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But the extra wealth is creating huge new opportunities.
In an interview, he said he expected some form of extra wealth tax to be introduced before the general election.
The received wisdom used to be that although new technologies put some workers out of jobs, the extra wealth they generated increased consumption and thus created jobs elsewhere.
These tax rates would garner a small portion of the extra wealth America's richest families could expect to accrue simply by investing what they already had.
Over many decades, the small rise in average growth rates this could bring makes a big difference a stonking $115 trillion in extra wealth for its member countries by 2090, the OECD reckons.
For European countries the pattern is either the reverse or is flat.As for those highly numerate Britons who move abroad, they generally earn more and report better health, but the extra wealth comes at the expense of working longer hours.
Similar(40)
"They basically do well when there's a lot of extra income or wealth around," he said.
In fact, the Treasury says, that £1.5tn "wholesale" cost is a misleading over-estimate of the real economic value of future oil reserves, or put another way, how much extra and new wealth the North Sea would generate.
If the burden of debt payments has shifted to older workers through extra taxes on wealth and the interest rate on the debts are low (and they will remain low while there is too much savings chasing too few reliable sovereign bonds assets, like the UK's) then the extra debt burden in a few years is not so costly and it is not just the young paying.
The extra $4 buys a wealth of information.
He backs the redistribution of wealth through extra taxes on the wealthy and business, along with the creation of a national investment bank and scrapping tuition fees.
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