Billionaire investor Ray Dalio has sounded an alarm over the United States' escalating national debt, likening the current fiscal trajectory to the prelude of World War II. In a recent interview on Bloomberg TV's Leaders with Francine Lacqua, Dalio expressed deep concern about the nation's financial and political landscape.
According to the Hill website, Dalio highlighted that the US government's debt is increasing at an unsustainable rate. As of October 2025, the total gross national debt exceeds $37.8 trillion, with publicly held debt surpassing $30 trillion, approximately equal to the nation's Gross Domestic Product (GDP). The Congressional Budget Office projects this figure will exceed $52 trillion by the end of fiscal year 2035.
“There’s a dynamic about debt,” Dalio said. “When debt and debt service rise relative to your income, it’s like plaque in the arteries that then begins to squeeze out the spending.” “One man’s debts are another man’s assets,” he said. “If those don’t give a good real return, they will sell.”
Beyond economic concerns, Dalio pointed to a growing political divide within the country. He described the US as being embroiled in multiple conflicts: a financial war, a technological war, a geopolitical war, and military engagements abroad. Dalio remarked, "We have a civil war of some sort, which is developing in the United States and elsewhere where there are irreconcilable differences."
He expressed skepticism about the nation's ability to overcome these divisions, stating, "I think that’s a little bit idealistic. I have to be a practical person."
Dalio's warnings have significant implications for investors. He advised that in times of economic uncertainty and rising debt, assets like gold may serve as a safer investment, echoing sentiments from other financial experts who view gold as a hedge against inflation and currency devaluation.
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According to the Hill website, Dalio highlighted that the US government's debt is increasing at an unsustainable rate. As of October 2025, the total gross national debt exceeds $37.8 trillion, with publicly held debt surpassing $30 trillion, approximately equal to the nation's Gross Domestic Product (GDP). The Congressional Budget Office projects this figure will exceed $52 trillion by the end of fiscal year 2035.
“There’s a dynamic about debt,” Dalio said. “When debt and debt service rise relative to your income, it’s like plaque in the arteries that then begins to squeeze out the spending.” “One man’s debts are another man’s assets,” he said. “If those don’t give a good real return, they will sell.”
Civil unrest
Beyond economic concerns, Dalio pointed to a growing political divide within the country. He described the US as being embroiled in multiple conflicts: a financial war, a technological war, a geopolitical war, and military engagements abroad. Dalio remarked, "We have a civil war of some sort, which is developing in the United States and elsewhere where there are irreconcilable differences."
He expressed skepticism about the nation's ability to overcome these divisions, stating, "I think that’s a little bit idealistic. I have to be a practical person."
Dalio's warnings have significant implications for investors. He advised that in times of economic uncertainty and rising debt, assets like gold may serve as a safer investment, echoing sentiments from other financial experts who view gold as a hedge against inflation and currency devaluation.
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