Ray Dalio said the 2024 US elections would likely be an important of his life and he believes the country needs a “strong centrist leader”.
In an interview with CNBC's “Squawk Box Asia” on Thursday, the founding father of Bridgewater Associates said the United States should strive for “widespread prosperity” and that the presidential election would highlight the challenges to the sleek functioning of society.
“In terms of the election, it will be the most consequential election of my lifetime because there are now irreconcilable differences between the two sides,” he said. “The first question we will be asking ourselves is: Will there be an orderly transition of power? The fact that it is possible that election results will not be accepted is quite a thing.”
On Wednesday, Dalio described the elections as probably the most essential forces shaping the worldwide economy, calling them “a question of domestic order and disorder.”
On Thursday, he told CNBC that the “win-at-all-costs mentality” is an even bigger problem since it “complicates the ability to compromise and make decisions in a way that is conducive to the effective functioning of our democracy.”
Republicans and Democrats are sharply divided on a spread of issues, including abortion access, immigration and climate change, but voters' biggest concerns across the spectrum are inflation and the high cost of living, in response to national polls.
When asked who he was supporting within the presidential election, Dalio said, “That's not what the country needs.”
“What the country needs is for moderates to come together to work together and make big reforms,” he said. “What the country needs is broad-based prosperity.”
While Dalio expressed optimism about certain areas of American society, resembling universities and the culture of innovation, he said these extraordinary elements profit only a small percentage of the population.
He explained that widespread prosperity creates a society through which there’s each order and opportunity, pointing to Singapore for example. The Southeast Asian country is usually praised for its high level of education and its availability of public housing.
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