Uncle Sam’s national debt has tipped over the $35.7 trillion mark, meaning the burden for each person in America is now more than $105,000.
Moynihan, like his Wall Street peer Jamie Dimon and Fed Chairman Jerome Powell, is pushing politicians to prioritize plans for bringing the country’s debt-to-GDP back into line.
Unfortunately for Moynihan, the potential new incumbents to the White House are paying little heed to their warnings.
In fact, plans under both Donald Trump and Kamala Harris would increase America’s public debt by trillions.
Moynihan believes America is headed for a rude awakening if it doesn’t balance its spending with its growth. If the problem isn’t addressed, America could lose its place as the economic “gold standard.”
“If you go back the last 10, 12 years, there’s been a constant worry about the debt getting too far ahead,” Moynihan told Fox News.
“Then we had COVID,…
