Don’t get too comfortable with the economy. This warning came from JPMorgan Chase CEO Jamie Dimon at a financial conference on Monday.
“To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake,” he said.
Consumer spending is up and inflation has cooled from where it was last year but those things should not be considered in a vacuum. The U.S. is still set to hit its debt ceiling at the end of September. Congress returns today to begin negotiations. Republicans say that they will not increase the borrowing limit without spending cuts and Democrats say no way to spending cuts.
The White House said that the President is prepared to veto a proposed Pentagon spending measure.