JPMorgan Chase CEO has laid out the “worst outcome” for America’s economic future, beyond recession.

“The worst outcome is stagflation,” said Dimon. “And by the way, I wouldn’t take it off the table.”

68-year-old Jamie Dimon made his remarks on Tuesday at the Council of Institutional Investors in New York.

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JPMorgan Chase is the largest bank in the United States according to Bankrate, with $3.4T in assets.

Stagflation, a portmanteau of stagnation and inflation, refers to a state where economic growth slows while inflation and unemployment rise.

The economic consequences of stagflation may cause retirement savings to go down as well as the stock market to crash; it was last seen in the U.S. during the 1970s, according to Investopedia.

While inflation in August grew less than expected at 2.5%, the outlook for the federal debt is bleak, with the growing number measuring $35,309,184,612,870.00 as of September 12.

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Interest payments due in October on the national debt now exceed the costs of both Medicare and the national defense budget. National debt may contribute to further inflation on the horizon.

This is the first time in American history that interest payments on the national debt have risen above $1T. 

“So, it’s hard to look at [it] and say, ‘Well, no, we’re out of the woods.’ I don’t think so,” said Dimon.

JPMorgan shares have gained over 18% this year, inline with the S&P 500’s rise.

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Original article source: CEO of JPMorgan warns US of economic fate worse than recession: ‘The worst outcome’