Bloomberg Surveillance · Friday, July 10, 2026
Paul (Pelgo) believes that AI will likely be a net destroyer of jobs in the short term, particularly affecting white-collar roles due to rapid automation advancements. He contrasts this with potential long-term growth but emphasizes the lack of robust safety nets in the US for displaced workers.
“I guess I feel like, in the. Short run, will it be a net destroyer of jobs? I'm in that camp. I do think many, many jobs, many white collar jobs, are going to go away when you think about the automation, and we think of not just the state of the art, because oftentimes we look at what's the state of the art, but we forget the velocity of the art and how much it's come, how far it's come in three years, let alone six, nine, ten years in the future. I think short term there's going to be a lot of disruption.”
“And I think what's happening is that the US, like how our society he behaves, how our government behaves, we don't have great safety nets for folks, and so when you get displaced by AI, it's not like Europe, it's not like anywhere else in the way, where you have a big safety net. You can figure things out, you can retrain. We don't have that safety net.”