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Post by sunny225 on Jan 29, 2024 20:22:12 GMT
www.foxbusiness.com/politics/jpmorgan-ceo-jamie-dimon-warns-us-driving-toward-cliff-debt-snowballsJPMorgan CEO Jamie Dimon warns US driving toward a cliff as debt snowballs JPMorgan Chase chairman and CEO Jamie Dimon says the U.S. is speeding toward a cliff as the nation's runaway debt continues to mount, sounding the alarm that the situation needs to be tackled before it results in a crisis. The chief executive of the nation's largest bank issued the warning during a panel discussion at the Bipartisan Policy Center on Friday, when he was asked for his take on what it means for the economy if the federal government fails to address the issue. Dimon began his response by recalling how the economy looked back 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. He noted that today, the debt-to-GDP ratio is above 100%, and said it is projected to reach 130% by 2035. "And it's a hockey stick," Dimon said, describing how the debt growth would appear on a chart. He said the U.S. has not reached the "hockey stick" surge yet, "but when it starts, markets around the world – by the way, because foreigners own $7 trillion of U.S. government debt – there will be a rebellion, and that is the worst possible way to do it." more at link
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Post by fordy on Jan 29, 2024 23:03:25 GMT
......................SS , Medicare , Medicaid , etc. will be cut drastically ! So , assuming Trump wins , his four years in office will bring a Republican Adm . a lot closer to the financial Abyss and INSTITUTING reductions in spending that are actions caused by the former Biden Adm !
......................So , WHO will get the Blame and receive the political consequences when the financial measures are put into place ? , fordy
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