The CEO of JPMorgan has warned the US is "driving toward a cliff" as the nation's debt continues to rise.
Jamie Dimon has warned that there will be a "rebellion" in reaction to the markets.
It comes as the 67-year-old billionaire, who has been a Democrat donor, has previously praised Donald Trump, saying he "wasn’t wrong" about some of critical issues.
Dimon was asked for his take on what it means for the economy if the federal government fails to address the issue during a panel discussion at the Bipartisan Policy Center last week.
Jamie Dimon was speaking at the Bipartisan Policy Center last week
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He spoke about how the economy looked back in 1982, with inflation around 12 per cent, the prime rate around 21.5 per cent and unemployment somewhere around 10 per cent, and the debt was around 35 per cent of gross domestic product.
Dimon noted that today, the debt-to-GDP ratio is above 100 per cent, and said it is projected to reach 130 per cent by 2035. He added that the debt would appear like a "hockey stick" on a chart.
While Dimon noted the debt, has not reached the "hockey stick" surge yet, he said: "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...It's about 10 years out, we're going 60 miles an hour [toward it]."
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Former Speaker of the House Paul Ryan called the rising debt "the most predictable crisis we've ever had"
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Also speaking at the event was former Republican Speaker of the House Paul Ryan who called the snowballing debt "the most predictable crisis we've ever had."
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 per cent of gross domestic product. Under current law, that figure is expected to skyrocket to 181 per cent at the end of 2053.
Last year, Dr Dave Brat, from Liberty University’s business school warned the national US economy is facing a bleak 12 months.
Dr Brat told GB News: “I think, you know, everyone over here has said we're going to have a credit event, likely in the commercial real estate sector, because they run on five year debt. Well, after Covid, we're two to three years in already.
“That's being recycled. Interest rates are going to keep going up. The US Government is having to recycle $8trillion in debt this year, right?
“We're $33trillion in debt, $8trillion is going to go from zero per cent. I'm exaggerating a bit from very low interest rates up to that five per cent, that's going to be staggering, right?
"If you want to do just a simple math on the US, according to CBO, we're $50trillion in debt in 10 years."
