JPMorgan CEO Jamie Dimon claimed in an interview with Fox News earlier this week that the US economy is on the verge of collapse as the massive national debt continues to grow.
According to the CEO of the nation’s largest bank, the government must address the situation immediately before it leads to a catastrophic economic crisis.
“It is a cliff; we see it,” Dimon stated. “It’s about 10 years out, we’re going 60 miles an hour [towards it].”
The top CEO agreed with former House Speaker Paul Ryan, who described the escalating debt as “the most predictable crisis we’ve ever had.” Ryan and Dimon made the warnings at a panel discussion at the Bipartisan Policy Centre on Friday.
US government federal debt topped $34 trillion for the first time in history at the end of December. It now amounts to about $102,000 for an average American family of three. In 2023 alone, it grew by more than $4 trillion.
US total public debt is roughly equivalent to the economies of China, Germany, Japan, India, and the UK combined, as pointed out by the Peter G. Peterson Foundation, a nonpartisan fiscal policy group in New York.
Earlier this week, US Treasury Secretary Janet Yellen stated that the absolute magnitude of US public debt is “a scary number.”
“So far, that [the public debt] has been quite manageable,” she remarked, urging us to take action “to make sure that our deficits come down and remain at manageable levels.”
The enormous sum is made up of what the federal government owes creditors, who include individuals like as citizens and foreign investors, as well as states and significant institutions. Washington continues to borrow money to fund a budget deficit that has been running for more than two decades.
