Ray Dalio: The ‘heart attack’ of America’s debt crisis is just the beginning of a ‘great turbulence’

The billionaire founder of Bridgewater Associates is widening his alarm, arguing in a recent conversation with The New York Times‘ Ross Douthat that the U.S. is entering a period of “great turbulence” so severe that the country will be “almost unrecognizable” in five years. He describes the coming era as “going through a time warp”—a phrase that captures just how disorienting and swift the transformation could be. The heart attack is still coming Dalio’s fiscal warning remains as stark as ever. The U.S. currently spends roughly $7 trillion annually while collecting about $5 trillion in revenue—a gap that has the…