ARTICLE AD BOX
"Dimon opened his remarks talking about Reagan, who sounded the alarm about the national debt back in the early 1980s when America’s debt to GDP ratio was just 35%. Today it’s 122%. And with each passing year the number becomes even worse.
"Dimon warned the audience that 'tectonic plates are shifting,' referring to America’s status as the dominant superpower in the world—which is rapidly slipping.
"'The amount of mismanagement is extraordinary, he said. America has added $10 trillion to the national debt in just five years… and for what benefit? Is the country $10 trillion better off? Did any of that $10 trillion improve the lives of anyone who isn’t in Washington DC?'
"Just covering the interest payments on the national debt now costs taxpayers more than $1 trillion per year. And if the current trend on rates and deficit spending hold, it will reach $2 trillion per year by 2028.
"So, a level of debt that has already caused all major credit agencies to downgrade US credit is on a path to double its cost by the end of President Trump’s term, and yet congress is proposing a behemoth bill Elon Musk, again, described today as a 'disgusting abomination' that will explode federal budget deficits ...
"Does this porker look like a big winner, sprawling across the US bond universe with his puddling fat? I’ll side with Musk: this pork-filled Bill is a disgusting abomination."
~ David Haggith from his post 'From Bonds to Big Beautiful Bill, We're Going Bust'
English (US) ·