Jamie Dimon CEO JPMorgan Chase
US DEBT TOPS US $ 40TN AS THE BOND MARKET SHRUGS
US national debt has more than doubled in a decade following years of heavy spending under the Trump and Biden administrations. In 2016, the national debt was at just below US $ 20tn.
US $ 40tn is larger than everything the US economy produces in a year and is larger than every American household’ s debt combined. If the world’ s richest person were to attempt to pay it off, their entire fortune would barely make a difference. The US now owes close to 100 % of annual GDP, a level last seen in the aftermath of the Second World War.
Discussing the debt, Jamie Dimon, CEO at JPMorgan Chase, says a market reckoning will come, adding:“ There will be a bond crisis, and then we’ ll have to deal with it.”