Ray Dalio, founder of Bridgewater Associates, warns that US government debt has grown unsustainably—spending ($7 trillion annually) now far exceeds revenue ($5 trillion)—making interest costs spiral and fiscal flexibility collapse. The article cites historical debt cycles preceding major economic adjustments, and questions whether Fed chair Kevin Warsh's recent decision to hold interest rates steady amid this instability is wise. While globally significant, direct relevance to Thai SMEs is indirect: rising US borrowing costs could tighten global credit and weaken Thai export demand.