HOME Depot co-founder Ken Langone has warned about America’s “scary” trillion-dollar debt interest.
The 89-year-old self-proclaimed “free trade guy” believes the nation’s growing debt and rising interest payments could undermine the dollar’s integrity.
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Langone said during Fox News’ “Special Report”: “I really believe, and I hope Washington hears this, that we have to be mindful of the importance of our status in the world economy and the world markets, because if we fritter that away, we’re in trouble.
“Look at the amount of debt we raise every year.
“What is it today? Thirty-six, thirty-seven [trillion dollars], going up a trillion a year in interest alone. That’s scary.”
Stocks edged up higher on Wednesday as investors awaited the Federal Reserve’s latest interest rate decision.
The Dow Jones Industrial Average rose over 20 points (0.07 percent”, while the S&P 500 went up 0.1 percent and and the Nasdaq gained 0.2 percent.
The central bank and Chairman Jerome Powell have faced political pressure from the Trump administration to lower rates to spur the economy.
The Fed announced on Wednesday it would be keeping the federal funds rate unchanged at 4.25 percent to 4.50 percent.
This marks the fourth consecutive meeting without a rate change.
Langone argued against any more rate cuts given geopolitical tensions, as well as weak monthly retails and manufacturing.
The Home Depot founder said: “Don’t forget, we’ve now got this Iranian thing to go along with tariffs. I mean, you go up and down the list.
“And I think that because people have to watch so much, they’re going to the sidelines. I think people are getting cautious.
“And the facts and numbers that came out today indicated that things are slowing.”
He added: “Four weeks ago, we couldn’t float a 20-year bond. They were unbiased. That’s a dangerous signal. That’s the beginning.
“That should make us say, ‘Hey, wait a minute.’ When the integrity of our debt is subject to question, the next thing is your currency.
“Now, I’m not suggesting we need to go around with a tin cup, because we don’t. But I do think it’s time to get some balance here.”
It comes as seniors can get tax breaks from the Senate’s version of Donald Trump’s ‘One Big Beautiful Bill Act’.
People aged 65 and older may qualify for a temporary deduction of up to $6,000 each – available from 2025 through 2028.
The senior “bonus” – as it’s been called by The House of Representatives – is being offered instead of Trump’s campaign promise to cut taxes on Social Security benefits.
Americans are also awaiting the Senate and House to draft and pass legislation to raise the Child Tax Credit.
The Senate has proposed a version of the bill that would permanently raise the credit cutoff to $2,200 beginning in 2025, according to a draft of the text released on Monday.
On the other hand, the House has drafted a version of the bill that would increase the credit to $2,500 from 2025 through 2028.
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