While President Donald Trump is focused on the national emergency he\u2019s declared to secure the southern U.S. border, the billionaire founder of the world\u2019s biggest hedge fund is more worried about losing the American dream. Capitalism must be reformed because it\u2019s 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\u2019s \u201c60 Minutes.\u201d \u201cIf I was the president of the United States,\u201d Dalio said, \u201cwhat I would do is recognize that this is a national emergency.\u201d It has to come from the top, he said: \u201cIf you look at history, if you have a group of people who have very different economic conditions, and you have an economic downturn, you have conflict.\u201d While Dalio, 69, previously has focused on inequality and warned about the dangers of populism, he\u2019s started to focus on what he terms the existential threats they present to American society. Dalio cited four major countries in the 1930s that \u201cchose not to be democracies because they wanted leadership to bring order to the conflict.\u201d While he\u2019s not saying the U.S. will go there, it\u2019s an unfair and unproductive issue that \u201cthreatens to split us,\u201d he said. \u201cThe American dream is lost,\u201d he said. \u201cFor the most part we don\u2019t even talk about what is the American dream. And it\u2019s very different from when I was growing up.\u201d The Republican idea that cutting taxes on the rich promotes productivity \u201cdoesn\u2019t make any sense to me at all,\u201d and the wealthy must pay more, Dalio said. \u201cThe important thing is to take those tax dollars and make them productive,\u201d he added. Dalio Philanthropies and Connecticut Governor Ned Lamont, a Democrat, announced a partnership on April 5 to improve public education and economic opportunity, with $100 million from the state matched by $100 million from Dalio plus $100 million from other philanthropists and business leaders. Thanks to Bridgewater\u2019s asset base and investing success over time, Dalio has a fortune that the Bloomberg Billionaires Index estimates at $16.9 billion. \u201cIt doesn\u2019t need to be abandoned,\u201d Dalio said of capitalism on CBS. \u201cLike a car, like anything, a plane, a school system, anything, it needs to be reformed in order to work better.\u201d Income Gap 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. \u201cDisparity in wealth, especially when accompanied by disparity in values, leads to increasing conflict and, in the government, that manifests itself in the form of populism of the left and populism of the right and often in revolutions of one sort or another,\u201d Dalio wrote.