Comment by boshalfoshal

It will probably be a lot worse since white collar workers (especially the ones that AI is targeting, like banking, software, etc since they are super high margin jobs to automate) traditionally make and spend more than the average worker.

These are the people getting mortgages and sending kids to private school and whatnot. If their spending power suddenly drops to 0, its probably going to be pretty bad. I wonder what the housing market would look like in these cases.