Vice President J. D. Vance stated on Tuesday that the Trump administration’s backing of AI and tech innovations should be beneficial to both populists and those who invest in and lead tech companies.

At the Andreessen Horowitz American Dynamism Summit in Washington, D.C., Vance expressed, “I believe there’s an excessive fear that AI will merely replace jobs rather than enhancing many of the tasks we do today.”

Vance acknowledged that new technologies could lead to job displacement, similar to the impact of ATMs on bank tellers, but emphasized that history demonstrates innovation ultimately gives rise to more engaging and higher-paying job opportunities.

Vance proposed that both groups – workers and populists on one hand, and tech optimists on the other – have been let down by the government, not just the previous administration, but the government over the last 40 years. He stated, “What I propose is that each group… has been failed by this government, not just the government of the last administration, but the government in some ways, of the last 40 years.”

The Trump administration’s decision not to impose significant regulations on AI is intended to grant the tech sector the freedom to innovate.

Vance further argued that rearranging international trade and tariff regimes, as well as reducing immigration, would discourage offshoring.

Vance noted, “Cheap labor is essentially a crutch, and it’s a crutch that hinders innovation. We don’t want people seeking cheap labor; instead, we want them to invest and build in the United States of America.”