Citadel founder and CEO Ken Griffin warns about the increasing U.S. national debt in his annual letter to investors, citing projections by the Congressional Budget Office. Despite a strong labor market, the debt is projected to rise to historic levels due to higher interest spending. Griffin emphasizes the need to address this growing concern and stop borrowing at the expense of future generations.
Citadel founder and CEO Ken Griffin sounded the alarm about the growing U.S. national debt in his annual letter to investors in his hedge fund that was published Monday. Griffin pointed to recent projections by the nonpartisan Congressional Budget Office (CBO) that show the national debt rising to historic levels due to higher spending on interest to service the debt, while annual budget deficits are forecast to grow despite a strong labor market .
"As we have cautioned over the past year, the surging U.S. public debt is a growing concern that cannot be overlooked," Griffin wrote. "For example, the Congressional Budget Office estimates that net interest spending will reach 3.1 percent of GDP in 2023, which is a full percentage point higher than the average from 1974-2023." "It is irresponsible for the U.S. government to incur a deficit of 6.4 percent when unemployment is hovering around 3.75 percent. We must stop borrowing at the expense of future generations.
Citadel Ken Griffin U.S. National Debt Congressional Budget Office Interest Spending Labor Market Deficit Borrowing Future Generations
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