Obama Warns Tech Firms Fueling Wealth Inequality, Fears Polarization Could Lead To Social Unrest

Former President Barak Obama was in San Francisco earlier today, giving a keynote speech at Salesforce’s Dreamforce conference at Moscone Center, reported Axios.

Obama told hundreds of people in the audience that uncertainty in the global economy remains elevated through the 2020s. That’s because he addressed a significant issue of how technology companies were fueling massive wealth inequality through globalization and automation.

“What I also see is just this sense of anxiety and rootlessness and uncertainty in so many people, some of which is fed by globalization and technology,” Obama said.

Obama then addressed the political turmoil that is spiraling out of control around the world, saying people are feeling economically and culturally insecure.

Obama said globalization and technology have “turbocharged” anxieties around the world, and there needs to be a concerted effort by governments to address the issues that it has created.

“Part of the goal of solving big problems is not just a matter of finding the right technical solution,” he said. “Part of it is also finding out how do we restore some sense of our common values.”We’re chasing after the wrong things,” he said, adding that climate change tops his list of concerns. “There’s such a thing as being too late.”

Obama also points out that it’s incredibly challenging for people to know what’s real and fake news.

He talks about the polarization in the country:

“If you read Fox News, you live in a different reality than if you read the New York Times.”

And bring it all together, Obama could be addressing some of the mechanics of how the US could be thrown in a period of social unrest through the 2020s.

And this comes after Obama said over the weekend that 2020 Democratic candidates should not to move too far to the left, as messages of sweeping societal and government transformations risk turning off the party’s moderate base.

“Even as we push the envelope and we are bold in our vision, we also have to be rooted in reality,” said Obama – who told a room of wealthy liberal donors: “Even as we push the envelope and we are bold in our vision we also have to be rooted in reality.”

“The average American doesn’t think we have to completely tear down the system and remake it.”

The extreme polarization of the left and right, along with structural issues created by technology is fueling wealth inequality and leading to the further demise of the middle class. Most of the middle class will blame the other political party, though their understanding of how the Federal Reserve is behind their economic malfeasance will never be known.

As for what exactly triggers a Hong-Kong style like protests in the inner cities of the US is still unknown, though when the next recession strikes, it could be millennials with insurmountable debts rioting in the streets demanding the government cancel their student loans.