Billionaire hedge fund manager Ray Dalio warns that an uprising is about to sweep across America due to stagnating wages and a widening income gap between the rich and poor.
Dalio warns that, “widening income/wealth/opportunity gaps pose existential threats to the United States because these gaps are bringing about damaging domestic and international conflicts and weakening America’s condition.”
Summit.news reports: The Bridgewater Associates founder says that those who grew up middle class are earning less than their parents because wage growth compared to inflation has been stagnant since the 1980’s.
“Disparity in wealth, especially when accompanied by disparity in values, leads to increasing conflict and, in the government, that manifests itself in the form of populism of the left and populism of the right and often in revolutions of one sort or another,” Dalio writes.
Noting that the next economic downturn will cause this gulf to become painfully apparent, Dalio says the wealth gap should be treated as a “national emergency” and that the whole economic system needs to be re-engineered.
Numerous studies have shown that wealth inequality inevitably leads to civil unrest, so Dalio’s prediction is by no means an unlikely scenario.