The founder of FedEx has added his voice to the chorus of views expressing concern about out-of-control spending in Washington.
Fred Smith, the founder of executive chairman of shipping giant FedEx, is the latest business leader to sound the alarm that if America’s ballooning public debt is left unchecked, it will threaten to spiral into a catastrophic crisis.
Mr. Smith was asked during an interview on Fox News for his opinion on projections from the Congressional Budget Office (CBO) that U.S. federal debt held by the public will go from 99 percent of gross domestic product (GDP) in 2024 to a record 116 percent in 2034, before pushing above 170 percent by midcentury.
He replied by saying that warnings about the level of government spending adding to America’s public debt are both serious and growing and, “hopefully, I’m adding to the chorus and saying this is unsustainable.”
Recently, JPMorgan Chase CEO Jamie Dimon warned that out-of-control spending in Washington threatens a government default that could trigger a “rebellion,” while billionaire investor Ken Griffin said that trying to print more dollars to deal with the possibility of a default would push the economy into a “deep tailspin.”
Under President Joe Biden’s term in office,