US Debt Situation a 'Boiling Frog' That Could Hurt Economy, JPMorgan Warns
• The US's $34 trillion national debt pile is a "boiling frog" situation that could bubble over and hurt the economy if not addressed, JPMorgan warns.
• Government spending is on track to exceed revenue in the early 2030s, per Congressional Budget Office estimates.
• The US is unlikely to significantly cut back discretionary spending despite rising debt concerns.
• JPMorgan predicts the US will eventually make substantial changes to taxes and entitlement programs due to market and rating agency pressures.
• Recession risks remain alive in 2023, though any downturn would likely be mild, JPMorgan says.