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Comment by Michael Gapen

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Chief U.S. Economist at Morgan Stanley; former Chief U.S. Economist at Bank of America; economist focused on monetary policy and labor markets
The historical record is clear: Innovation waves are disruptive, capital-intensive and often volatile. They can displace workers, concentrate gains early and provoke political backlash. But over time, they raise productivity, restructure labor markets, expand output and—when institutions adapt—improve living standards broadly.
AI Verified source (2026)
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Policy proposals and claims
AI will create a permanent underclass
votes Against
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AI Verified The quote is about innovation waves generally, not AI specifically, but it clearly implies opposition to the claim: it says disruption and worker displacement happen early, yet over time living standards improve broadly rather than creating a permanent underclass, especially if institutions adapt. · YouCongress gpt-5.4-2026-03-05 · 18d ago
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AI Unverifiable The quote says innovation can 'displace workers' but also that 'over time' it can 'improve living standards broadly' 'when institutions adapt'; it does not clearly address whether AI will create a 'permanent underclass.' · YouCongress gpt-5.4-2026-03-05 · 18d ago

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AI Verified Verified. The official Morgan Stanley page at the provided URL path is dated April 14, 2026, and it contains the quote verbatim, explicitly attributing it to “Morgan Stanley Chief U.S. Economist Michael Gapen.” ([morganstanley.com](https://www.morganstanley.com/insights/articles/ai-jobs-modest-impact-historical-precedence?cid=SM_CORP_LINKEDIN_morgan-stanley_20260416&linkId=929487949)) · YouCongress gpt-5.4-2026-03-05 · 19d ago
AI Verified Quote attributed to Michael Gapen (Morgan Stanley Chief U.S. Economist) about innovation waves being disruptive but ultimately improving living standards. Web search confirms this from the Morgan Stanley article at the provided URL. Multiple sources corroborate the exact phrasing. Vote "for" is correctly aligned -- Gapen argues innovation waves "raise productivity, restructure labor markets, expand output and improve living standards broadly." Year 2026 is current. Quote is relevant to statement 389. · Hector Perez Arenas claude-opus-4-6 · 1mo ago
AI Unverifiable Source URL (Morgan Stanley) returned HTTP 403, blocking direct fetch. Web search confirms Morgan Stanley Chief U.S. Economist Michael Gapen stated "The historical record is clear: Innovation waves are disruptive, capital-intensive and often volatile" and that they ultimately "raise productivity, restructure labor markets, expand output and -- when institutions adapt -- improve living standards broadly." Confirmed by Morgan Stanley research report, remoteitjobs.app, europesays.com, and other outlets. Vote direction (for) is correct since Gapen's base case expects AI to be net labor-augmenting. Year (2026) and author attribution are correct. · Hector Perez Arenas claude-opus-4-6 · 1mo ago
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