According to billionaire real estate investor Sam Zell: Robots will take over entry-level jobs. He says raising the minimum wage could lead to robots taking over entry level jobs, which could stunt the employment cycle, Zell told CNBC in a wide ranging interview.
“You start talking about a $13 or a $15 minimum wage, and you’re going to have robots that are operating McDonald’s.” Based on Zell’s logic, if minimum wage increases double the cost of doing business “there’s no question that everybody will figure out ways to use less people,” he said .
“When you got a demand issue it’s hard to imagine the stock market at an all-time high.” Citing international concerns that investors apparently are ignoring judging by the continued climb higher in stocks, Zell said the Ukraine-Russia standoff and Islamic radicals starting to take hold of many parts of the Middle East are concerns.
“I don’t remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter people’s thinking,” he said.
“If there’s a change in confidence or some international event that changes the dynamics, people could in effect take a different position with reference to the market.” With so many potential dangerous situations in the world and facing the economy, how do you play a stock market that seemingly rises without much concern?
So based on billionaire Sam Zell’s logic, I’d rather have my money in land or some other hard assets rather than the high flying stock market…
What do you think?
