Are you properly preparing your children for the job market of the future. Bit changes are coming to the labor market, according to billionaire Bill Gates, the founder and owner of Microsoft.

Gates doesn’t believe people are prepared for the future job market as many of his technology field counterparts prepare to flood the market with ‘software bots’ that will take over many jobs. Software bots are Silicon Valley speak for software automation.

Speaking at The American Enterprise Institute on Thursday, Gates predicted in the next 20 years many jobs will go away and be replaced by bots.

He said, “Software substitution, whether it’s for drivers or waiters or nurses … it’s progressing. …  Technology over time will reduce demand for jobs, particularly at the lower end of skill set. …  20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.”

He went on to indicate he doesn’t think raising the minimum wage is a good idea either for workers on the lower end of the job market. His reasoning being he fears this may encourage employers to see software automation or bots sooner in order to keep cost down and efficiency up.

Gates said, “When people say we should raise the minimum wage. I worry about what that does to job creation … potentially damping demand in the part of the labor spectrum that I’m most worried about.”

With the black community struggling in the job market and the lack of business ownership in the community, Gates words are not painting a very bright future for a people dependent on jobs from others.

What do you think of Gates and his gloomy warnings to the labor market?

Source: http://www.businessinsider.com/bill-gates-bots-are-taking-away-jobs-2014-3#ixzz3CRzgnLss