Surging US debt and “irresponsible” government borrowing are threatening the future prosperity of Americans, one of the world’s top investors has warned.
Ken Griffin, founder of US hedge fund Citadel, said the country’s ballooning debt pile was a “growing concern that cannot be overlooked”.
Mr Griffin wrote in an annual letter to Citadel’s investors: “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.”
Global debt surged to a record high of $313 trillion (£248 trillion) last year, according to the Institute for International Finance.
Debt has surged as inflation and higher interest rates forced both companies and governments to borrow more.
In the US, Government debt is currently hovering around…
