping and shipping is high.Chris Butler, CEO of National Tree Company, a leading online seller of Christmas decorations, said even with precautions in place, an estimated 15% of the company's goods will be stranded amid a strike.

These consumer products are most likely to be impacted by the port strike

<ul class="summary-list"><li>The presidential election will influence parents, childfree adults, and reproductive-healthcare access.</li><li>It's the first presidential election since Roe v. Wade was overturned, which could shape votes in swing states.</li></ul>The candidate who wins the Oval Office will influence how Americans build a family.It's the first presidential election since <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">Roe v. Wade was overturned,</a> and <a target="_blank" class="" href="https://www.businessinsider.com/costs-abortions-travel-expenses-increase-scotus-roe-v-wade-dobbs-2024-2">abortion</a>, fertility treatments, childcare expenses, and political rhetoric toward <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-defended-his-childless-cat-ladies-comment-2024-7">childfree adults</a> have been major talking points on the campaign trail.Former President Donald Trump has said he will allow states to restrict abortion as they see fit, while Vice President Kamala Harris wants to restore abortion protections to federal law if she wins.Ahead of Election Day, Business Insider spoke with voters about how family and reproductive healthcare access will influence their decision.BI found that people's views on family don't always fit neatly into a political party. Along the spectrum of support for abortion access, one common thread stood out: The cost of raising a family."It's an issue that actually unites Americans," said Kristan Hawkins, the president of two <a target="_blank" class="" href="https://www.studentsforlifeaction.org/">anti-abortion</a> <a target="_blank" class="" href="https://studentsforlife.org/">organizations</a> for students. She does not support Harris' plan to restore federal abortion access, but she does often hear from families that are struggling with <a target="_blank" class="" href="https://www.businessinsider.com/parents-children-fleeing-nyc-high-housing-daycare-costs-2024-6#:~:text=The%20typical%20New%20York%20City,The%20New%20York%20Times%20reported.">high living costs</a> and a <a target="_blank" class="" href="https://www.businessinsider.com/poverty-line-leaves-behind-low-income-americans-snap-medicare-wic-2024-6">limited social safety net</a>.A representative for Harris referred BI to the vice president's policy record and comments on the campaign trail. A representative for Trump did not respond by the time of publication.<h2 id="5ff513d9-5f50-4cb2-a402-f5352c2aabfc">An anti-abortion Missouri mom who prioritizes family-centered economic policy and says she'll vote for Trump</h2>Erica Choinka, 30, has two young children and lives in Jefferson City, Missouri.She loves being a parent and said the rising cost of raising a family is one of her main economic concerns. She said her household expenses were <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">cheaper when Trump was president</a>.Choinka also aligns with Trump's promises to <a target="_blank" class="" href="https://www.businessinsider.com/trump-said-abortion-bans-should-be-left-states-2024-4">leave abortion laws to the states</a>, and considers herself "pro-life." For her, the pro-life belief reaches beyond abortion — it's about affordability for parents. That's why she supports a <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-proposals-boost-child-tax-credit-give-parents-money-2024-8">child tax credit</a>, affordable childcare, paid family leave, and access to fertility treatments like IVF.While both Harris and Trump have a child tax credit in their presidential policy plans, this election comes after the pandemic-era child tax credit lapsed, <a target="_blank" class="" href="https://www.businessinsider.com/democrats-poverty-extended-child-tax-credit-expired-2022-3">partly due to Republican opposition</a>. Both candidates have outlined plans to reintroduce a child tax credit, and Harris said she would also <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/09/17/remarks-by-vice-president-harris-in-a-conversation-with-the-national-association-of-black-journalists-philadelphia-pa/">cap childcare costs</a>.In terms of abortion access, Trump has bragged about his role in overturning Roe v. Wade — a decision that led to <a target="_blank" class="" href="https://www.guttmacher.org/state-policy/explore/state-policies-abortion-bans">41 states </a>with bans.Choinka said she agrees with where Missouri has landed: abortion is banned in the state at all stages of pregnancy, with no exceptions for cases of rape or incest. The state will be voting this November on constitutional abortion protections."We have an opportunity to either continue with the status quo of the last four years or go back to Trump, his policies, and his strategy for approaching problems," she said. "That's the path that I want to take."<h2 id="041baf13-1414-4a5c-b8a7-73fc1d354d2d">A Texas voter whose reflections on her own abortion have her supporting Harris</h2>Stephanie Gomez remembers taking a pregnancy test during her senior year in a Houston high school bathroom. She watched as the pink lines formed a plus symbol. She immediately knew she didn't want to be a parent, she said.What followed for Gomez was a visit to a Planned Parenthood clinic and an abortion procedure. It was 2012 and elective abortion was still legal in Texas. The clinic offered Gomez some financial aid, and her twin sister had to come up with nearly $400 between their McDonald's and Denny's paychecks to cover the rest of the bill.Texas now has among the <a target="_blank" class="" href="https://www.businessinsider.com/10000-more-births-afrer-texas-strict-abortion-law-study-2023-7https://www.businessinsider.com/10000-more-births-afrer-texas-strict-abortion-law-study-2023-7">strictest abortion bans in the US</a>. The procedure is banned after six weeks in all cases, except for medical emergencies, with no exceptions for rape or incest.Gomez, who is now 30, lives in Austin with her long-term partner."Being like a childless woman who really lives life on her own terms, I think people don't actually realize how rare that can be," she said, adding that she has the financial freedom to support her parents and younger siblings. "This idea that I don't have a family because I haven't decided to marry someone or be pregnant is insane to me."Her top voting issues include reproductive healthcare access, the economy, climate, and voting rights. She feels Harris' policies most align with her priorities.Gomez said she wished more Americans understood the "diverse" reasons a person may choose to end their pregnancy. She remembers her friends and family saying her abortion was justified because she was young and had college on the horizon."When we try to justify the reason, there's this narrative that there is a 'good' abortion or a 'bad' abortion," she said. "It's a medical procedure."<h2 id="ea19e384-5515-4142-8eac-61da5fe33934">A first-time voter in Indiana who is anti-abortion and plans to to vote third-party</h2>Avie Sark is about to cast her first ballot. The 18-year-old is a college student in central Indiana and works for a couple of advocacy groups that share her political views — including serving as president of her local Democrats for Life of America chapter, which supports anti-abortion Democratic candidates and policy in local elections.Sark said she identifies as a "progressive" and "leftist" on most economic and social issues. Where she differs from many in her party is her anti-abortion stance, saying she "sees fetuses as people."She hopes that, in the future, a president can restrict abortion, along with lowering childcare and healthcare costs. She hopes to foster or adopt children someday.In her first time voting for president, Sark said she plans to vote third party, likely for Green Party candidate Jill Stein. <a target="_blank" class="" href="https://www.npr.org/2024/09/22/nx-s1-5113108/third-party-voters">Third-party voters</a>, like Sark, can have an impact on a Harris-Trump race with razor-thin margins.Anti-abortion policy is Sark's top consideration in the election, and she said neither major party candidate aligns with that priority: Harris won't do enough to limit abortion access and Trump has been inconsistent with his abortion views, Sark said."I don't think that there's really anything that we can do about abortion in this election," Sark said.

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