Gross wrote remorsefully, “Having benefited enormously via the leveraging of capital since the beginning of my career and having shared a decreasing percentage of my income thanks to Presidents Reagan and Bush 43 via lower government taxes, I now find my intellectual leanings shifting to the plight of labor.”
I suppose that, by “the plight of labor”, Gross is referring both to the decline of median household income in real terms over the last ten years or so, and to the collapse of labour’s share of US national income since 2000. Personally, I am also concerned about the slump in the labour force participation rate.
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Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.