**[World Wide Web Correspondent Lin Di] July 12 - According to a report from CNBC, Federal Reserve Chair Janet Yellen recently highlighted that advancements in technology and globalization are contributing to the erosion of America’s middle class.**
*Legend: Artificial intelligence replacing more jobs*
Before appearing before the U.S. House Financial Services Committee, Yellen emphasized that if the U.S. wishes to maintain the income and job security of the middle class, it must address the adverse effects of automation on employment opportunities. She specifically mentioned that industries like retail are increasingly cutting down on their workforce to maximize returns for investors.
Yellen noted that understanding this phenomenon helps us grasp the changes happening in real-time. "Middle-class families are facing immense pressure on their wages and job prospects," she stated. "We need to consider factors like technological innovation, which has been amplified by globalization, leading to a decline in middle-income jobs."
"Many U.S. companies have prioritized holding onto cash rather than expanding investments—a trend we find concerning," Yellen remarked.
Several prominent business leaders have already acknowledged the influence of robotics and AI on human labor. Earlier this year, Tesla CEO Elon Musk warned that as automation grows, humans might need to integrate with machines to stay relevant. "Over time, I believe we’ll see a merging of biological intelligence and digital intelligence," he told the audience in mid-February.
In June, the U.S. job market showed surprising strength, with the unemployment rate dropping to 4.4% and adding 222,000 jobs—far surpassing expectations. However, wage growth remains stagnant, signaling deeper concerns about the quality of these newly created positions.
As technology continues to evolve, it raises questions about how society will adapt to an increasingly automated world. Policymakers and businesses alike face the challenge of balancing innovation with the need to preserve economic stability and fairness. Meanwhile, the role of education and retraining programs becomes ever more crucial in preparing workers for future job markets.
With automation advancing rapidly, the future of work looks set to change dramatically, and it remains to be seen whether society can keep pace without leaving large segments behind.
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