Jamie Dimon Photo source Company’s Website
Jamie Dimon, CEO of JPMorgan Chase, issued a dire warning about the state of the U.S. economy saying that the government must act to curtail spending. America’s national debt seems to just keep o going up and up.
During a panel discussion at the Bipartisan Policy Center on Friday Jamie Dimon said that the American debt has gotten out of control and will lead to a crash of its economy.
Dimon made the analogy of running off a cliff saying, “It is a cliff, we see the cliff. It’s about 10 years out, we’re going 60 miles an hour [toward it].”
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The U.S. debt is fast approaching $35 trillion. The Federal Reserve reports that it is above 120% of GDP.
However, the only way right now to cut the debt and the annual budget deficit is to raise taxes. Both the deficit and the debt skyrocketed when then President Trump cut taxes considerably in 2017 without any serious spending cuts. But with the Republican Party in control of the U.S. House of Representatives, tax increases are not going to happen any time soon in America.
Jamie Dimon is an American billionaire business executive and banker who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2005. He is considered one of the most powerful and influential people in the world.
Dimon was born in New York City in 1956. He graduated from Tufts University in 1978 and Harvard Business School in 1982. After working at Goldman Sachs and American Express, he joined Commercial Credit in 1988. In 1998, he became president of Travelers Group, and he oversaw its merger with Citicorp in 1999.
In 2005, Jamie Dimon became CEO of JPMorgan Chase. He steered the bank through the financial crisis of 2008, and he has since grown it into the largest bank in the United States by assets. Dimon is a controversial figure, but he is widely respected for his business acumen and his leadership.
