Ray Dalio says AI comes with a big downside: creating a 'bunch of losers'

"In an episode of "The Diary of the CEO" podcast released on Thursday, the Bridgewater Associates founder called AI a "truly fantastic" tool to leverage, but one that will drive inequality. "There'll be a limited number of winners and a bunch of losers," he said. "It's going to create much greater polarity, which we're seeing through the system." It will lead to "the top one to 10% benefitting a lot. So that will be the dividing force," the billionaire added."

"On the podcast, he said that in a world where humanoid robots and AI can do the jobs of accountants, doctors, and lawyers, people will "fight over about what we do, unfortunately," and society will need some type of rebalancing policy. "Certainly there and there certainly needs to be a redistribution policy," he said. "I don't think that's just a redistribution of money policy because uselessness and money may not be a great combination.""

AI is a powerful tool that is likely to increase economic inequality and create greater societal polarity. A limited number of winners will benefit substantially while many others face losses. Advances such as humanoid robots and AI capable of performing accountants', doctors', and lawyers' work could displace large numbers of jobs and provoke conflict over roles. Society will need rebalancing and redistribution measures to address resulting uselessness and economic division. Cash-only redistribution may be insufficient, and measures like universal basic income face political and funding challenges. Social fragmentation could impede agreement on effective solutions.

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