Half a Trillion Added Since January
The US national debt has skyrocketed by over $582 billion since the beginning of 2024, according to Treasury data. This staggering increase has brought the total debt to $34.5 trillion.
Interest Payments Surpass Spending
Interest on the debt now exceeds spending on both national defense and Medicare. This has raised concerns about the sustainability of the nation’s fiscal situation.
JPMorgan Chase CEO Warns
Jamie Dimon, CEO of JPMorgan Chase, has issued a warning about the growing debt-to-GDP ratio. He believes that if left unchecked, it could become a major problem.
Debt-Driven Growth
Dimon argues that much of the recent economic growth in the US has been driven by borrowing. However, he cautions that this approach is not sustainable in the long run.
Focus on Fiscal Deficit
Dimon urges the government to focus on reducing the fiscal deficit. He believes that this is crucial for maintaining economic stability and avoiding a market-induced crisis.
Government Spending Exceeds Revenue
The Treasury Department reports that the US government has spent $855 billion more than it has collected in revenue in the 2024 fiscal year. This deficit spending has contributed to the rapid growth of the national debt.
