JPMorgan Chase chairman and CEO Jamie Dimon says the United States is “speeding toward a cliff” as the nation’s debt continues to mount.
Dimon issued the warning during a panel discussion at the Bipartisan Policy Center on Friday.
When asked about the future economic status of the country if the federal government failed to come up with a solution for the debt, Dimon recalled how the economy looked in 1982, with inflation around 12%, the prime rate around 21.5% and unemployment somewhere around 10%, and the debt was around 35% of gross domestic product.
The CEO noted that today, the debt-to-GDP ratio is above 100%, and said it is projected to reach 130% by 2035.
“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].”
From Fox News:
The latest findings from the Congressional Budget Office indicate that the national debt will nearly double in size over the next three decades. By the end of 2022, the national debt grew to about 97% of gross domestic product. Under current law, that figure is expected to skyrocket to 181% at the end of 2053 — a debt burden that will far exceed any previous level.
