JPMorgan's Dimon Says US Economy Is 'Booming'

If you had to describe the US economy, how resilient is it? It’s it’s unbelievable. But you know, you look at it, it means basically it’s booming. It’s been booming for a while, you know, since since COVID, kind of before there was slow growth. If you look at the economy of foot, it was very low growth for 20 years. And you know, if I was a government, I’d be looking at saying why? And I think there are a lot of good bad reasons for it, you know, like regulations and bureaucracy and stupidity and Ford policies and, you know, anti growth, taxation and a whole bunch of different. Other types of stuff. But, but if you look at the economy since then, you know, it’s been booming. Unemployment is hit an all time low. It’s been under 4% now for the better part of two or three years, something like that. The American consumer, even we go into recession, is much wealthier than before. Debt service ratios are very low. Yeah, they’re normalizing now. And credit is, we say it’s normalized. It’s not gotten worse, but they have, it’s still the lowest it’s ever been, pretty much on record. Their home prices are up. Their stock prices are up. Remember, 50% of people don’t have. You know, they don’t owe money at all. And so even if we go to recession and consumers in good shape, but that doesn’t mean you can fight off the effects of stagflation or something like that if it gets much worse. And so I, I’m, I worry that it looks more like this have these than we’ve seen before. If you go back to the 70s, deficits were half what they are today. The debt to GDP was 35%, not 100%. And so part of the reason I think we’ve had the strong growth is the fiscal spending. You know, if you, and why not spend another $2 trillion? And if we did, what would happen? You’ll have more money. People invest more money, people hire more people and you’d have more growth, but it’s also quite inflationary. And so you got to you have trade-offs there. So, so far we’re in pretty good shape. And so far it looks like, you know, that soft landing type of scenario, but I’m I’m putting me on the cautious side of that one.