XPost: alt.sodomites.barack-obama, alt.war.civil.usa, talk.politics.guns   
   XPost: talk.politics.misc   
   From: pay.your@own.way   
      
   On 15 Mar 2022, Rudy Canoza  posted some   
   news:Wa4YJ.82409$Mpg8.20074@fx34.iad:   
      
   > Spend! Spend! Spend!  That's what ignorant leech Democrats do.   
      
   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.   
      
   US NATIONAL DEBT TRACKER FOR JAN 25, 2024: SEE WHAT AMERICAN TAXPAYERS   
   (YOU) OWE IN REAL TIME   
      
   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."   
      
   "It is a cliff, we see the cliff," Dimon said. "It's about 10 years out,   
   we're going 60 miles an hour [toward it]."   
      
   LARGE DEFICITS, HIGH INTEREST RATES MAKING FEDERAL DEBT LESS SUSTAINABLE   
      
   Dimon went on to agree with fellow panel member former House Speaker Paul   
   Ryan, who called the snowballing debt "the most predictable crisis we've   
   ever had."   
      
   The outlook for the federal debt level is bleak, with economists   
   increasingly sounding the alarm over the torrid pace of spending by   
   Congress and the White House.   
      
   The latest findings from the Congressional Budget Office indicate that the   
   national debt will nearly double in size over the next three decades. By   
   the end of 2022, the national debt grew to about 97% of gross domestic   
   product. Under current law, that figure is expected to skyrocket to 181%   
   at the end of 2053 — a debt burden that will far exceed any previous   
   level.   
      
   Should that debt materialize, it could risk America's economic standing in   
   the world.   
      
   https://www.foxbusiness.com/politics/jpmorgan-ceo-jamie-dimon-warns-us-   
   driving-toward-cliff-debt-snowballs   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)