‘If I was 18 now, there is no way I would go to university only to leave with huge debts and poor job prospects,’ says analyst. He’d be an electrician

Fortune

by Nick Lichtenberg

February 26, 2026

AI-Generated Deep Dive Summary

Albert Edwards, a renowned macroeconomic analyst at Societe Generale, is warning young people against pursuing higher education due to the growing threat of AI replacing white-collar jobs and rising student debt. Edwards, known for his contrarian "perma-bearish" outlook, argues that universities are no longer a safe path given the current economic climate. He suggests instead learning a trade, such as becoming an electrician, which offers more stability and lower risk compared to traditional career paths. Edwards cites recent warnings from reports like Citrini Research, which highlight how AI is already causing significant job losses across industries, including tech, insurance, fund management, and logistics. These trends, combined with stagnant wages and declining savings rates, are creating a precarious economic landscape for young graduates. Edwards emphasizes that the consumer spending growth masks a deeper issue: it's fueled by dwindling savings rather than real income growth. The analyst also points to an AI-driven productivity boom that benefits capital over labor, leading to profits reinvested in technology rather than employee wages or training. This shift could trigger a vicious cycle of job cuts and reduced consumption, ultimately causing a deflationary spiral. Edwards warns that this economic doomsday scenario is not a future prediction but a present reality. For business readers, Edwards' warnings underscore the urgent need to adapt strategies that account for AI's transformative impact on employment and consumer behavior. The shrinking labor share of income and growing disparity between capital and workers could redefine how businesses operate and compete in the coming years. Ultimately, Edwards' message serves as a stark reminder of the risks facing today's youth in an economy increasingly shaped by AI. His call to rethink traditional career paths highlights the importance of adaptability and practical skills in navigating an uncertain economic future.

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Originally published on Fortune on 2/26/2026