Trump says the U.S. can grow its way out of $37 trillion in debt. Ray Dalio’s debt-cycle research says not so fast

fortune.com/2025/10/04/trump-grow-out-of-debt-ray-dalio-income-growth-late-cycle-crisis-warning

President Donald Trump’s assertion that U.S. growth can tame debt echoes what Ray Dalio has called the most dangerous phase of a debt cycle: when leaders mistake prosperity for immunity.In an interview with One America News on Thursday, Trump pointed to his “Big, Beautiful Bill” that…

This story appeared on fortune.com, 2025-10-04 10:03:00.
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