The stats presented by Ray Dalio are staggering and shameful. They are focused on the USA, but I think the broad trends apply to other western nations, including Australia.
The problem is that capitalists typically don’t know how to divide the pie well and socialists typically don’t know how to grow it well.Ray Dalio
I also agree with his prognosis – unless some of these trends are reversed, we’re heading towards increasing polarity at best, and violent revolution at worst. Particularly concerning are the comparisons in terms of populism and wealth inequality between now at the 1930’s.
That is because capitalism is now working in a way in which people and companies find it profitable to have policies and make technologies that lessen their people costs, which lessens a large percentage of the population’s share of society’s resources.Ray Dalio
This trend will only continue with increased automation of both blue and white collar jobs. The spoils will increasingly end up in the hands of those who already own capital – particularly those who control the systems doing the automation.