Dalio says capitalism's income inequality is a national emergency
-- While President Donald Trump is focused on the national emergency he’s declared to secure the southern U.S. border, the billionaire founder of the world’s biggest hedge fund is more worried about losing the American dream.
While Dalio, 69, previously has focused on inequality and warned about the dangers of populism, he’s started to focus on what he terms the existential threats they present to American society. The Republican idea that cutting taxes on the rich promotes productivity “doesn’t make any sense to me at all,” and the wealthy must pay more, Dalio said. “The important thing is to take those tax dollars and make them productive,” he added.
“It doesn’t need to be abandoned,” Dalio said of capitalism on CBS. “Like a car, like anything, a plane, a school system, anything, it needs to be reformed in order to work better.”Dalio, expressed similar sentiments in an essay posted April 4 on LinkedIn. He pointed to statistics including that the bottom 60 percent of income-earners in the U.S.
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