Dalio says that the U.S. will have little choice but to raise taxes in the coming years to offset its mounting liabilities and debts.
said Tuesday that the U.S. will have little choice but to raise taxes in the coming years to offset its mounting liabilities and debts.
"We're dealing with almost a currency issue, longer term, in terms of what is the value of currency when those liabilities – not only the debt liabilities, but the pension liabilities and the health-care liabilities, which are like debt. They are promises that have to be paid – they will either be paid by higher taxes or they'll be not paid and defaulted on," he said.
The warnings about potential debt hazards come as the total federal debt outstanding has surged to $22.9 trillion, or about 103% of GDP. Excluding intragovernmental obligations, debt held by the public is $16.9 trillion, or 78% of GDP.
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