US Debt

It's not just their problem.
Ever see that movie "Duel"? How menacing was that big truck bearing down on you in the rear vision mirror.
Well you ain't seen nothing yet.

The U.S. runaway debt is speeding towards the cliff, risking the nation’s prosperity and economic standing in the world, warns JPMorgan Chase CEO Jamie Dimon.The chief executive and chairman of the nation’s largest bank gave the warning at the Bipartisan Policy Center Friday, the New York Post reports.If the federal government does not address the $34 trillion national debt — with the debt-to-GDP ratio now above 100% — it will become a national crisis, Dimon warned.To put it in perspective, Dimon noted that in 1982, with inflation at 12%, the prime rate at 21.5% and unemployment at 10%, the U.S. national debt was 35% of gross domestic product.The debt-to-GDP ratio is projected to reach 130% by 2035 and 181% by the end of 2053, Dimon said.“It’s a hockey stick,” Dimon said of how the debt growth would appear on a chart.Although the debt is not yet ballooning at that rate, Dimon said. “when it starts, markets around the world — by the way, foreigners own $7 trillion of U.S. government debt — will be in a rebellion.”“It is a cliff. We see the cliff,” he continued. “It is about 10 years out. We’re going 60 miles an hour [toward it].”Former House Speaker Paul Ryan, also on the panel, said the snowballing debt is “the most predictable crisis we’ve ever had.”A report from the Congressional Budget Office projects the national debt will double in size in the next three decades.© 2024 Newsmax Finance. All rights reserved.