WASHINGTON, April 8 (Xinhua) -- Ray Dalio, founder and co-chairman of Bridgewater Associates, on Monday sounded an alarm on the lack of equal opportunity in the United States, one day after he claimed that widening inequality is a "national emergency."
The 69-year-old billionaire, whose investment firm is one of the world's biggest hedge funds, told CNBC's "Squawk Box" that the bottom 60 percent of U.S. workers nowadays are not getting the kinds of equal opportunities he himself once enjoyed when growing up.
The current situation "is producing a terrible split in our country," Dalio said.
"The system has worked for me." However, the question for now is whether there is "equal opportunity for the American dream," said Dalio, who has an estimated fortune of about 18 billion U.S. dollars.
On Sunday night, Dalio appeared on CBS's "60 minutes," during which he said that the U.S. economic system is not redistributing wealth, and that if he were the president, he would "recognize that this is a national emergency."
"I think the American dream is lost," he told the program's host in an interview. "I think for the most part we don't even talk about what is the American dream. And it's very different from when I was growing up."
In a post on his Linked-in page calling for the reform of capitalism, Dalio argued that the ever increasing income gap in the world's largest economy is linked to failed public education system, where high school graduation rates have lowered, disparity in student test scores has been on the rise, and teachers are getting paid less.
Meanwhile, the advancement of automation-related technology also plays a role, in that it has deprived so many workers of their jobs, according to Dalio.
"So I was raised with equal opportunity. I went through the public school system and I had parents who took care of me. Then I was able to come in with equal job opportunities," he said on CNBC.
In an effort to address the issue, Dalio Philanthropies, a philanthropic foundation the Dalio family created, announced on Friday a partnership with the state of Connecticut -- where Bridgewater is headquartered -- to improve public education and economic opportunity for the youth.
The initiative will involve a 100-million-dollar donation from Dalio to the state to fund education and entrepreneurial programs, matched with 100 million from the state plus another 100 million dollars to be raised from other philanthropists and business leaders.
"When you think about the best investment you can make, it has to be in the children's education, right?" Dalio was quoted by The Wall Street Journal as saying at a news conference on Friday, adding that the initiative's priority is to help "those having the most trouble" get through high school and find jobs.
