Goldman Sachs CEO Warns: Skyrocketing Debt Threatens American Workers Without Faster Growth
Goldman Sachs CEO David Solomon issued a stark caution Thursday to the Economic Club of Washington: America’s ballooning $38 trillion national debt will hammer working families unless economic growth accelerates dramatically to outpace the burden.
“If we continue on the current course, and we don’t take the growth level up… there will be a reckoning,” Solomon warned, stressing that everyday Americans—not Wall Street—will bear the pain of higher taxes, slashed services, or inflation if leaders fail to act.
The debt has exploded from $7 trillion pre-financial crisis to $38 trillion today, supercharged by pandemic spending that Solomon said “played an accelerating role” with no clear plan to reverse course.
“We should be concerned about this, not sounding an alarm bell,” he said. “But I do think over time, this is an issue.”
For the millions of factory workers, truck drivers, nurses, and small-business owners who power the economy, stagnant growth amid runaway debt risks crushing job security and living standards.
Strong Economy Shields Workers—for Now
Solomon acknowledged the U.S. economy’s resilience, crediting American workers for keeping recession odds low in the near term. Robust consumer spending, record-low unemployment, and a dealmaking surge that propelled Goldman’s third-quarter profits above Wall Street forecasts all reflect the grit of the U.S. workforce.
Yet he warned that without sustained 3%+ GDP growth, the debt load will crowd out investments in infrastructure, education, and healthcare—hitting working-class communities hardest.
Dollar’s Dominance Still Backs American Paychecks
Despite global chatter about de-dollarization, Solomon reassured that the U.S. dollar remains the world’s undisputed reserve currency, with 50% of global capital flows pouring into American markets.
“They might be hedging the dollar a little bit differently now… but it’s more at the margin,” he said.
“I’m not concerned that there’s some fundamental shift.” That enduring strength translates directly into stable jobs, affordable imports, and borrowing power that keep American workers ahead of foreign competition.
A Call to Protect the American Worker
Solomon’s message highlights a simple truth: the debt crisis isn’t an abstract Wall Street worry—it’s a kitchen-table threat to every paycheck-earning American.
Faster growth driven by pro-worker policies—tax relief for small businesses, deregulation to unleash manufacturing, and trade deals that prioritize U.S. labor—offers the only path to secure prosperity before the reckoning hits home.
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