Hedge fund billionaire says US debt 'is a growing concern that cannot be overlooked'

foxbusiness.com:

Congressional Budget Office director Phillip Swagel analyzes where lawmakers stand to slow down debt growth.

Citadel founder and CEO Ken Griffin sounded the alarm about the growing U.S. national debt in his annual letter to investors in his hedge fund that was published Monday.

Griffin pointed to recent projections by the nonpartisan Congressional Budget Office (CBO) that show the national debt rising to historic levels due to higher spending on interest to service the debt, while annual budget deficits are forecast to grow despite a strong labor market.

«As we have cautioned over the past year, the surging U.S. public debt is a growing concern that cannot be overlooked,» Griffin wrote. «For example, the Congressional Budget Office estimates that net interest spending will reach 3.1 percent of GDP in 2023, which is a full percentage point higher than the average from 1974-2023.»

«It is irresponsible for the U.S. government to incur a deficit of 6.4 percent when unemployment is hovering around 3.75 percent. We must stop borrowing at the expense of future generations. 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,» Griffin added.

DANGER AHEAD: CBO SAYS DEBT WILL CONSUME 166% OF GDP IN 30 YEARS

Citadel founder and CEO Ken Griffin raised alarm about the growing national debt in his annual letter to investors. (Photo by Vernon Yuen/NurPhoto via Getty Images / Getty Images)

The CBO released its long-term budget outlook last month that estimated interest payments will rise from 3.1% of GDP in 2023 to 6.3% of GDP in 2054. 

It also projected that spending on Medicare and other major health care