https://sputnikglobe.com/20240128/us-heading-towards-cliff-due-to-record-high-debt---top-brass-banker--1116446756.html
US Heading Towards ‘Cliff’ Due to Record High Debt - Top Brass Banker
US Heading Towards ‘Cliff’ Due to Record High Debt - Top Brass Banker
Sputnik International
The chairman and CEO of the US bank, JPMorgan Chase, Jamie Dimon said that the US economy is heading towards a "cliff" due to the record growth of the national debt, which currently stands at over $34 trillion.
2024-01-28T08:40+0000
2024-01-28T08:40+0000
2024-01-28T08:40+0000
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On Thursday, US Treasury Secretary Janet Yellen called the sum of the US national debt a "scary number," but one that is manageable. "It is a cliff, we see the cliff. It's about 10 years out, we're going 60 miles an hour [towards it]," Dimon was quoted as saying by Fox News on Saturday. He noted that the debt-to-GDP ratio is now above 100%, whereas in 1982 it was 35%. The US federal government's debt stood at just over $30 trillion at the end of January 2022, and reached a new record of $33 trillion by September 15. Debt servicing could cost the United States almost a third of budget revenues, Sputnik experts previously calculated.
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US Heading Towards ‘Cliff’ Due to Record High Debt - Top Brass Banker
MOSCOW (Sputnik) - The chairman and CEO of the US bank, JPMorgan Chase, Jamie Dimon said that the US economy is heading towards a "cliff" due to the record growth of the national debt, which currently stands at over $34 trillion.
On Thursday, US Treasury Secretary Janet Yellen called the sum of the US national debt a "scary number," but one that is manageable.
"It is a cliff, we see the cliff. It's about 10 years out, we're going 60 miles an hour [towards it]," Dimon was quoted as saying by Fox News on Saturday.
He noted that the debt-to-GDP ratio is now above 100%, whereas in 1982 it was 35%.
The US federal government's debt stood at just over $30 trillion at the end of January 2022, and reached a new record of $33 trillion by September 15. Debt servicing could cost the United States almost a third of budget revenues, Sputnik experts previously calculated.
