Bridgewater Associates founder warns: US fiscal deficit should be reduced to 3% of GDP, otherwise leaders should resign

On February 13, according to CNBC, Ray Dalio, the founder of Bridgewater Associates, issued a new warning on the US economy, stating that terrible consequences will arise if debt is not significantly reduced. Dalio said at the World Government Summit in Dubai, 'If I were a doctor talking to you about your condition, I would say that the current situation is very, very serious.' 'What you need to do is reduce the deficit from 7.5% of GDP to 3%, and you can do that. You can do some things to reduce it in some way, make it healthier, so the real issue is a political one.' Dalio said that the government has a responsibility, and leaders should commit to reducing the US budget deficit from 7.5% of GDP to 3%, otherwise they should resign. As of February 11, the total US national debt was about $36.22 trillion, with $28.8 trillion held in the form of securities by the public, individuals, companies, states or local governments, the Federal Reserve, foreign governments, and entities other than the US government.