Thanks for all of your thoughtful comments. Do you have evidence that companies are not investing in automation (of various types)? Across most industries, there is substantial investment in technology like AI/robotics/NLP to “improve productivity” (i.e. need fewer employees/workers).

You are correct that most businesses have passed most of these tax breaks to shareholders (stock buybacks, dividends, etc), but I still believe that they are automating and laying the groundwork to have many fewer employees when the next downward cycle happens (and not to re-hire them when the cycle goes up again).

I appreciate your feedback (not just this comment, but all of them). I actually hope you’re right about AVs coming to market more slowly, but I’m still scared that their adoption curves will be like smartphones (slow at first, then mass adoption).