Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Jamie Dimon sounds the alarm on the future of American prosperity

Jamie Dimon sounds the alarm on the future of American prosperity

Jamie Dimon is very bullish on the US economic recovery from the pandemic. And yet the JPMorgan Chase CEO is deeply concerned about the future of America.

In his annual shareholder letter Wednesday, Dimon wrote that the Covid-19 pandemic, the "horrific murder" of George Floyd and the painfully slow economic growth of the past two decades are all symptoms of a broader problem: "inept" public policy and broad government dysfunction.

"Unfortunately, the tragedies of this past year are only the tip of the iceberg — they merely expose enormous failures that have existed for decades and have been deeply damaging to America," Dimon wrote, adding that the nation was "totally unprepared" for the deadly pandemic.

Dimon, one of the leaders of Corporate America and Wall Street, sounds the alarm on the future of American prosperity in the 66-page letter, which represents his most expansive comments to date on policy. He notes that America has faced tough times before — including the Civil War, World War I, the Great Depression and World War II.

"In each case, America's might and resiliency strengthened our position in the world, particularly in relation to our major international competitors," Dimon said. "This time may be different."

In other words, America's rivals, most notably China, could use this moment to catch up.

Don't assume the problems will go away


In a phone interview with CNN Business, Dimon urged the nation to take this moment seriously.

"Are we at a crossroads? I don't know, but I would treat it like one," he said. "The better strategy in life is to assume it is and fix it, rather than assume it will go away."

Dimon suggested the first step is for America to admit it has serious problems.

"Even in business, you don't fix things if you don't recognize you have a problem," Dimon told CNN Business. "We are in a position where we could do a great job — or continue to just muddle through and then we'll all be blaming each other."

Dimon's letter, which includes a roadmap for how to get America back on track, comes as business leaders face pressure to provide moral leadership on major issues, ranging from climate change and voting rights to inequality.

Corporate America's willingness to engage on Georgia's controversial voting law led Senate Minority Leader Mitch McConnell to warn of repercussions and former President Donald Trump to call for a boycott of major American brands, including JPMorgan.

'Broken policy'


In his shareholder letter, Dimon wrote that America is "clearly under a lot of stress and strain" from various events, including the pandemic, racial unrest, the rise of China and "the divisive 2020 presidential election, culminating in the storming of the Capitol and the attempt to disrupt our democracy."

The JPMorgan (JPM) CEO wrote that China sees an America that is losing ground in technology, infrastructure and education and a nation "torn and crippled by politics," racial and income inequality and unable to coordinate government policies in a coherent way to accomplish goals.

"Unfortunately, recently, there is a lot of truth to this," Dimon said. "Perhaps we were lulled into a false sense of security and complacency in the last two decades of the 20th century as we enjoyed relative peace in the world and a position of global dominance, validated by the fall of the Soviet Union."

Dimon suggested that many of America's problems are self-inflicted and the result of extreme polarization and "broken policy."

"Politics is increasingly divisive, and government is increasingly dysfunctional, leading to a number of policies that simply don't work," Dimon wrote. "The fault line is inequality. And its cause is staring us in the face: our own failure to move beyond our differences and self-interest and act for the greater good."

Dimon: This economic boom could run into 2023


The good news is that Dimon thinks these problems are fixable and he's upbeat on the economic recovery from the pandemic.

"I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE [quantitative easing], a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the US economy will likely boom," Dimon wrote. "This boom could easily run into 2023 because all the spending could extend well into 2023."

Asked by CNN Business when the last time was that he felt this optimistic about the US economy, Dimon said, "not for a long time."

"The circumstances are quite good, though some people are still being left behind. And we're coming out of COVID, thank God," he said.

The coming economic boom is "good for everybody ultimately," Dimon said, "but it doesn't fix all of our problems."

Dysfunction is slowing down the economy


Those problems, according to Dimon's letter, include inequality in the nation's education system, a costly litigation and regulatory system, "terrible" infrastructure planning, wasteful spending, ineffective immigration policies and "poorly designed" social safety nets.

"It is hard to look at these issues in their totality and not conclude that they have a significant negative effect on the great American economic engine," Dimon said, adding that the "dysfunction" could easily have been a 1% drag on the nation's economic growth rate.

Dimon laid out a series of what he sees as root causes for America's issues, including short-term thinking, an overreliance on economic models, media hype and partisan politics.

"Our problems are complex and frustrating — but they are fixable with hard work," Dimon wrote.

He laid out 15 policies leaders should focus on, including improved wages for low-skilled work, training for jobs, making it easier for those with a criminal record to get a job, better fiscal and tax policy, reforming social safety net programs, reviewing regulatory red tape, modernizing infrastructure, intelligent industrial policy and proper immigration policies.

'We do not have a divine right to success'


In the end, Dimon argued that healthy economic growth "may be the only way out of our current situation" of slow income growth and rapidly rising debt.

If the US economy grew at 3% instead of 2% over a 10-year period, that would lead to $2.3 trillion in additional GDP by the end of the decade, translating to an average increase in household income of about $18,000, according to JPMorgan.

"A 3% growth rate is what we used to have — and it is achievable again," he wrote.

Dimon urged America to roll up its sleeves and address its myriad of problems — before it's too late.

"While I have a deep and abiding faith in the United States of America and its extraordinary resiliency and capabilities, we do not have a divine right to success," he wrote. "Our challenges are significant, and we should not assume they will take care of themselves."

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×