Ray Dalio said that the 2024 US election may be the most important in his lifetime and he believes that the United States needs a “strong centrist leader”.
The Bridgewater Associates founder explained on CNBC’s “Squawk Box Asia” on Thursday that the goal of the United States should be to achieve “broad-based prosperity,” and that the presidential election highlighted challenges to society’s ability to function smoothly.
“In terms of elections, this will be the most important election of my lifetime because we now have irreconcilable differences between the two sides,” he said. “The first question we have to ask is: Are we going to have an orderly election? A transfer of power? Our problem is – and it’s actually possible – that the election results might not be accepted – and that’s a great thing.
On Wednesday, Dalio called the election a major force shaping the global economy, calling it “a matter of internal order and chaos.”
He told CNBC on Thursday that there is a bigger problem with the “win-at-all-costs mentality” because it poses “a challenge to being able to compromise and make decisions in a way that is conducive to the effective functioning of our democracy.”
Republicans and Democrats are deeply divided on many issues, including abortion access, immigration and climate change. However, according to national polls, the top concerns among voters of all classes include inflation and the high cost of living.
When asked who he was supporting in the presidential race, Dalio said “none of this is what the country needs.”
“What the country needs is moderates to unite and work together to make great reforms,” he said. “What the country needs is broad-based prosperity.”
While Dalio expressed optimism about certain parts of American society, such as universities and the culture of innovation, he said these particular elements only benefit a small portion of the population.
Broad-based prosperity creates a society with both order and opportunity, he explained, citing Singapore as an example. This Southeast Asian country is often praised for its high standards of education and the availability of public housing.
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