3 Megatrends Every Investor Needs to Know: Demographics, Wealth Inequality, & the End of Labor (with Jeff Park)
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Global demographics are facing an irreversible inversion - major economies representing 70% of global GDP are in decline, creating a dependency crisis where a shrinking workforce must support a massive elderly population.
“The ten biggest... account for about 30% of the global population as well, and about 70% of the world economy, GDP, they are all declining.”
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Rising longevity is turning healthcare into a dominant economic force - with healthcare spending climbing from 5% to over 20% of US GDP, the aging population will eventually be forced to liquidate assets to fund their extended lifespans.
“We now know today, in 2025 plus, it's over 20% of US GDP that goes into health care services. That number alone kind of tells you people are living longer, health care is actually getting more expensive, which means that consumption actually has to be fulfilled, which will probably come from some kind of asset disposition.”
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Technological progress is driving the value of labor toward zero - while AI and productivity growth are fundamentally deflationary, persistent price inflation remains a byproduct of a global growth model dependent on constant credit creation.
“The value of labor is reaching zero because I think technology as a whole is deflationary. I think that's the punchline... What's happening though is that's not what we're seeing in actual price because we live also in a credit world, where credit inflation and credit creation is a big driver of our growth model.”
