"Official Refutation": White House economists claim that Citrini's AI risk report is purely "science fiction"

U.S. White House economists have dismissed a recent artificial intelligence risk report that has stirred the tech stock market as "science fiction," stating that the report violates basic economic principles. On Tuesday, February 24, Pierre Yared, acting chair of the U.S. Council of Economic Advisers, said after the National Association for Business Economics (NABE) conference in Washington that the report released by Citrini Research is "an interesting piece of science fiction." Yared stated: The Citrini report is an interesting work of science fiction—and I enjoy science fiction. But I think if you look at it closely and think about it seriously, you will find that it contradicts some basic principles of economics. Pierre Yared noted that any innovation comes with "some volatility and chaos," which is natural. He said he is more focused on "the research findings" rather than "the apocalyptic scenarios in science fiction." Wall Street Journal mentioned that Citrini Research envisions a world in 2028 where the rapid development of machine intelligence will greatly enhance productivity, but at the same time, it will render a large amount of human labor redundant, leading to unemployment, a collapse in consumer spending, and a drag on stock indices like the S&P. On Monday, tech stocks were hit by the negative report released by Citrini Research, with the Nasdaq Composite Index dropping more than 1% at one point. The index recovered on Tuesday, closing up 1.04%. (15-minute chart of Nasdaq) Trump Administration Pushes AI-Dominated Strategy Pierre Yared stated at the NABE conference that "overall, the government's stance on AI is to fully invest," and is committed to ensuring the U.S. maintains its international leadership in this field. Since taking office last year, Trump has repealed policies set by former President Biden that established safety and transparency requirements for AI developers. Pierre Yared stated: We certainly do not want to hinder the most incredible technological developments of our time due to excessive government regulation. But we want to ensure that all of this development occurs in a way that minimizes disruption. Pierre Yared revealed that President Trump "is fully aware of this issue," and that there has been "a lot of discussion" within the U.S. government on how to ensure that large-scale AI development "does not cause excessive harm to local communities." He expressed that he does not want to preempt the president by stating specific plans, but his remarks indicate that the government is seriously weighing the balance between technological leaps and job stability. U.S. Treasury Secretary Mnuchin has also emphasized multiple times that modern economic history shows that increased investment often accompanies job growth, and he expects the investment wave in the AI sector to yield similar results. Bessent and other senior officials compare the current AI investment boom to the internet and personal computer revolution of the 1990s, a technological wave that supported a golden era characterized by strong growth, low unemployment, and moderate inflation