We the People Should Own AI!

Artificial intelligence (AI) is built on our collective work product and there is widespread concern over its potential impact on society. So Senator Bernie Sanders has proposed legislation that would give the U.S. people a 50% ownership stake in the biggest AI companies. That way, we can collectively control the technology’s use and devote the financial benefit from its growth to meet human needs. Some estimates are that the government’s immediate gain for this ownership stake would be $1 trillion.Matt Bruenig, an expert in sovereign wealth funds like the one proposed by Sanders, joins the show this week. Matt is the founder and president of People’s Policy Project, and consulted on the creation of the Sanders AI plan.Matt shares with us insights from his recent article discussing how the proposed AI wealth fund compares to programs like the legendary Alaska Permanent Fund and major international sovereign funds like Norway’s. Matt’s own plan for a “Social Wealth Fund for America,” which is even broader than Sanders’ plan, contemplates annual payments to all residents. That is how the Alaska Permanent Fund operates, and it does decrease both inequality and poverty. But the AI funds could also be used to pay for social programs. New Mexico’s sovereign wealth fund pays for the state’s groundbreaking universal child care program, for example. Norway’s wealth funds help the nation afford its “universal assistance state,” covering healthcare and child care and other basic needs for all.  As our podcast title insists, we can do far better in addressing poverty and inequality. But we will need to spend money to get there. The U.S. public sharing the AI wealth, especially when that wealth is generated by technology built on our collective labor, can be a big part of the solution.