Summary
A hedge fund billionaire, Ray Dalio, warned that the U.S. relies too heavily on a small part of its workforce, particularly in technology. He highlighted educational inequalities that leave much of the population unable to contribute effectively to the economy. Dalio also mentioned worldwide dependencies and risks posed by the concentration of power in tech companies.
Key Facts
- Ray Dalio spoke about U.S. economic issues at the Fortune Global Forum in Riyadh.
- He stated that about 1 percent of the U.S. population, mostly in tech, supports the economy.
- Dalio warned about "extreme dependency" on a small, skilled workforce due to education gaps.
- Approximately 60 percent of Americans read at or below a sixth-grade level.
- This concentration is also seen as a global issue, not just in the U.S.
- Dalio described economic dependencies as a worldwide problem, including the U.S.-China relationship.
- He mentioned concerns about a possible AI and tech industry "bubble" in the stock market.
