Billionaire Ray Dalio warned that the U.S. government’s surging debt and “irreconcilable differences” in the country are creating a worrying financial and political environment.

In a Bloomberg TV interview that aired Friday, the founder of investment management firm Bridgewater Associates said the U.S. government’s debt is rising too quickly, creating a period similar to the years preceding World War II.

“There’s a dynamic about debt,” Dalio said. “When debt and debt service rise relative to your income, it’s like plaque in the arteries that then begins to squeeze out the........

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