New York (HedgeCo.Net) – In his annual State of the Union address, President Obama said that, “inequality has deepened” and “economic mobility has stalled.” Obama also promised to tackle economic inequality ”with or without Congress.”
“Today, after four years of economic growth, corporate profits and stock prices have rarely been higher, and those at the top have never done better. But average wages have barely budged. Inequality has deepened. Upward mobility has stalled. The cold, hard fact is that even in the midst of recovery, too many Americans are working more than ever just to get by — let alone get ahead. And too many still aren’t working at all.” Obama said.”Here in America, our success should depend not on accident of birth, but the strength of our work ethic and the scope of our dreams.”
When asked questions along a similar line in a CBS interview , Ray Dalio, the founder of $150 billion hedge fund, Bridgewater Associates said, “It’s mostly a function of technology in a global workplace. In other words, technology is having an effect on that productivity that means that you don’t need people the same way that you did before. And it’s a big — it’ll be a big issue. And it’ll be a big — a much bigger issue going forward.”
Dalio released a 30 minute YouTube video of how he believes the economic machine works: “I believe most things work like a machine. I’m a market participant. I’m a global macro economic investor. And so it’s from — I think, a very practical perspective.” Dalio said.
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