We must deal quickly with the fusion of the online world and the world of industrial production.

In Germany, we call it Industry 4.0.

The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.

By 2018, automation is going to be in full swing in the United States and around the world. There are estimates that it could replace 50 percent of our jobs. That is an enormous shift. But even if we go through a phase where we have an unemployment valley from automation, there will be new jobs and new things for us to do.