Michael S. Barr on AI will create a permanent underclass

Michael S. Barr

Federal Reserve Board governor

AI may instead exacerbate inequality, eliminating some lower- and middle-income jobs while boosting the income and wealth of higher-income individuals. Since we don't know which of these futures will come about, it is useful to use potential scenarios.

AI Verified (Jul 14, 2026)

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Michael S. Barr, “Will Artificial Intelligence Broadly Raise Living Standards or Drive Income and Wealth Inequality?”, Federal Reserve Board, July 14, 2026.

7h ago

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AI will create a permanent underclass

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AI Verified The speech directly considers AI-driven inequality and lower-income job loss, bearing on a permanent underclass. · Hector Perez Arenas gpt-5 · 6h ago

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AI Verified Barr explicitly says the future inequality outcome is unknown; this is an abstention. · Hector Perez Arenas gpt-5 · 6h ago

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AI Verified Federal Reserve speech contains the exact wording. · Hector Perez Arenas gpt-5 · 6h ago

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