‘A fantastic amount of money to have borrowed’: a top Wall Street wealth advisor is stunned by the national debt

Greg Fleming, a veteran of Wall Street’s biggest crises, expressed genuine shock over the staggering national debt during a recent interview. The Rockefeller Capital Management CEO, who oversees a $200 billion portfolio for America’s wealthiest families, was speaking at length with David Rubenstein in a Bloomberg Wealth interview.

Fleming, who has navigated the markets, AI, and inflation, found the debt trajectory particularly staggering. He called the $40 trillion debt a "fantastic amount of money to have borrowed, even for an economy this robust and this big." Fleming’s main worry, he said, is the fiscal situation in the country, noting that the U.S. government spends significantly on interest payments—projected to exceed $1 trillion in fiscal year 2026—more than on national defense.

With the debt now exceeding 100% of GDP and federal obligations surpassing the size of the entire U.S. economy, Fleming sees this as an especially difficult challenge for new Fed Chair Kevin Warsh. While AI adoption promises a disinflationary effect, Fleming acknowledged that the debt picture makes life complicated. The debt trajectory could climb to 137% of GDP within a decade, surpassing the postwar peak.

He suggested that AI might help the U.S. grow its way out of debt, but noted that AI is just one variable among several — competing against an energy shock and unchecked deficit spending. Fleming has been warning about the U.S. debt situation for years, and recent research supports his view that AI isn't a silver bullet. A growing chorus of concern in his industry reflects a broader shift, with 48% of financial advisors ranking the national debt as America's most urgent policy problem.

Fleming’s comments highlight the uncomfortable reality that if a private client had the balance of the U.S. government, they would be broke.