Bill Ackman on US national debt
From Bill Ackman on Donald Trump | Lex Fridman Podcast Clips · · Lex Clips
“If you think about the business of the United States today, you've got $32 trillion worth of debt, so it's overleveraged and it's highly leveraged and the leverage is only increasing. We're losing money, i.e. revenues aren't covering expenses, the cost of our debt is going up as interest rates have gone up and the debt has to be rolled over. We have enormous administrative bloat in the country, the regulatory regime is incredibly complicated and burdensome and competing growth.”
On , Bill Ackman, CEO & Founder at Pershing Square, spoke about US national debt during Bill Ackman on Donald Trump | Lex Fridman Podcast Clips on Lex Clips.
About Bill Ackman
Pershing Square CEO Bill Ackman raised $5 billion in a late-April 2026 combined IPO of Pershing Square USA (PSUS), a closed-end fund, and Pershing Square Inc. (PSI), the management company. Ackman characterized the IPO as "the beginning of a journey" and said the capital would be deployed "in weeks, not months." He described the environment as a "very good time" to invest, saying that "some of the best businesses in the world are trading at the lowest multiples." Following the debut, the stock sold off; Ackman attributed the decline in part to giving retail investors a full allocation, which he said left some with more shares than intended. He stated he aims to build a "modern-day Berkshire Hathaway" through Howard Hughes, a company he created from the General Growth bankruptcy. Ackman has pressed for broader access to retirement investing, saying "every American has to own a piece of capitalism" and arguing that without it "we'll end up in socialism." He discussed a campaign with Universal Music Group, saying the company should sell its remaining Spotify stake and move its listing to the U.S. Ackman also described AI as both the "greatest era in history to build a business" and a top concern for corporate boards. He commented on the geopolitical situation, saying he believes the U.S. has "the upper hand" in the war with Iran and that it is "only a matter of time" before it is resolved. Regarding New York City, he said Mayor Zohran Mamdani should not drive out financiers like Ken Griffin, calling Griffin's $6 billion project valuable to the city's tax base. On a personal note, Ackman said he went "zero sugar" in November 2024, describing sugar as "poison."