Top banker Jamie Dimon warns of US debt spree

JP Morgan-CEO Jamie Dimon has called for America to quickly address its rising national debt. Dimon insisted that continuing to ignore politics would make the problem “more unpleasant.” It is reported that CNBC.

The US budget deficit reaches six percent of economic output

Dimon's comments follow a period of rapid interest rate hikes, tax cuts and massive stimulus measures designed to support the world's largest economy during the coronavirus crisis. “America spent a lot of money. During and after covid, our deficit is six percent. It's a lot, but certainly that's driving growth,” Dimon told Sky News, quoted by CNBC.

Every country can borrow money to generate growth, but that does not always lead to sustainable growth. “I think the United States needs to be very clear that we need to focus a little more on our budget deficit problems, which are important to the world,” he added.

US: 33.4 trillion dollars in debt, Germany 2.47 trillion euros

According to the US Treasury Department, Joe Biden's administration has spent $855 billion more than it has earned so far in fiscal year 2024. For the full year 2023, the government deficit is $1.7 trillion. Loud Statista At the end of 2023, the total debt of the United States will be 33.4 trillion dollars (almost 31 trillion euros). By comparison: Germany currently has 2.47 trillion euros in debt, according to the Taxpayers Association of its “Credit watch“Shows. It's only eight percent of the US debt.

Asked whether the U.S. will face consequences in the next few years if it doesn't get its deficit under control, Dimon told CNBC: “I think that's why we have high inflation.” The US government is rapidly increasing the national debt during times of booming economy.

Dimon is one of the highest paid bank managers in the world

Dimon was born in 1956 in New York City. After initially studying economics and psychology, Dimon attended the prestigious Harvard Business School in Boston in 1980. He is one of the highest paid bank managers in the world. loud “HandelsblattDimon received a $1.5 million fixed salary in 2023 and $34.5 million in performance-related compensation.