Rising tide fails to lift all boats – a jobless boom

The United States’ economy is powering forward, aided by a boom in AI, or arms race, as many in Washington see it, without generating many jobs, writes KPMG US Chief Economist Diane Swonk.

President John F. Kennedy first coined the phrase "a rising tide lifts all boats" in a 1963 speech. The problem is that all boats do not rise with the tide. Some are not seaworthy, others are anchored in place and too many lack the means to own a boat. That seemed an apt metaphor for where we are. The economy is powering forward, aided by a boom in AI, or arms race, as many in Washington see it, without generating many jobs. The AI boom is not the primary driver of the weakness in the la...

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Authors: Diane Swonk

Published Date: 07 November 2025