Total U.S. debt has more than doubled 2013 and is up nearly $3 trillion since the government suspended the debt ceiling in June 2023 — averting what would have been a first-ever default with just two days to spare.
The country’s money woes have become one of the most prominent political issues in the build up to the presidential election in November — and influential figures like Griffin haven’t been shy about sharing their two cents on the matter.
“We must stop borrowing at the expense of future generations,” wrote Griffin, who is worth a cool $35 billion, according to Forbes.
“The Western world urgently needs a significant increase in productivity growth as the burden of rising government debt and entitlement spending strains almost every major economy.”
US debt mountain
America's ongoing debt disaster is the result of a mismatch between federal spending and revenues.
Griffin cited Congressional Budget Office data, which revealed that the U.S. government incurred a total deficit that was 6.2% of gross domestic product (GDP) in 2023. They also spent 2.4% of GDP on national debt interest payments alone.
“If current laws governing taxes and spending generally remained unchanged, the federal budget deficit would increase significantly in relation to gross domestic product over the next 30 years,” the CBO projects. This could have significant economic and financial consequences.
The CBO explains: “Among its other effects, it would slow economic growth, drive up interest payments to foreign holders of U.S. debt, heighten the risk of a fiscal crisis, increase the likelihood of other adverse outcomes, and make the nation’s fiscal position more vulnerable to an increase in interest rates.”
One area of government spending that Griffin highlighted as a major strain on the U.S. economy is entitlements — like Social Security, Medicare, Medicaid, Unemployment Insurance and other social welfare programs.
Social Security currently accounts for 22% of government spending, according to U.S. Treasury data. It’s the largest category of federal spending, along with health care — and it has become a major battleground, with Republican politicians constantly calling for cuts.
