Ray dalio in his video "how the economic machine" claims the economy works in cycles. Specifically, he claims there is a short-term and a long-term debt cycle.

[![enter image description here](https://i.stack.imgur.com/0ouiE.jpg)](https://i.stack.imgur.com/0ouiE.jpg)

<https://youtu.be/PHe0bXAIuk0?t=64>

**Is there any data to support this?** Couldn't find any references in his video.