Jamie Dimon calls for the snowballing US debt burden to be addressed before it turns into crisis
The US economy is heading towards disaster as the vast national debt continues to mount, JPMorgan CEO Jamie Dimon said in an interview with Fox News earlier this week.
According to the chief executive of the nation’s largest bank, the situation urgently needs to be tackled by the government before it causes a major economic crisis.
“It is a cliff, we see the cliff,” Dimon said. “It’s about 10 years out, we’re going 60 miles an hour [toward it].”
The top executive agreed with the view of former House Speaker Paul Ryan, who has called the snowballing debt “the most predictable crisis we’ve ever had.” The warnings were issued by Ryan and Dimon during a panel discussion at the Bipartisan Policy Center on Friday.
US government federal debt toped $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.