Jamie Dimon and Ray Dalio sound the alarm on soaring US government debt
CNN
The chorus of voices warning about the dangers of record US government debt is growing louder.
The chorus of voices warning about the dangers of record US government debt is growing louder. In the past 24 hours, JPMorgan (JPM) 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. “At one point, it will cause a problem… the problem will be caused by the market, and then you’ll be forced to deal with it and probably in a far more uncomfortable way than if you dealt with it to start.” Yawning deficits are adding to the overall level of US government debt because they require the Treasury to issue more bonds to plug the gap. Dalio said he was anxious about waning investor appetite for those government bonds, known as Treasuries. “I’m… concerned about the softening demand to meet supply, particularly from international buyers worried about the US debt picture and possible sanctions (against countries other than Russia),” he told the Financial Times.
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