All into Account: US fiscal outlook unsustainable, under any metric

During an insightful discussion with the Congressional Budget Office (CBO), J.P. Morgan Research contemplated the implications for the fiscal and debt trajectory from the CBO’s recently released long-term budget projections that extend through 2052. The current size of the primary deficit in the US is 2.3% of GDP and projected to rise to 3.9% in 2052, mainly due to demographics and mandatory outlays for healthcare and social security, raising concerns that the fiscal trajectory is unsustainable.

Joyce Chang, Chair of Global Research, is joined by Michael Feroli, Chief US Economist and Jan Loeys, Head of Long-term Strategy, to discuss the fiscal outlook.

Speakers:

Joyce Chang, Chair of Global Research

Jan Loeys, Head of Long-term Strategy

Michael Feroli, Chief US Economist

 

This podcast was recorded on August 9, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4167923-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.