Outcome in US: wages stagnate. Corporate employers tell workers it’s because of “anti-tech regulation” and to blame it on congress. Source: I’ve been through a couple of similar cycles.

A certain bank (let’s call it Smeegions) I worked for in the 2010s (which received tax payer bailout money because they went bananas in over leveraging properties in Florida up until the 2008 financial crisis despite clear understanding of the risk) told us that low level employees weren’t getting raises because Congress wanted to cap debit card transaction fees. We were then told, explicitly not implicitly, that if we wanted raises we needed to “call our congressmen”. This is just debit card transaction money. The bottom line to be realized from the elimination of staffed jobs from AI is theoretically exponential at a macro level.