FedEx Founder Fred Smith: U.S. record debt ‘unsustainable’
foxbusiness.comEconomist Peter Morici breaks down what the national debt is, why it ballooned to more than $34 trillion and what it means for Americans.
FedEx founder and executive chairman Fred Smith is adding his name to the list of business leaders sounding the alarm over America's surging national debt, telling FOX News this week it is «unsustainable.»
During an interview on "Special Report" Tuesday evening, host Bret Baier asked Smith for his take on the level of federal debt held by the U.S. government, which is now above $34 trillion.
Frederick Smith, chairman and chief executive officer of FedEx Corp., speaks during the U.S. Chamber of Commerce Aviation Summit in Washington, D.C., U.S., on Thursday, March 7, 2019. Smith joined «Special Report» host Bret Baier on FOX News Tuesday. (Photographer: Anna Moneymaker/Bloomberg via Getty Images / Getty Images)
«Federal debt held by the public was 97% of GDP in 2022, projected to equal 195% of GDP by 2050,» Baier noted. «Eventually, you have to turn the aircraft carrier a little bit.»
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«Well, I think a lot of people are saying that,» Smith responded. «The chairman of the Federal Reserve said it Sunday evening, a week ago. The head of our largest bank, I believe, JP Morgan, Jamie Dimon, has said it repeatedly, and hopefully I'm adding to the chorus and saying this is unsustainable.»
A FedEx Express logo is seen on an airplane at Paris Charles de Gaulle airport in Roissy-en-France on May 25, 2020. (REUTERS/Charles Platiau / Reuters Photos)
FedEx Corp.
Baier then pointed to remarks Smith made during a speech at the Calvin Coolidge Presidential Foundation in December, when the FedEx founder said, «To avoid a
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