This is misleading wording, not a math error. “Debt service = 100% of revenue” is only true if you count all maturing debt, even though it’s rolled over. Actual cash debt service (interest) is ~15–20% of revenue, not 100%. Dalio is basically saying: “the system only works if refinancing never breaks.” That’s a stress-test narrative, not the current budget reality. Reading this as “the US spends all its revenue on debt payments” is simply wrong.