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America is ‘going broke slowly’ says JPMorgan, as national debt balloons and tariff revenue looks shaky

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46 Comments

  3. Antipolemic on

    As long as the US dollar remains the world’s reserve currency our debt will be sustainable, certainly at its current and near term level. But therein lies the danger of this administration. It’s policies are undermining the very faith in the US dollar and global hegemonic leadership that built the current rules based economic order. As the US’s trustworthiness and dependability crumble, as we slip further into isolation and nationalism, the more we open the door to China to take the stage and push our allies into regional alliances that undermine the dollar’s preeminence. Some of this might be a good thing. But it won’t help us underwrite our growing debt.

  4. Justthetippliz on

    While Jamie Dimon keeps putting more money in his pockets.

    Jamie Dimon’s total compensation for 2024 was $39 million, an increase of 8.3% from the previous year. I can only assume it’ll be more this year.

  6. Thund3rbolt on

    What a surprise… pretty much what one would expect when you put a convicted criminal in the White House. I worry the most that in desperation it could lead to an attempt to use expansionism as a way to solve a badly failing economy. I wouldn’t put anything past this insane administration at the point.

  9. BTRCguy on

    I am pretty sure we have *been* broke for a *long* time, considering that aside from a very brief bit during the Clinton years we have had to borrow to meet our obligations for *generations*.

  10. Chainsawjack on

    There is am anecdote where a millionaire is asked how he went bankrupt…his response “slowly and then all at once”

  13. digger70chall on

    Are we going broke? Compare the debt to the wealth held by our top 10 percent…1 percent?

  14. jspurlin03 on

    Gee, if only there had been historical evidence that punitive tariffs and rampant nationalism would go poorly.

    If the current administration knew how to read, _and_ they knew anything about history…

  16. RoseCityHooligan on

    Ah yes debt, another reason republicans always give for voting republican. And never look at facts.

  18. kittenTakeover on

    I think we’re in a massive debt bubble right now. The debt is the form of retirement commitments, low taxes, and corporate subsidies. This is on top of a dwindling workforce percentage due to demographic changes. It appears that due to a lack of cultural will we’re choosing to have the bubble pop all at once rather than deflate slowly over time. I think it’s going to be painful.

  20. svensterbod on

    Naw, we’ve gotten 17 trillion so far. And on track for another 938 trillion dollars by next year.

    Lmaooo

  21. eckoelab on

    but wait, I thought the tariffs were going to bring trillions back to the US economy? That is what the clown said during his election, right?
    What a fucking joke.

  25. Dramatic-Art7068 on

    He’s trying to destroy the middle class in order to make us all indebted slaves. And he wants to destroy the lives of anyone who didn’t vote for him while doing the same for those who did. It doesn’t matter if u need voters when your just taking over the country for Putin

  27. gothrus on

    You know how venture capitalists buy a company and loot all of the assets for short term gains and then bankrupt the company? That’s what the GOP and oligarchs are doing to the USA.

  29. AmrokMC on

    Yeah, because historically tariffs have always been a good source of revenue for governments and didn’t contribute to trade wars and inflation at all.

    /s

    This timeline sucks balls.

  30. Showmethepathplease on

    Elon musk is worth 500B

    America could easily balance its books if the political system wasn’t beholden to billionaires and corporations 

  31. aircooledJenkins on

    Tariffs aren’t a fucking revenue. They’re a tax on the citizens for shit brought in from over seas. It’s a net negative for the coffers of the American people.

  34. SoulMasterKaze on

    That JPMorgan note is damning.

    Basically, the US owes as much as it makes in a year. They also expect that the best case scenario is that the debt to GDP ratio will go up by 2% a year, every year, assuming that the economy does nothing but grow and that government doesn’t approve any additional spending.

    The bit right at the end also says basically “the ship is sinking slowly, don’t kid yourself that everything’s fine just because your feet aren’t wet.”

  35. Familiar-Risk-5937 on

    Yes, but Trump has doubled his wealth since taking office, which one do you think the white house cares about?

  36. pennylanebarbershop on

    Certainly a man who has bankrupted six businesses could not bankrupt the entire country.

  40. smack54az on

    Time for more stock buybacks and private equity purchases and layoffs. Yeah the government is a disaster but its exactly what JPMORGAN wanted. God forbid we tax capital gains, tax billionaires out of existence, make stock buyback illegal so companies invest in R&D and their workers, keep private equity from buying up successful businesses and loading them with debt, or buying whole cities worth of single family homes. Fuck these people.

  44. Ferrocile on

    Maybe we should try to get money from the people who — and I know this is a wild idea— have money. Tax the rich.

  45. TheFutureMrGittes on

    If only they could do something. Like tax the billionaires and millionaires, and huge corporations…

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