Elon Musk has predicted that there will be an end of poverty, explaining why there is apparently ‘no need to save money’.
This comes after Bridgewater Associates founder Ray Dalio announced that he and his wife plan to make a $250 contribution to the bank accounts of 300,000 children taking part in President Donald Trump’s savers accounts for young Americans.
The program was initially brought forward in the president’s ‘One Big, Beautiful Bill Act’, which will give children in the US born between January 1, 2025, and December 31, 2028, a savings account in their name funded with a $1,000 government contribution.
All children who are US citizens and born in that bracket are eligible regardless of household income.
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In a statement by Dalio, it was revealed that his contribution will first be aimed at kids living in Connecticut where the median income is under $150,000.
Dalio isn’t the only wealthy contributor to these accounts as billionaire Michael Dell and his wife have pledged to give $6.25 billion towards the initiative.
However, not everyone is on board with the idea as Musk has stood as a main critic after he responded to a post by Dalio on his own social media platform X, formerly Twitter.
Musk wrote: “It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money. There will be universal high income.”
In previous statements, Musk has explained his reasoning for believing why a universal income is achievable in the future.
And it all comes down to his faith in the future of AI technology. Back in August, the mogul claimed that intelligent humanoid robots will one day outnumber humans.
On X, he wrote: “There will be universal high income (not merely basic income). Everyone will have the best medical care, food, home, transport and everything else. Sustainable abundance.”
Speaking on a podcast, the Tesla boss went on to say: “In a future where anyone can have anything, you no longer need money as a database for labor allocation. If AI and robotics are big enough to satisfy all human needs, then money is no longer necessary. Its relevance declines dramatically.”
Although, some may argue that this is the kind of blissful optimism that could only be shared by the richest man on the planet so it might be wise to hold onto your savings accounts for now!