The CEO of a $60 billion hedge fund says Americans should be alarmed about the country’s rapidly expanding debt.
New numbers from the Treasury Department show the national debt climbed from $34.393262 trillion on March 1st to $34.561173 trillion on March 20th, a rise of $167.911 billion in just 20 days.
At this point, the rapid pace of the country’s debt accumulation poses a major risk to America’s fiscal future, according to Citadel CEO Ken Griffin.
In a new CNBC interview at the International Futures Industry conference in Florida, Griffin says the lack of daily dialogue about the growing national debt is allowing the government to borrow at a rate that’s irrational and dangerous.
Griffin says no outside entity can or will save the United States from a debt crisis.
“I think the biggest issue that’s not priced in the markets right now is the sovereign risk of US credit… It’s not AAA anymore, I wish it were AAA.
I think it’s just not part of the day-in and day-out dialogue, and that allows Washington to continue to spend at levels that are borderline insanity at this point in the economic cycle.
We’re talking about a budget next year of $7 trillion. Spending is up about 20% in two years. This is just out of control, and unfortunately when your sovereign markets start to put the hammer down in terms of discipline, that could be pretty brutal. There’s no country that’s going to bail America out. We’re going to right our own ship. There’s no IMF for the United States of America.”
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