Billionaire hedge fund big shot Ray Dalio Says Capitalism's Income Inequality Is National Emergency (millionaires, economy)
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That was a different era and an entirely different world. The unions today have priced themselves out of the labor competition, which is now much, much more global than it was back in the 1960's.
Excuses for and by the donor class. Labor unions are still very strong in all countries with low inequality. There is a reason for this.
I saw him on CNBC this morning. One of this major points was that public education is under serving and not providing for equal opportunity. I totally agree. But this failure is that of government, not the free market.
Privatize K-12 education and you may see some improvement there. Education however is one of so many examples of how handing it to government is about the worst of all ideas.
With rare exceptions, private enterprise always will do it better. Amazing that Dalio's suggestion is the throw more money and power at the entity (government) which screwed up K-12 in the first place. We need an Apple or Amazon on K-12 education, and we'll only see it happen once the government steps aside.
People can not afford to pay for their education on their own. You say it will be cheaper as a private enterprise but reality does not prove that out. Anything profitable must continue to provide higher returns or it dies.
It was swell when, post WW2, was the US was the only game in town.
Then came competition.
Technology substitution/ industrial robotics have eliminated more jobs than offshoring has.
Thats a myth. Western Europe had surpassed their pre-war GDP by 1950-51. In the 1960s, they were far, far richer than they had ever been. Same with Japan.
If technology, globalization, industrial robotics and offshoring was the real culprit for the skyrocketing inequality, then every single developed country would be in the same situation as America. Thats clearly not the case. Plenty of countries has had only very marginal increases in inequality or none at all.
The real culprit has to do with what we are not supposed to talk about. The inequality is by design. Its a predictable and wanted outcome of the policies implemented over the past 40 or so years. Rule by wealth is real and democracy is naturally seen as a threat to any people with real economic power.
People can not afford to pay for their education on their own. You say it will be cheaper as a private enterprise but reality does not prove that out. Anything profitable must continue to provide higher returns or it dies.
He wants to go back to the feudal times with education being reserved for the elites.
The CEO's of this country have created most of the inequality we have. in the 1960's CEO's salary compared to their employees was about 20 to 1. In this day and time its about 300 / to 1. Thats why there is no money left to pay the employee their just wage. Their greed has created the wage gap.
You don't just pay people more because there is more profit. Profit goes to those who invested in the company. You get paid according to the supply/demand of your labor. We need to get past these narratives and talking points and actually THINK.
Income inequality is the destroyer of nations and the incubator of revolutions. In the US it would be an electoral revolution.
A functioning democracy and thriving economy depends on stable government and relative economic equality.
Dalio is right. Take action now. It is in everyone's interest.
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