How Tired Tropes Drive AI Coverage. Plus, is the Vibecession Back or Not?
May 24, 2024
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Economics reporter Jeanna Smialek discusses the 'vibecession' perception versus reality. Economist Gordon Hanson analyzes Biden's tariffs on China. Media hype around AI is debunked, revealing deceptive practices by AI companies and the need for increased scrutiny and regulation.
Perception of economic recession persists despite improving indicators due to inflation fears and public sentiment.
Tariff policies implemented by both Biden and Trump administrations have similar effects on raising prices and impacting American households.
Tech industry overexaggerates AI capabilities, with recent debunking revealing tendency to make false claims and inflate expectations.
Deep dives
Consumer Sentiment Index Falls on Inflation Fears
The latest reading on consumer sentiment from the University of Michigan shows a decline to a six-month low due to inflation fears. Despite improvements in consumer price index and unemployment rates, a significant portion of Americans perceive an economic recession and blame the Biden administration.
Impact of Biden's Tariffs on Chinese Goods
Joe Biden has implemented tariffs on Chinese imports, similar to Donald Trump's policies. These actions have led to raised prices on imported goods, ultimately affecting American households across political party lines. The consequences of tariff escalation are consistent regardless of the governing party.
Tech Industry's Over-promising and Under-delivering
The tech industry, particularly in the field of artificial intelligence, often showcases over-exaggerated capabilities with products like Chat GPT-4 claiming to achieve top scores on the bar exam within seconds. However, recent debunking of these claims reveals the industry's tendency to over-promise and under-deliver.
US Economic Outlook and Labor Market Resilience
The US economy is characterized by low unemployment rates consistently below 4% for over two years, indicating unusual stability. Strong job market performance leads to wage gains, productivity increases, and potential for robust economic growth, contributing to a positive economic cycle with steady consumer spending and business expansion.
Media Influence on AI Hype and Misleading Narratives
The coverage of AI advancements by tech companies often portrays exaggerated narratives, leading to misinformation and inflated expectations. Instances like misleading claims about AI software engineer capabilities highlight the need for critical journalism to question the validity of AI technologies and their actual impact on society.
Environmental Concerns and Energy Demands of AI Development
The rapid growth of AI technologies, such as generative AI models, requires substantial computing power and energy consumption. Companies like Amazon, Microsoft, and Google are investing in large data centers to support these AI systems, raising concerns about increased energy demands, potential environmental impact, and the necessity for sustainable energy sources to power AI innovations.
A majority of Americans believe that the economy is in a recession even though it’s not. On this week’s On the Media, hear why there’s a mismatch between facts and feelings about the economy. Plus, how the outlandish claims of AI companies often go unchecked by the press.
[01:09] Host Micah Loewinger interviews Jeanna Smialek of The New York Times about whether the ‘vibecession’ is back and the factors that are shaping negative perceptions of the economy.
[14:41] Micah speaks with Gordon Hanson, economist at Harvard University’s Kennedy School, about how President Biden has adopted, and even escalated, former President Trump’s tariffs on China, and why the political narratives around tariffs don’t always match up with the economic realities.
[29:29] Lastly, Micah breaks down media hype about AI. According to Sam Harnett, a former tech reporter, journalists are repeating lazy tropes about the future of work that once boosted companies like Uber, Airbnb, and Fiverr. Plus, Julia Angwin, founder of Proof News, debunks fantastical claims by AI companies about their software. And Paris Marx, host of Tech Won’t Save Us, explains how AI leaders like Sam Altman use the press to lobby regulators and investors.
On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Twitter and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.
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