Global investment bank JPMorgan has sent out a warning signal, likening the ballooning $34 trillion U.S. national debt to a ‘boiling frog’ situation, which could potentially lead to an unmanageable financial crisis.
What Happened: The U.S. national debt has hit a new high of $34 trillion, stoking fears of a ‘boiling frog’ scenario. JPMorgan suggests that this burgeoning debt issue, exacerbated by the government’s record borrowing, could result in an insurmountable financial crisis if left unchecked, according to a report by Business Insider.
A situation akin to a boiling frog occurs when individuals neglect to address a developing issue, allowing it to escalate gradually until it reaches a critical point. If a frog is placed in already boiling water, it will likely jump out, but if the water heats up gradually, the frog may not realize it’s being cooked until it’s too late.
The Congressional Budget Office projects that by…
