Jamie Dimon is worried about how much the US is borrowing. Here’s why

Trump tax cuts and Covid-era stimulus programs have sent US government debt soaring. The cost of servicing that debt could double in a decade.

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. “Any country can borrow money and drive some growth, but that may not always lead to good growth,” he said in an interview with Sky News. “I think America should be quite aware that we have got to focus on our fiscal deficit issues a little bit more, and that is important for the world.” Dimon went on to say that the deficit is “why we have higher inflation” and that he hopes that the US government “really focuses” on reducing the deficit. “At one point it will cause a problem, and why should you wait?” he said. That problem “will be caused by the market, and then you will be forced to deal with it and probably in a far more uncomfortable way than if you dealt with it to start.”