America’s national debt is currently closing in on a staggering $33.74 trillion. And according to Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, that number may continue to rise — quite rapidly.
“We are at a point in which we are borrowing money to pay debt service,” he said in a recent interview with CNBC.
Don’t miss
The hedge fund legend explained that if a country’s debt were to grow faster than its income, its debt service would be “encroaching” on its spending. And if the country wanted to maintain its current level of spending, it would need to “get more and more into debt.”
“The way that works, it accelerates,” he said.
He added that the problem is exacerbated by America’s domestic strife: “The…
