Computers, intelligent machines, and robots seem like the workforce of the future. And as more and more jobs are replaced by technology, people will have less work to do and ultimately will be sustained by payments from the government, predicts Elon Musk , the iconic Silicon Valley futurist who is the founder and CEO of SolarCity (SCTY), Tesla (TSLA), and SpaceX.
According to Musk, there really won’t be any other options.
“There is a pretty good chance we end up with a universal basic income, or something like that, due to automation,” says Musk to CNBC. “Yeah, I am not sure what else one would do. I think that is what would happen.”
In a country with universal basic income, each individual gets a regular check from the government. Switzerland considered instituting a universal basic income of 2,500 Swiss francs ($2578) a month this summer. Voters ultimately rejected the plan , but it sparked a broad, global conversation.