In a recent interview with FOx News, JPMorgan CEO Jamie Dimon sounded the alarm, stating that the US economy is hurtling toward disaster as the national debt continues its relentless climb. According to Dimon, urgent government intervention is essential to avert a looming major economic crisis.
Dimon emphasized the severity of the situation, likening it to a cliff that the country is rapidly approaching. He noted, “It is a cliff, we see the cliff. It’s about 10 years out, we’re going 60 miles an hour “.
The JPMorgan chief executive concurred with former House Speaker Paul Ryan’s assessment, who described the escalating debt as “the most predictable crisis we’ve ever had.” Both Dimon and Ryan expressed their concerns during a panel discussion at the Bipartisan Policy Center.
AS of the end of December, the US federal debt surpassed $34 trillion, reaching a historic high. This translates to approximately $102,000 for an average American family of three. The debt surged by more than $4 trillion in 2023 alone.
Highlighting the staggering magnitude of the US total public debt, the Peter G. Peterson Foundation, a nonpartisan fiscal policy group in New York, pointed out that it is roughly equivalent to the combined economies of China, Germany, Japan, India, and the UK.
US Treasury Secretary Janet Yellen acknowledged the alarming scale of the public debt, referring to it as a “scary number.” Despite stating that it has been manageable so far, Yellen stressed the need for measures to bring down deficits and maintain manageable levels.
The colossal amount encompasses what the federal government owes to various creditors, including individuals, foreign investors, states, and large funds. The ongoing borrowing to cover a budget deficit, persisting for over two decades, raises concerns about the sustainability of the nation’s financial trajectory.
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