Billionaire entrepreneur and financier Ray Dalio sees the U.S. economy in essentially two parts: flourishing and struggling to survive.
"[T]here are two economies. We talk of 'the economy.' Recognize that you can't talk about the economy ... there are two economies," the Bridgewater Associates founder told Recode executive editor Kara Swisher on her podcast, Recode Decode, published Monday.
There's the "top 40 percent" and "the bottom 60 percent," CNBC quoted Dalio as saying.
"If you look at the economy of the bottom 60 percent, it is a miserable economy. Not only hasn't it had growth and economic movement and so on, it has the highest rising death rates, it is the only place in the world where death rates are rising because of a combination of opiates, other drugs and suicides," Dalio says
Meanwhile, the most privileged at the top have a radically disproportionate amount of wealth, CNBC explained.
"The top one tenth of 1 percent of the population has a net worth that is equal to the bottom 90 percent combined," according to Dalio, who also wrote about his calculations in a LinkedIn post.
"So, we have two existences, two parallel existences, that are taking place," he says.
Meanwhile, Americans' confidence in the U.S. economy tilted slightly positive in October, with Gallup's U.S. Economic Confidence Index at +3 for the month.
Though the index's current reading is on the low end of what Gallup has measured for 2017 so far, it remains well above the mostly negative ratings recorded from 2008 to 2016, Gallup reported.
Americans' confidence in the U.S. economy was barely positive in October but is off to a stronger start in November.
(Newsmax wire services contributed to this report).
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