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HomeNewsJPMorgan CEO Jamie Dimon urges U.S. to cope with its fiscal deficit

JPMorgan CEO Jamie Dimon urges U.S. to cope with its fiscal deficit


JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks through the U.S. Senate Banking, Housing and City Affairs Committee oversight listening to on Wall Road corporations, on Capitol Hill in Washington, D.C., on Dec. 6, 2023.

Evelyn Hockstein | Reuters

JPMorgan Chase CEO Jamie Dimon on Wednesday urged the U.S. to scale back its fiscal deficit sooner quite than later, warning the problem will seemingly develop into “way more uncomfortable” if it continues to be ignored.

“America has spent some huge cash. Throughout Covid and after Covid, our deficit is at 6% now. That is rather a lot, however clearly that drives development,” Dimon stated in an interview with Sky Information.

“Any nation can borrow cash and drive some development, however that will not at all times result in good development. So, I feel America ought to be fairly conscious that we have now obtained to give attention to our fiscal deficit points a bit of bit extra, and that’s necessary for the world,” he added.

Requested whether or not the U.S. was more likely to endure penalties over the subsequent couple of years if it did not cope with its deficit, Dimon replied, “I do not assume it is a huge comeuppance and I do not assume it is the subsequent couple of years, however I feel it’s why we have now increased inflation.”

He added, “I feel if you wish to do a fantastic job in your nation, and you’ve got a 6% deficit and 100% debt to GDP, this could go [on] for some time, however the sooner we give attention to it, the higher.”

Dimon stated he hoped the U.S. authorities “actually focuses” on lowering the deficit whereas nonetheless having fun with a interval of strong financial development.

“At one level it’ll trigger an issue and why must you wait?” Dimon stated.

“The issue will probably be brought on by the market after which you can be compelled to cope with it and doubtless in a much more uncomfortable approach than for those who handled it to start out.”

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