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Goldman CEO Issues Warning as Interest Costs on America’s Ballooning Debt Exceed Spending on Defense, Medicare

‘We need to deal with the debt and the deficits,’ Goldman Sachs CEO David Solomon said.
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Goldman CEO Issues Warning as Interest Costs on America’s Ballooning Debt Exceed Spending on Defense, Medicare
U.S. President Joe Biden, flanked by Secretary of State Antony Blinken (L) and Treasury Secretary Janet Yellen (R), hosts a meeting inside the Cabinet Room at the White House in Washington on Oct. 20, 2023. Tom Brenner/Pool/Getty Images
Tom Ozimek
By Tom Ozimek
5/13/2024Updated: 5/14/2024
0:00

Goldman Sachs CEO David M. Solomon is the latest business leader to sound the alarm on the Biden administration’s deficit spending, which comes as the cost of making interest payments on the United States’ ballooning government debt has exceeded spending in both the critical sectors of defense and Medicare.

“I think the level of debt in the United States [and] the level of spending is something that we need a sharper focus on and more dialogue around than what we’ve seen,” the investment banking chief told Bloomberg Television on May 13, adding that if something isn’t done to rein it the spending, it could create problems.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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deficit
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