The 110th U.S. Congress, released a report on the Singularity, in 2007:
Every exponential curve eventually reaches a point where the growth rate becomes almost infinite. This point is often called the Singularity. If technology continues to advance at exponential rates, what happens after 2020? Technology is likely to continue, but at this stage some observers forecast a period at which scientific advances aggressively assume their own momentum and accelerate at unprecedented levels, enabling products that today seem like science fiction.
Beyond the Singularity, human society is incomparably different from what it is today. Several assumptions seem to drive predictions of a Singularity. The first is that continued material demands and competitive pressures will continue to drive technology forward. Second, at some point artificial intelligence advances to a point where computers enhance and accelerate scientific discovery and technological change.
In other words, intelligent machines start to produce discoveries that are too complex for humans. Finally, there is an assumption that solutions to most of today’s problems including material scarcity, human health, and environmental degradation can be solved by technology, if not by us, then by the computers we eventually develop.Warning: VERY LONG..