Billionaire Ray Dalio: AI is widening the wealth gap, ‘national emergency should be declared’

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From CNBC:

Billionaire hedge-fund founder Ray Dalio says artificial intelligence and automation are improving productivity but also causing such a dramatic wealth gap that “a national emergency should be declared.”

The co-chief investment officer and co-chairman of Bridgewater Associates shared his thoughts in a Facebookpost on Thursday.

Dalio says he was responding to a question about whether machine intelligence would put enough people out of work that the government will have to pay people to live with a cash handout, a concept known as universal basic income.

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“My view is that algorithmic/automated decision-making is a two-edged sword that is improving total productivity but is also eliminating jobs, leading to big wealth and opportunity gaps and populism, and creating a national emergency.

“Largely as a result of it, capitalism is not working for the majority of Americans and is in jeopardy,” he writes. “Yet no one is seriously examining what to do about it.”

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Indeed, income inequality is real. The global charity Oxfam found that 82 percent of the growth in global wealth in the previous year went to the top 1 percent of individuals ranked by riches, according to a report published in January. Meanwhile, the bottom 50 percent had no increase in their wealth, the report says.


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