Goldman Sachs Economist Warns 15 Million US Jobs Could Be Lost to AI, But Says History Shows Tech Creates More Than It Destroys

Goldman Sachs' top economist, Joseph Briggs, has warned that AI adoption could displace about 9% of the US workforce — roughly 15 million workers. In a recent podcast, Briggs compared the disruption to the tech-driven upheaval of the late 1990s and early 2000s, noting that sectors like tech, consulting, and graphic design are already seeing 10,000 to 15,000 fewer jobs added each month due to AI tools.

However, Briggs pushed back against the idea that AI will permanently erase jobs. He argues that focusing solely on jobs destroyed ignores those created. "History is on our side," he said, pointing out that 85% of job growth over the past 80 years has come from new positions created by technology. The labor market constantly churns, with 30 million jobs created and 29 million destroyed annually — even a modest uptick in job creation could reabsorb displaced workers.

Adoption May Lag Behind Capability

MIT researcher Neil Thompson, also on the podcast, suggested AI's impact may be slower than its technical capabilities imply. Adoption depends on access to data, regulatory hurdles, and cost efficiency. In many cases, AI will partially automate tasks rather than eliminate entire jobs. Thompson likened AI to a "rising tide" that workers can adapt to, rather than a "crashing wave" that wipes them out.

Cooling Job Market Adds Pressure

The warning comes amid signs of a cooling US labor market. The June jobs report showed just 57,000 jobs added, half of expectations, with April and May revised down by 74,000. The unemployment rate dipped to 4.2%, but largely because workers exited the labor force. Whether these numbers reflect AI's "rising tide" or the first signs of a "crashing wave" remains uncertain.

Goldman Sachs CEO: Investors More 'Greedy' Than 'Fearful' of AI

In related news, Goldman Sachs CEO David Solomon said investors have shifted decisively into "greed" mode as markets gear up for a fundraising wave for giant AI companies like OpenAI, Anthropic, and SpaceX. "There’s plenty of liquidity in the system if the world continues to remain as optimistic," Solomon said, adding, "We are definitely in a moment where there’s more greed than there is fear."