JPMorgan Chase CEO Jamie Dimon is issuing a stark warning about the risks of America's growing national debt. In his annual shareholder letter, Dimon states the U.S. must address its debt now to avoid a future crisis.
Dimon points to high global deficits and record sovereign debt levels. He notes the Congressional Budget Office forecasts the U.S. debt-to-GDP ratio rising from 100% to 120% by 2036. The CEO also warns of an impending credit cycle downturn, predicting higher-than-expected losses due to weakening lending standards across the financial system.