Bernie Sanders questioned Elon Musk, asking how he intends to finance a universal basic income program when he opposes a 5% tax on his $817 billion wealth.
Elon Musk suggested on X (formerly Twitter) that direct government payments might be the best way to address potential job losses caused by artificial intelligence. He believes that as AI and robots produce more goods and services, it could actually balance out any increase in the amount of money circulating, preventing prices from rising.
Sanders Turns the Funding Question Back on Musk
The Vermont senator responded directly to Musk, highlighting the inconsistency in his statements. Sanders presented his critique as part of a larger issue of economic fairness and how we pay for proposals that would provide income support to many people.
As a researcher following the discussion around AI and automation, I’ve been struck by a recent point raised with Elon Musk. He suggests we shouldn’t be concerned about job displacement due to AI and robotics, arguing that governments will implement a universal high income to support everyone. I find this claim difficult to reconcile with his apparent reluctance to contribute through even a modest tax – a 5% tax on his substantial $817 billion wealth, for example – raising serious questions about the feasibility of funding such a program.
— Sen. Bernie Sanders (@SenSanders) May 22, 2026
Senator Bernie Sanders and Representative Ro Khanna have introduced a bill called the “Make Billionaires Pay Their Fair Share Act.” This legislation would create a yearly tax of 5% on the wealth of individuals with assets exceeding $1 billion. It’s estimated that around 938 billionaires would be affected, and the bill is projected to generate $4.4 trillion in revenue over ten years.
AI Job Displacement Is Already Accelerating
As job losses due to artificial intelligence continue to rise in 2026 across various industries, a conflict over related policies is emerging. AI systems have already eliminated around 9,200 jobs this year, and Goldman Sachs estimates that AI has reduced US payrolls by approximately 16,000 positions in the last twelve months.
The impact of automation isn’t limited to low-skill jobs. Elon Musk has been increasingly vocal about the possibility of AI replacing even highly skilled professionals, like those with PhDs in finance and research. He believes this risk applies to jobs at all levels of expertise.
Dario Amodei predicts that artificial intelligence could automate half of all entry-level office jobs within the next five years, potentially increasing US unemployment to 20%. Elon Musk has also emphasized AI’s potential to dramatically reshape the economy, even suggesting a future where work isn’t necessary for most people.
It’s still unclear if future economic challenges can be addressed with government assistance programs, or how such programs would be funded. Neither political party has offered a clear plan yet.
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2026-05-24 01:02