Jamie Dimon warns of stagflation as the greatest risk for the US economy

Jamie Dimon, CEO of JPMorgan Chase, has outlined the dire scenario for the economic future of the United States beyond a mere recession. "The worst outcome is stagflation," Dimon stated. "And by the way, I wouldn't take that off the table." The 68-year-old Dimon made these remarks on Tuesday during the Council of Institutional Investors in New York. Stagflation, a portmanteau of stagnation and inflation, describes a condition where economic growth slows while inflation and unemployment rise. The consequences of such an economic situation can be drastic: retirement savings could shrink, and the stock market could crash. According to Investopedia, stagflation last occurred in the United States during the 1970s. Although inflation in August rose less than expected at 2.5%, the outlook for national debt remains grim. As of September 12, U.S. national debt stood at $35,309,184,612,870.00. In October, for the first time, interest payments on national debt will surpass the costs of both Medicare and the defense budget. This high level of debt could lead to further inflation. It is the first time in American history that interest payments on national debt have exceeded $1 trillion. "It's hard to assume that we're out of the woods," Dimon said. Shares of JPMorgan Chase have risen over 18% this year, in line with the increase in the S&P 500.