Lance Darmiento, Reform capitalism or face revolution, billionaires are told at Milken Conference, Los Angeles Times, May 2, 2019:
Dalio made a reported $2 billion last year alone and has an estimated net worth that tops $18 billion, making him the country’s 25th richest person, according to Forbes.
He raised eyebrows last month with a post on LinkedIn that warned that unless the American economic system is reformed so “that the pie is both divided and grown well” the country is in danger of “great conflict and some form of revolution that will hurt most everyone and will shrink the pie.”
He returned to that theme in his talk, asserting that lack of income growth among the bottom 60% of the population had led to a loss of hope reflected in rising death rates linked to suicides and opiate abuse.
Dalio contrasted that with the New Frontier years of the Kennedy administration, when the nation thought it could eliminate poverty and set a goal to reach the moon. “I think that is the magic of the United States and we are losing that,” he said.
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