Ray Dalio said the 2024 US election will likely be the most important of his lifetime and he thinks the country needs a “strong leader from the middle.”
Speaking to CNBC’s “Squawk Box Asia” on Thursday, the founder of Bridgewater Associates explained that the US must strive for “broad-based prosperity” and that the presidential election highlights the challenges to society’s ability to function smoothly.
“As for the elections, they will be the most consequential elections of my lifetime because there are now irreconcilable differences between the two parties,” he said. “The first question we will ask is: will we have an orderly transfer of power? We have the question – the fact that it is possible – that election results may not be accepted – that is quite something.”
On Wednesday, Dalio called the election a major factor shaping the global economy, calling it a “matter of internal order and disorder.”
He told CNBC on Thursday that there is a bigger problem with a win-at-all-costs mentality because it “poses challenges in being able 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 number of issues, such as access to abortion, immigration and climate change. However, according to national polls, the biggest concerns for voters across the spectrum are inflation and the high cost of living.
When asked who he supported in the presidential race, Dalio said, “Neither is what the country needs.”
“What the country needs is for moderates to come together to work together and implement major reforms,” he said. “What the country needs is broad prosperity.”
While Dalio expressed optimism about certain parts of American society, such as universities and the culture of innovation, he said these exceptional elements benefit only a small percentage of the population.
He explained that broad prosperity creates a society in which there is both order and opportunity, citing Singapore as an example. The Southeast Asian country is often praised for its high level of education and the availability of social housing.
