The chief executive of the world’s largest asset manager just issued a dire warning, saying that the US will drown in debt unless the country finds a way to stimulate and grow the economy.
Speaking at the 2025 Forbes Iconoclast Summit, Larry Fink details the remarkable pace at which the US has amassed an astronomical amount of debt.
“After 223 years of being a nation in 2000, the [national debt] of the United States was $8 trillion. And in the last 25 years, both parties are guilty of this, [that number’s] now at $36 trillion. And now we have a pending tax bill that’s going to add $2.3 to $2.4 trillion on the back of that.
If we don’t find a way to grow at 3% a year, real growth, we’re going to hit the wall.”
Although the numbers are bleak, Fink believes the US can still climb out of its multi-trillion-dollar hole, outlining a number of steps that policymakers can take to spur real economic growth across multiple industries.
“This is why we need to unlock more private capital… We need to be streamlining permitting, we need to be focused on rebuilding our infrastructure.
If you believe that we’re going to be the leader in AI (artificial intelligence), we’re going to have, it’s estimated, a shortage of 500,000 electricians in this country.
So, despite all of this pessimism, the foundation of growth is there. We just need to unlock it…
If we cannot unlock that growth and if we’re going to continue to stumble along in a 2% economy, the [national debt is] going to overwhelm this country.”
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