‘There will be no poverty in the coming time, everyone will…’, predicted Elon Musk, said- no need to save money..

CEO of Tesla and SpaceX elon musk has once again made a big claim regarding the future economy. Musk says that in the future there will be no such thing as poverty and in its place there will be an era of Universal High Income. He also said that in future people will not need to save money.

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Elon Musk was making this comment while reacting to a post by investor Ray Dalio, in which Dalio had praised the ‘Trump Accounts Initiative’. This initiative has been started with the aim of imparting financial knowledge to the youth and developing the habit of investing at an early age. This comment of Musk has once again intensified the debate regarding the future of AI, automation and technology.

Musk’s reaction to Ray Dalio’s post

Ray Dalio, in his post on X, described the ‘Trump Accounts Initiative’ as a bipartisan effort. He said that this initiative will help the youth to develop financial literacy and understand the working of markets and companies. Dalio also thanked Michael and Susan Dell for supporting this program.

Dalio wrote that these accounts are important because they introduce young people to basic financial skills and help them understand how the economy works. He also said that financial literacy and money management are the foundation of any strong economy.

‘No need to save money in future’

Responding to the same post of Ray Dalio, Elon Musk wrote, “This step of the Dell family is certainly good, but there will be no poverty in the future and hence there is no need to save money.” Musk further said that everyone will get higher income. However, Musk did not clarify how such an economic system would actually be achieved. Nevertheless, his comment points towards a technology-based future.

Will the economy change with AI and automation?

Elon Musk has spoken many times before about the effects of AI, robotics and automation. According to him, as technology increases, the need for human labor will reduce and this will completely change the income pattern.