Goldman Sachs CEO David Solomon warned on 11 November 2025 that the current direction of the U.S. national debt, now worth about 38 trillion U.S. dollars, poses significant risks if economic growth does not accelerate. Solomon emphasized that the debt-to-GDP ratio and growth rate are critical indicators for long-term fiscal stability.
The sentiment was made during his guest appearance on The David Rubenstein Show with the private-equity billionaire and Carlyle co-founder David Rubenstein. The host asked him about the current national debt level of the United States, while also remarking that some people would consider the amount of current debt to be a lot.
Solomon stated that even small differences in economic growth, such as 2 percent versus 3 percent, have substantial long-term implications for managing debt. He explained that higher growth reduces the relative burden of debt, improves government flexibility, and strengthens the ability to finance public programs without escalating borrowing costs.
Technology, particularly artificial intelligence, was highlighted by Solomon as a potential driver of productivity and economic expansion. He indicated that embedding AI into enterprises offers a significant opportunity to lift growth rates, which could help mitigate the pressures of rising debt and stabilize the fiscal trajectory of the United States over time.
Note that the investment bank chief clarified that his warnings are not intended to create panic but to highlight concerns for policymakers and investors. He stated that without a change in growth direction of the U.S. economy, there will be a future reckoning. He emphasized the importance of addressing debt concerns proactively and strategically.
Solomon noted that the United States dollar maintains strong global demand and retains its status as the primary reserve currency. He explained that global capital allocators continue to direct about 50 percent of their investments into the U.S., providing a cushion for debt management despite rising obligations and structural fiscal pressures.
Historical context was provided by Solomon, who recalled that the U.S. national debt increased from roughly 7 trillion U.S. dollars following the 2008 financial crisis to its current level of about 38 trillion U.S. dollars. He highlighted that long-term low growth in combination with high debt levels could limit future policy flexibility and fiscal responsiveness.
Solomon underscored that rising debt does not automatically result in a crisis. He emphasized that if the country achieves stronger growth and productivity gains, the debt burden relative to GDP could stabilize. He stressed that trajectory and economic performance are more important than absolute debt figures when evaluating long-term fiscal health.
The chief concluded that policymakers should focus on structural reforms, technological investment, and productivity improvements to ensure sustainable growth. He indicated that the effective management of debt will require a combination of fiscal discipline, growth-oriented policies, and leveraging opportunities from innovation.