{"id":297857,"date":"2025-11-21T16:41:22","date_gmt":"2025-11-21T16:41:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/297857\/"},"modified":"2025-11-21T16:41:22","modified_gmt":"2025-11-21T16:41:22","slug":"bessent-disagrees-with-musks-optional-work-future-says-jobs-will-evolve-not-vanish","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/297857\/","title":{"rendered":"Bessent Disagrees With Musk\u2019s \u2018Optional Work\u2019 Future \u2013 Says Jobs Will Evolve, Not Vanish"},"content":{"rendered":"

Musk said earlier this week that if there are continued improvements in AI and robotics, money would become \u201cirrelevant\u201d at some point in the future.<\/p>\n

\u201cI think there’s always going to be work. Historically, when you get productivity increases, more jobs always follow.\u201d \u2014 Bessent.Musk stated that work might become optional and cited the example of some choosing to grow their own vegetables instead of buying them from the grocery store.Bessent added that confusing signals are emerging from the Federal Reserve regarding benchmark interest rates.<\/p>\n

U.S. Treasury Secretary Scott Bessent disagreed with Tesla CEO Elon Musk\u2019s assessment that work might become optional and said that the nature of jobs might change in the future amid the widespread adoption of AI and robots.<\/p>\n

\u201cI think there’s always going to be work. Historically, when you get productivity increases, more jobs always follow,\u201d Bessent said on Fox News show, The Ingraham Angle.<\/p>\n

\u201cIf you think about the jobs of today, they won’t be the jobs of tomorrow. That’s what I constantly say. President Trump is always thinking about the jobs of tomorrow \u2026. We don’t have elevator operators anymore. But who would have thought that you’d be working in an Apple Store?\u201d<\/p>\n

What Did Musk Say?<\/p>\n

Speaking at a panel discussion during the U.S.-Saudi economic summit, Musk said earlier this week that work might become optional. He added, \u201cIt\u2019ll be like playing sports or a video game \u2026 you can go to the store and just buy some vegetables, or you can grow vegetables in your backyard. It\u2019s much harder to grow vegetables in your backyard, but some people still do because they like growing vegetables.\u201d<\/p>\n

Musk, whose company expects to build a million humanoid Optimus robots within the next year, said that if there are continued improvements in AI and robotics, money would become \u201cirrelevant\u201d at some point in the future.<\/p>\n

Bessent Says Confusing Signals Coming Out Of Fed<\/p>\n

Despite many on Wall Street expecting the Federal Reserve to cut interest rates at its December meeting, the U.S. central bank\u2019s policymakers have indicated that a rate cut might no longer be a certainty.<\/p>\n

\u201cI think there are a lot of signals coming from the Fed, and some of them are very confusing,\u201d Bessent said. \u201cThey cut twice, and they said that they are insurance cuts. So I would have thought that they would want to take out a third cut.\u201d<\/p>\n

The Bureau of Labor Statistics data showed that the U.S. economy added 119,000 jobs in September before the government shutdown, well above expectations of 50,000. However, the unemployment rate also rose to 4.4%, the highest since 2021. According to CME Group\u2019s FedWatch tool, over 63% of traders expect the Federal Reserve to maintain current rates until the next cycle.<\/p>\n

Retail sentiment on Stocktwits about the SPDR S&P 500 ETF Trust<\/a> (SPY) was in the \u2018bearish\u2019 territory, and traders were also bearish about Invesco QQQ Trust Series 1<\/a> (QQQ), which tracks the Nasdaq 100.<\/p>\n

\u201cI would believe that the Fed should be looking at the data and thinking, \u2018we don’t know where things are. We’ve been cutting, and we should finish the cutting cycle, or keep going with the cutting cycle,\u2019 because again, the fourth quarter GDP will take a definite hit from the shutdown,\u201d Bessent said.<\/p>\n

Also See: New Fortress Energy Stock Rallies 20% After-Hours \u2014 Retail Smells Short Squeeze<\/a><\/p>\n

For updates and corrections, email newsroom[at]stocktwits[dot]com.<\/p>\n

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