Citadel founder and CEO Ken Griffin said the rapid growth of the U.S. national debt is a 'growing concern that cannot be overlooked' in his annual letter to investors.
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 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.
The CBO released its long-term budget outlook last month that estimated interest payments will rise from 3.1% of GDP in 2023 to 6.3% of GDP in 2054. It also projected that spending on Medicare and other major health care programs would rise from 5.8% to 8.3% in that period, while Social Security expenditures would increase from 5.0% to 5.9%. Federal budget deficits were projected to widen from 5.6% of GDP in 2024 to 8.
Griffin's letter also offered a glimpse into his view of current economic conditions, as well as what he sees emerging in the years ahead. He wrote that 2023 was a "tumultuous year for investors and central bankers around the world" as efforts by the Federal Reserve to tamp down inflation yielded what at times was a muddled picture of economic indicators.
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