Jamie Dimon and Ray Dalio sound the alarm on soaring US government debt

In the past 24 hours, JPMorgan CEO Jamie Dimon and Ray Dalio, founder of the world’s biggest hedge fund, have weighed in with concerns about America’s debt pile. In an interview with Sky News Wednesday, Dimon said he hoped the US government would focus on reducing its budget deficit — the difference between what it spends and what it receives in taxes each year — before financial markets force it to. “The sooner we focus on it, the better,” Dimon added.

“America spent a lot of money, during Covid and after Covid. Our deficit 6% now, that’s a lot, but obviously that drives growth,” he said. The spending spree has also raised consumer price inflation. “Any country can borrow money and drive some growth but it may not always lead to good growth, so I think America should be quite aware that we’ve got to focus on our fiscal deficit issues a little bit more and that is important for the world,” Dimon commented.

Source: Loan Digest (loandigest.net)

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