Whatchamacolumn: New waves from Artificial Intelligence tsunami

Alan Turing’s 1950 “Computer Machinery and Intelligence” launched an embryonic tsunami of artificial intelligence that is crashing down on our lives in ways yet unknown.

As widely reported this week, the 2023 closure of the Ashland Daily Tidings went almost unnoticed. The newspaper website was replaced with AI-created stories allegedly written by what Oregon Public Broadcasting called “a claimed staff of eight contributors, none of whom are reporters working in Southern Oregon.”

The revolution is upon us, and in commemoration, I asked AI to write my column this week.

Since incoming President Trump will be taking credit for solving inflation allegedly caused by outgoing President Biden, I simply gave ChatGPT this directive: “Write a 400-word essay about the increases and decreases of inflation in the United States from 2020 to 2023.”

Here, for your consideration — produced in 3 seconds — is the ChatGPT response:

“Inflation, a critical economic indicator, reflects the rate at which the general level of prices for goods and services rises, eroding purchasing power. From 2020 to 2023, the United States experienced significant fluctuations in inflation rates, influenced by a myriad of factors including the COVID-19 pandemic, supply chain disruptions, and monetary policy adjustments.

“In 2020, the onset of the COVID-19 pandemic led to an unprecedented economic downturn. The U.S. government responded with expansive fiscal stimulus measures, including direct payments to individuals and enhanced unemployment benefits. Initially, inflation remained subdued due to decreased consumer demand and a sharp decline in energy prices. However, as the economy began to recover in the latter half of the year, inflationary pressures started to build, driven by supply chain disruptions and increased demand for goods.

“The year 2021 marked a significant increase in inflation rates. As the economy reopened, pent-up consumer demand collided with persistent supply chain bottlenecks, leading to price surges in various sectors, notably in used cars, housing, and food. The Consumer Price Index (CPI) saw its highest year-over-year increase in decades, prompting concerns about the potential for sustained inflation. The Federal Reserve, initially viewing the inflationary spike as “transitory,” maintained its accommodative monetary policy stance, keeping interest rates near zero to support the ongoing economic recovery.

“In 2022, inflation continued to be a dominant economic issue. The Federal Reserve shifted its policy approach, acknowledging that inflation was more persistent than initially anticipated. The central bank began a series of interest rate hikes to curb inflationary pressures. These actions, coupled with easing supply chain constraints and a gradual normalization of consumer demand, contributed to a moderation in inflation rates by the end of the year. However, geopolitical tensions, particularly the conflict in Ukraine, led to volatility in energy prices, adding complexity to the inflation outlook.

“By 2023, the U.S. economy witnessed a more stable inflation environment. The Federal Reserve’s monetary tightening measures, alongside improved global supply chains, helped anchor inflation expectations. While inflation rates remained above pre-pandemic levels, they showed signs of stabilization, allowing policymakers to focus on balancing growth and price stability.

“In conclusion, the period from 2020 to 2023 was marked by significant inflationary fluctuations in the United States. The interplay of pandemic-induced disruptions, fiscal and monetary policy responses, and global economic dynamics shaped the inflation trajectory. Understanding these factors is crucial for policymakers and economists as they navigate the challenges of maintaining economic stability in a post-pandemic world.”

Jeb Bladine can be reached at jbladine@newsregister.com or 503-687-1223.