Ray Dalio | The All-In Interview

3165.34 - 3188.295 David Friedberg

And by the way, Ray, the longer we wait, the more interest accumulates because it's at a higher rate, the more the debt accumulates. And ultimately, this is the arithmetic death spiral that you get into. The longer we wait, the more you have to cut in the future to get out of the hole. It's not linear. It's a nonlinear cutting that's needed. So the faster you do it, the less you have to cut.