President Donald Trump’s faltering push to shrink the national debt could be accelerating the country’s descent toward financial ruin, according to a key analyst.

Trump claimed that his sweeping tariffs will “pay down” the national debt, but it could actually be a reason the U.S. is “going broke,” according to JPMorgan Asset Management’s chief global strategist David Kelly in a note to investors.

“The question I am asked most frequently by investors and financial advisors is when is the federal debt going to blow up in all of our faces. My usual answer is that, while we are going broke, we are going broke slowly,” Kelly said.

Kelly said if the Supreme Court rules Trump’s tariffs are illegal it “could force substantial refunds,” raising the whopping $37.8 trillion in debt and its $1.2 tr

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