Jamie Dimon, CEO of J.P. Morgan Chase & Co. (NYSE:JPM), said in a talk to business executives attending a meeting of the Business Council, that business leaders are starting to get very concerned about the long-term consequences of the deficits of the U.S. government, as it continues to increase in the entitlement culture expanding under the Obama administration.

Specifically noted by chairman and CEO of Caterpillar (NYSE:CAT), Jim Owens, was the increasing costs of Medicare and Medicaid, which Owens said was an "unsustainable, untenable situation with the deficit in the near-term future."

Owens added that the cost of Medicare and Medicaid is growing faster than gross domestic product, and is the core of a very large problem as a result of the increased spending as a result of health-care.

Owens, who is chairman of the business council, said if something isn't done to deal with the situation, we're headed for a "train wreck."

while Dimon said there are some positive signs in the economy, the entitlement culture can't be sustained at these levels, and unless that's cut back, or we're taxed to death, it won't matter what the economy does, as it can be paid for.

Just look at the sovereign debt crisis in Europe to see that you can't develop a culture of entitlement and expect the productive to pay for it. It doesn't work.

While that wasn't specifically state, that is the road we're travelling on if we don't slash entitlement programs.