AI could spark historic US productivity boom without overregulation: report

FIRST ON FOX: A new report is pushing back on artificial intelligence “doomsday” fears, arguing the technology could unleash one of the biggest productivity booms in American history — unless Washington slows it down with premature regulation.

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

“I would say that, because of AI, we are headed toward the single greatest productivity revolution in American history,” Stephen Moore, co-founder of Unleash Prosperity, told FOX Business. “There’s almost no question about it.”

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

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Rows of servers glow inside a data center. The new report argues AI could spark one of the biggest productivity booms in American history. (iStock / iStock)

The Unleash Prosperity report says that AI could help doctors spend more time with patients, allow teachers to personalize lessons, help builders cut delays, improve manufacturing quality and give small businesses access to more tools.

“AI makes routine cognitive work cheaper,” the report states. “… These incremental improvements add up to enormous benefits when doctors, teachers, contractors, and other professionals spend more of their day on real 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 home will be cut in half due to AI,” Moore said. “There’s a lot of talk about affordability and how nobody can afford to buy a house. … If you cut the cost of building a house in half, all of a sudden it’s a lot more affordable.”

The report additionally pushes back on fears that AI will wipe out millions of jobs, saying similar concerns have followed previous breakthroughs, including tractors and computers.

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

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A warehouse worker stands among stacked boxes. The report says AI could automate routine tasks while creating higher-value roles for workers. (iStock / iStock)

The report points to agriculture as one example. 

In 1900, nearly 40% of the U.S. workforce worked in agriculture, compared with less than 2% today, while America produces far more food. Moore said AI could similarly move workers…