Billionaire investor Ray Dalio says the US is at the start of a debt crisis - and worse times are ahead for the economy
Billionaire investor Ray Dalio said the US is at the beginning of a debt crisis - and warned worse times are ahead for the economy.
"In my opinion, we are at the beginning of a very classic late, big cycle debt crisis, when the supply-demand gap, when you are producing too much debt and have a shortage of buyers," Dalio said during the"What's happening now, as we have to sell all this debt, do you have enough buyers?" he said.
Dalio was building on the recent debt-ceiling bill passed by Congress, and President Joe Biden. In order to pad out its cash reserve, the Treasury department has already announced plans to issue"When one looks at the buyers, there appears to be a significant shortage of the buyers for that government debt. But we're now at the brink of being able to see what that supply-demand picture looks like as we go over the next year and two," Dalio said.
Dalio has previously commented on the US government's handling of the borrowing-limit standoff, giving the deal aLooking ahead, Dalio was downbeat. While he noted interest rates are likely to stay at current levels, with little room for upside, that will result in a weaker US economy. "Doesn't have to be a big downturn, because of the household sector, but it is a balance sheet recession. Things are going to get worse in the economy," he added.
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