Bridgewater Associates founder Ray Dalio believes capitalism has to be reformed, or else America's stability and strength will drop significantly.
As the 2020 presidential race heats up in the United States, Democratic candidates like Sen. Bernie Sanders and Sen. Elizabeth Warren are calling for an overhaul of America's economic and financial policies for the sake of the country's future. Also joining the conversation: hedge fund billionaire Ray Dalio.
Dalio used data to show that there are essentially two Americas, where the top 40% is doing significantly better than the lower 60%, and that the nature of accrued wealth and educational opportunities for the majority of Americans is keeping them trapped in poverty. In his LinkedIn essay, Dalio wrote that while the inequality in the country is benefitting the wealthiest Americans as much as it ever has, the economy as a whole is losing in the long run. He explained that this has resulted in fewer people being able to participate in the economy as both consumers and workers, as well as political tensions he's afraid will tear the country apart.
"The most important thing to watch as populism develops is how conflict is handled — whether the opposing forces can coexist to make progress or whether they increasingly 'go to war' to block and hurt each other and cause gridlock," he wrote."In the worst cases, this conflict causes economic problems and can even lead to moves from democratic leadership to autocratic leadership as happened in a number of countries in the 1930s.
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