After Jamie Dimon warns of market 'rebellion' against $34 trillion national debt, Jerome Powell says it’s past time for an ‘adult conversation’ about unsustainable fiscal policy
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Federal Reserve Chairman Jerome Powell has addressed the issue of the unsustainable national debt in the United States, stating that the country is on an unsustainable fiscal path. The national debt has surged to an all-time high of $34.2 trillion, with the debt-to-GDP ratio reaching over 120%. Powell called for an 'adult conversation' among elected officials to address the issue and prioritize fiscal sustainability. He criticized lawmakers for effectively borrowing from future generations and emphasized the need to put a priority on fiscal sustainability. Powell's comments align with those of other critics, including JPMorgan Chase CEO Jamie Dimon, who warned that the U.S. economy is headed for a 'cliff' if the excessive debt burden is not addressed. Powell acknowledged that the U.S. still has a dynamic and innovative economy, but emphasized the importance of addressing the debt situation sooner rather than later. Treasury Secretary Janet Yellen, however, has brushed off concerns about the rising national debt, stating that net interest payments as a share of GDP are still at a reasonable level.

#NationalDebt #FiscalPolicy #JeromePowell #JamieDimon #Economy #Debt-to-gdpRatio

https://fortune.com/2024/02/05/national-debt-unsustainble-fed-chair-jerome-powell-jamie-dimon-ray-dalio-warn/