David Solomon

dollar, the role of the U.S.

dollar in the world.

We've got a lot of breadth and we've got headroom.

around that.

But ultimately, there will be a significant price to pay if we either don't get the spending and the debt under control in the medium term, or we don't create an economy that's got a higher growth trajectory than the kind of 2% trend we've had.

And so, you know, it's very, you cannot, given the spending levels and the debt levels, you can't simply cut spending or drive more revenue.

You have to have higher growth to make sense of where we are when you start thinking about, you know, 5, 10, 15, 20 years from now, based on the trajectory we're on.

We have entitlement programs that don't work structurally.

You know, we have more headroom to let them run, but ultimately we're

You know, there'll be a point at which we have to wrestle with that.

So those are things that with a longer term lens, I'm very concerned about.

I think from a policy perspective, the hard things to get at without some sort of, you know, I don't want to be overly dramatic, but some sort of a crisis or speed bump or something that resets the mindset.

creates more of a need for, you know, kind of bipartisan approach to correct.

And we're just not in that place at the moment.

And so, you know, that allows us to continue to put ourselves in a position where ultimately the correct, unless we generate higher growth, you know, is more difficult.

Now, in the short term, I actually think this year,

I'm on the over on the growth forecast.

I do think inflation will be stickier this year than the consensus, but I think we could see nominal growth that's higher than what the expectation is given the confluence of kind of stimulative events I talked about.

So even if you wound up with

you know, with closer to 3% inflation, you know, you could have, you know, real growth of three or over 3% this year because you could have higher nominal growth than where I think the expectation currently is.