JPMorgan, a Wall Street powerhouse, has criticized the U.S. for its "chronic suicide" scenario regarding its finances. With national debt soaring to $37.8 trillion, it warns that this has become a lethal time bomb, stating that if "slow bankruptcy" accelerates, the market could face dire consequences. David Kelly of JPMorgan cautioned this week that the U.S. is "heading toward bankruptcy," albeit at a pace slow enough that market panic has yet to materialize. With U.S. debt surpassing $37.8 trillion and interest payments exceeding $1.2 trillion, Kelly pointed out that the debt-to-GDP ratio—currently at 99.9%—could continue to rise even with modest growth. While tariff revenues and temporary deficit relief may provide some effects, he warned that political choices or an economic slowdown could quickly deteriorate fiscal conditions, urging investors to diversify and reduce holdings in U.S. assets before "gradual bankruptcy" turns into rapid collapse. Kelly emphasized that despite the economy currently facing various issues, including geopolitical tensions, trade conflicts, changing immigration enforcement, and government shutdowns, a crucial long-term question remains: how will the U.S. government manage its payments? In an effort to control federal debt and its contribution to the national debt, former President Trump initially invited Tesla CEO Elon Musk to form a "Department of Government Efficiency" aiming to cut $2 trillion from the federal budget. However, the two later fell out over the White House's "One Big Beautiful Bill Act." The Congressional Budget Office (CBO) estimated that this bill would add $3.4 trillion to the national debt over the next decade. The White House countered that its tariff system would offset this spending and the revenue loss from tax cuts, with the CBO projecting that tariffs would reduce total deficits by $4 trillion by 2035. U.S. debt is spiraling upward every second. The national debt has surpassed $37.8 trillion, with interest payments for borrowed funds reaching $1.2 trillion. Concerns have been expressed by JPMorgan CEO Jamie Dimon and Federal Reserve Chairman Jerome Powell. Kelly's main point is that this issue will gradually come to light over time. In a report, Kelly stated, "The global bond market is acutely aware of the trajectory of U.S. debt. To this day, the U.S. government can borrow for 30 years at just a 4.6% yield, indicating that people believe the government still has borrowing capacity." This economist mentioned that, in the short term, ordinary speculators might find some optimistic reasons. For instance, he noted substantial tariff revenues, with the White House reporting $31 billion in tariff income for August. Moreover, recent estimates from the CBO and Committee for a Responsible Federal Budget indicate that the total deficit for fiscal year 2025 will account for 6% of GDP, down from last year's 6.3%. The declining proportion of borrowing to economic growth is a key concern for U.S. creditors. The debt-to-GDP ratio serves as a clear indicator of whether a country can repay its debts or needs to offer higher interest rates to sell its debt. However, Kelly cautioned, "We need to pause and reflect on this number. The total federal debt held by the public is approaching $30.3 trillion, estimated to be 99.9% of GDP. From this level, if future nominal GDP growth is around 4.5% (including 2.0% real growth and 2.5% inflation), any budget deficit exceeding 4.5% will result in an increasing debt-to-GDP ratio. According to our assumptions, this ratio will rise from 99.9% on September 30, 2025, to 102.2% a year later." He added that the pace of rising debt could be faster than this. With regard to tariffs, the legality of Trump's actions remains questionable. Kelly added that if the U.S. Supreme Court overturns these tariffs, "this would at least force the government to reformulate plans for imposing alternative tariffs, either through other authorizations or by submitting a bill to Congress. Additionally, it could compel the government to refund a significant amount of tariffs already paid in recent months." Furthermore, these estimates assume "no economic recession and no need for major spending on domestic or international priorities." Questions are growing about whether the U.S. may have already entered a technical recession in certain states. Kelly concluded, "Considering all these factors, a deficit of 6.7% of GDP might be viewed as a conservative estimate for this year's fiscal deficit." Risk Warning and Disclaimer: The market carries risks; investment is subject to caution. This article does not constitute personal investment advice and does not consider individual users' specific investment objectives, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment actions taken accordingly are at their own risk.