‘We’ve had our hands in the cookie jar for a long period of time’ — Keebeck Wealth Management’s CEO weighs in on the federal deficit
- In today's CEO Daily: Diane Brady speaks with Keebeck Wealth Management CEO Bruce Lee about the federal deficit.
- Breaking News: Aerial disaster on American Airlines expected to claim the lives of 70 people.
- Markets: Peaceful, despite Federal Reserve's action.
- Analysts' notes from Goldman Sachs, JP Morgan, and Wedbush.
- Additionally: All the news and office gossip from .
As I write this, officials from the National Transportation Safety Board and the Federal Aviation Administration are investigating the midair collision between a U.S. Army helicopter and the American Airlines plane that crashed in Washington state last night. Investing in those government agencies has made tragedies like this extremely rare, and the U.S. is considered the world leader in aviation safety. Achieving excellence comes at a cost. Just like previous administrations, President Trump faces the challenge of keeping the government's core functions, such as these agencies, performing at a high level and finding a way to pay for it.
During the final three months of the fiscal year 2025, the figure reached $711 billion, which represents a significant 40% increase compared to the same period in the previous year.
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, founder and CEO of Keebeck Wealth Management. “We've had our hands in the cookie jar for a long period of time,” says Lee. “The party is great till somebody has to pay for it.”
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"Sacrosanct" sounds like a word that comes to mind when thinking about Greece around 2010: austerity. That might be unpopular. Spending on education, Medicare, and defense is considered a top priority for many voters. Austerity could mean reduced military funding, delayed retirement programs, higher estate taxes, or more austerity measures.
He thinks the pain will be worthwhile. "The best deal, in my opinion, is you increase taxes and implement austerity to reduce spending."
“Austerity must become part of the conversation, yet neither side is willing to acknowledge it,” he states.
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