Ray Dalio: Capitalism's Income Inequality Is (The Real) National Emergency

Capitalism must be reformed because it's not producing enough opportunities for most Americans, creating an income gap that threatens to spark conflict, Ray Dalio, the Bridgewater Associates co-chairman, said in an interview airing Sunday on CBS's "60 Minutes."

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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. keep falling further behind the top 40 percent -- and that the percentage of children who grow up to earn more than their parents has fallen to 50 percent today from 90 percent in 1970.

The income gap is about as high as ever, and the wealth gap is the highest since the late 1930s because the wealth of the top 1 percent of the population is more than that of the bottom 90 percent combined, Dalio said.