The current notion is that when a yoyo factory automates and lays off most of its workers, they will find other well-paid jobs and continue to buy yoyos. But as well-paid jobs everywhere go automated, where will the money come from to buy yoyos? Today participation in the work force is at all- time lows and we have a large and growing number of young who, unable to find good jobs, live with their parents. They are not buying houses or renting apartments. (They may, given the intellectual level of today’s young, be buying yoyos.)
Source: Ready: New Rossum’s Universal Robots: Toward a Most Minimal Wage – The Unz Review
