The US economy is speeding towards a "cliff" amid an ever-mounting government debt, James Dimon running major investment bank JPMorgan Chase warned.
According to the head of the largest US bank, the American economy is heading for the point of no return due to a heavy public debt burden. High levels of government debt pose a serious threat to the national economy. "It is a cliff, we see the cliff. It's about 10 years out, we're going 60 miles an hour [toward it]," Dimon said.
At the same time, Dimon agreed with US House of Representatives Speaker Paul Ryan, who called the country's snowballing national debt "the most predictable crisis" in the history of the United States.
Earlier, US Treasury Secretary Janet Yellen also commented on the government's whopping debt. She dubbed the amount exceeding $34 trillion a "scary number".
Nevertheless, many analysts are confident that the United States will easily tackle this problem thanks to the economy's enduring strength. Notably, US gross domestic product increased at an annual rate of 3.3% in the fourth quarter of 2023.
