Capitalism is in need of reform as wealth inequality in the U.S. has become a national emergency, billionaire capitalist Ray Dalio told CBS' "60 Minutes" Sunday.
What he's saying: "The American dream is lost," Dalio told CBS' Bill Whitaker. "If I was the president of the United States, what I would do is recognise that this is a national emergency. ... right now – it's a huge issue it's unfair and, at the same time, it's unproductive, and at the same time it's — threatens to split us."
The big picture: His remarks build on comments he made in a LinkedIn post at the weekend warning the rich vs. everyone else divide is an existential threat.
"When you talk to Ray Dalio…he talks about his principles quite a lot." If you know billionaire Ray Dalio for one thing, it’s probably not his money but his "principles"-- guidelines he’s set out for himself and his employees. https://t.co/2aQZL3jqka pic.twitter.com/DTaRswtXbr
— 60 Minutes (@60Minutes) April 7, 2019
Go deeper: A new form of American capitalism
