It has been just revealed the fact that JPMorgan Chase is issuing an economic alert as the US debt seems to literally explode. Check out the latest reports about this below.
JPMorgan Chase issues economic alert
According to the latest figures from the U.S. Treasury Department, America’s national debt has rapidly increased by $296.524 billion between August 8th and September 8th, bringing the total debt to $32.940 trillion.
This worrying trend has prompted JPMorgan Chase CEO Jamie Dimon to issue a cautionary statement on America’s financial future.
Speaking at a conference hosted by Barclays, Dimon warned that the country’s high level of spending will ultimately have a profound impact on households.
“I just think people make a mistake to look at real-time numbers and not look at the future. And the future has quantitative tightening.
We’ve been spending money like drunken sailors around the world, this war in Ukraine is still going on. Those are really big buts. To say the consumer is strong today, meaning you got to have a booming environment for years, is a huge mistake.”
Congress is currently under pressure to finalize a new budget before the September 30th deadline.
If an agreement is not reached in time, approximately 60% of federal civilian workers may face furloughs due to certain sections of the government being shut down.
According to Goldman Sachs, the economic growth of the United States could decrease by 0.2% per week until a resolution is made.
There is a possibility of a shutdown due to various political complications, spending level disputes, and a slim majority in the House. Despite previous false alarms, it is important to remain vigilant.
The US debt has been on a rampant rise for a few years now and this is triggering massive panic among people. The crypto space sometimes seems to be the only viable safe haven there is.
