Posted on 02/12/2024 5:29:56 AM PST by george76
We don’t have to deal with Dimon or whoever, but the comments that dismiss this debt as no big deal are crazy.
Regardless, I have written my senators and representative asking them to cut spending with no result and a canned response. The real problem is that their votes are so easily cancelled out by the “buying votes and personal wealth” crowd in congress. Short of a major crisis I can’t foresee any changes in the foreseeable future.
After Jamie Dimon warns of market 'rebellion' against $34 trillion national debt, Fed's Jerome Powell says it’s past time for an 'adult conversation' about unsustainable fiscal policy
EXCERPTS:
On CBS’s 60 Minutes Sunday. "In the long run, the U.S. is on an unsustainable fiscal path," Powell warned.
JPMorgan Chase CEO Jamie Dimon. Dimon, warned last month that the U.S. economy is headed for a "cliff" if something isn’t done to address the federal government's excessive debt burden
Despite the criticism, Treasury Secretary Janet Yellen has brushed off concerns about the rising national debt.
The key metric Yellen looks at is net interest payments as a share of GDP, and that is still "at a very reasonable level," she argued in a CNBC interview last September.
- - -
The "something" that will likely be done about "it," IMHO, is that the leftists will - at a time of their choosing - suddenly cry out an alarm to increase taxes.
And blame America, blame conservatives, blame Republicans, and blame Trump.
Warning label on every plan and product of the left:
“We Don’t Bear Responsibility”
Dimon earned $36 million in 2023, a year in which his bank earned record profits.
Kudos. Jubilee.
Because the alternative is "perpetual bonds," a kind of enslavement which future generations will refute anyway. This is a "sooner or later" scenario. My wife and I prefer the "sooner."
Jubilee. A biblical concept, with goodly roots.
34 trillion dollars is just the federal government debt.. the national debt is much larger
Dimon is first to swing.
When Cortés arrived in the new world he burned his ships to motivate his troops. I suggest the same for the US spending. This appears to be the only way to stop the spending!
yep.
If growth 3% and deficit3% problem minor. If growth zero and deficit 6% of GDP we are toast.my guess the later much closer to reality.
Average Americans have been getting cornholed for decades now.
Wage increases are far below cost of living increases decade after decade.
The Fed prints and banksters like Dimon make millions while creating nothing.
Usury isn’t a moral business.
https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/
Didn't I just read that half of the American population doesn't have $500 in savings to handle an emergency?
Americans have trillions of bullets to shoot their way out of debt.
Own assets.
Do not own cash.
Then inflation affects debt, not wealth.
There’s no doubt, none, that we default.
And certainly within 20 years.
We are heading to a crisis, but until we are there, there is no political will to cut spending. And by the time we get to the crisis, there is no way out of it.
As much as I respect Jerome Powell, he will be replaced by someone who will go into a new round of quantitative easing that will make the last effort look meager.
What's to prevent the Federal Reserve from holding $50 Trillion of US debt? How about $100 trillion? Inflation? We're being programmed now to accept 4-5%, when we were accustomed to 1-2%. Eventually, we'll accept 7-8%. And the Fed's balance sheet will continue to grow.
The one problem with Dimon and others warning about the debt is that no one knows when the bad things will start happening. There's no definitive number that says once we reach X, it will fall apart. So, the people that run things will always find some way to kick the can.
It would also help if we kicked the many millions of able-bodied adults off of welfare and make them get a job so they can begin to pay their fair share of taxes.
Buckle your seatbelts and shoulder harnesses.
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