AI could unleash ‘one big productivity revolution’ if Washington avoids overreach: report

FIRST ON FOX: A new report is pushing back on artificial intelligence “doomsday” fears, saying the technology could unleash one of the biggest manufacturing revolutions in American history – unless Washington slows it down with early regulation.

The Unleash Prosperity report, titled “Boomsday Not Doomsday,” says AI is more than just another software tool, saying it can make technology cheaper, expand access to services and raise living standards.

“I would say that, thanks to AI, we’re headed for one of the biggest productivity revolutions in American history,” Stephen Moore, founder of Unleash Prosperity, told FOX Business. “There’s almost no question about it.”

Critics, however, warn that AI also carries significant risks, including job losses, cyberattacks, disinformation and abuse by bad actors. Some experts worry that companies and countries may rush to develop AI too quickly, putting speed before safety.

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The Unleash Prosperity report says AI can help doctors spend more time with patients, allow teachers to conduct their studies, help builders reduce delays, improve productivity and give small businesses access to more tools.

“AI is making mundane mental work cheaper,” the report said. “… These incremental improvements add up to great benefits when doctors, teachers, contractors, and other professionals spend more of their day on actual work and less on paperwork and bureaucracy.”

Moore said AI could also play a major role in addressing affordability, including housing costs.

“The cost of building a house will be cut in half because of AI,” said Moore. “There’s a lot of talk about cost and how nobody can afford a house. … If you cut the cost of building a house in half, suddenly it’s more affordable.”

The report also dismisses fears that AI will eliminate millions of jobs, saying similar concerns have followed previous successes, including tractors and computers.

“Every invention in the last 100 years has made the American economy more productive and led to more jobs, not less,” Moore said.

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The report points to agriculture as one example.

In 1900, about 40% of the US workforce worked in agriculture, compared to less than 2% today, while America produces a lot of food. Moore said AI can similarly move workers into new, higher-value roles rather than eliminating work altogether.

Moore said the fear surrounding AI often stems from a focus on potential risks rather than benefits.

“I think people are afraid,” he said. “There’s a kind of fear that this is going to be like ‘Terminator’ in the future, and people are looking at the potential dangers, not the amazing advances in human well-being from technology.”

The adoption of AI is already moving faster than previous technological revolutions. More than half of American adults used productive AI within three years of its release on the market, outpacing the early adoption of personal computers and the Internet, the report noted.

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“This is as big as the invention of the wheel. It’s as big as the invention of electricity. It’s as big as the Internet,” Moore said. “It will make life on Earth better … but we need to make sure America leads.”

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Moore added that the US cannot afford to slow down while China races ahead in AI development and innovation.

“The race is still on. Let’s win the race,” Moore said.