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Tags: jpmorgan chase | jamie dimon | u.s. deficit

Jamie Dimon Calls on US to Focus on Fiscal Deficit

Jamie Dimon Calls on US to Focus on Fiscal Deficit
JPMorgan Chase CEO Jamie Dimon (Andres Kudacki/AP)

Wednesday, 15 May 2024 10:37 AM EDT

The United States needs to focus on reducing its fiscal deficit or it could become a "far more uncomfortable" problem in the future, JPMorgan Chase CEO Jamie Dimon said in an interview with Sky News Wednesday.

The head of the biggest U.S. bank echoed the sentiment that other business leaders have previously expressed. Executives, including legendary investor Warren Buffett, have warned that the government may need to increase taxes to soften the hit from excessive spending.

"Any country can borrow money and drive some growth, but that may not always lead to good growth," Dimon said.

The debt sustainability of the United States has been under scrutiny for years, especially after the pandemic, when the government spent big to boost the economy.

Experts caution that the debt the government is taking on could soon become unsustainable, worsen inflation and pose risks to the credit rating of the United States.

"If we don't put our finances in order, it is going to have a serious adverse effect on our long-term economic growth and opportunity, causing chronic inflation," said David Walker, former Comptroller General of the United States and member of Main Street Economics.

The Congressional Budget Office estimated in its latest long-term budget projections that federal deficits will rise to 8.5% of gross domestic product in fiscal 2054 from 5.5% in fiscal 2024.

If tax cuts introduced in 2017 are renewed, the deficit could further deteriorate.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The United States needs to focus on reducing its fiscal deficit or it could become a "far more uncomfortable" problem in the future, JPMorgan Chase CEO Jamie Dimon said in an interview with Sky News Wednesday.
jpmorgan chase, jamie dimon, u.s. deficit
235
2024-37-15
Wednesday, 15 May 2024 10:37 AM
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