Posted 1/27/2024, 6:54:00 PM
JPMorgan's Dimon Warns Runaway US Debt Threatens Economic Cliff Within a Decade
- JPMorgan Chase CEO Jamie Dimon warns the US is heading towards an economic "cliff" due to runaway national debt
- Dimon says debt-to-GDP ratio is over 100% now vs 35% in 1982; projected to reach 130% by 2035
- Calls it a "hockey stick" surge in debt that will cause "rebellion" among foreign holders of US debt
- Agrees with Paul Ryan that mounting US debt is the "most predictable crisis we've ever had"
- Notes crisis still 10 years out but US headed "60 miles an hour" toward economic cliff due to debt