Jamie Dimon weighs in on Trump’s victory, the policies his administration should focus on
Eurasia Group founder and chairman Ian Bremmer discusses what President-elect Donald Trump’s proposed foreign policy moves could mean for the United States at the Barron’s Roundtable.
JPMorgan Chase CEO Jamie Dimon explained the factors he saw leading to President-elect Donald Trump’s election victory over Vice President Kamala Harris in an interview published this weekend.
Dimon was interviewed by CBS correspondent Lesley Stahl for “CBS Sunday Morning News” and said he saw frustration among American voters about government policies and the issues political leaders were focusing on.
“People were angry at what they called the country – the ‘swamp’. Inefficient government. People wanted something more pro-growth and pro-business politics, that they did not want to be continuously lectured on social policy. I think it’s part of the lecture. It’s social superiority, it’s ‘My way or the highway’. I traveled all over the country; I felt it everywhere I went,” Dimon said.
Stahl asked Dimon if he understood there was a “sense of gloom about the economy.”
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JPMorgan Chase CEO and Chairman Jamie Dimon spoke with CBS about President-elect Donald Trump’s return to the White House. (Photo: Victor J. Blue/Bloomberg via Getty Images / Getty Images)
“I understand that, because I think Americans have a lot of legitimate concerns,” Dimon replied. “For example, ineffective government, they’re angry about that. They’re angry about immigration. There are people with legitimate problems.”
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 244.21 | +4.30 |
+1.79% |
Dimon went on to say that inflation and the disconnect between government policy priorities and the outcomes of those policies in rural communities contributed to that frustration.
“It was inflation, it was all the money that was given. If you go to a rural area, and you look at all the things that have been done, these things like even electric vehicle loans, all these green things. They don’t look like if it benefited them, they still didn’t have a job, their income didn’t increase, their schools didn’t work,” he explained. “So you have to be very careful when you analyze what happened in our society as to why people looked at this and said this doesn’t work for me.”
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Dimon said this in part of an extended interview with CBS government bureaucracy burdens small businesses and contributes to pessimism about economic opportunities as well as frustration with government agencies.
“Every person out there who deals with the federal government, especially small businesses, knows the red tape is unbelievable. Now we all laugh at it. ‘I can’t get permits, I can’t get certificates of occupancy, I can’ If you don’t understand this, this rule says that don’t do that, people don’t have to go to work anymore,’ he explained.
“All those things, it has to change. I think it’s causing low morale and anger at the government and so it has to be fixed. The government has to show its competence,” Dimon said.
President-elect Donald Trump will be inaugurated for his second term on January 20, 2025. (REUTERS/Carlos Barria/Reuters Photos)
Dimon was asked what policy advice he would give Trump for his second term and pointed to immigration reform and border security.
“Get immigration, get a real border, then get proper immigration after that – legal immigration. Desired immigration. Whether it’s seasonal workers, H-1B visas, which, by the way, most people are kind of okay with,” he explained.
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Stahl asked Dimon if there was something “wrong” with the US economic system, given that the highest-income Americans are seeing an increase in wealth.
“I think you have to be very careful when you say, ‘What’s wrong?’ You want a healthy economy, and a really healthy economy lifts up all citizens? “And if there are some unfair things that have created some of that wealth, they need to be fixed.”
“If I were king for a day, I’d probably change a bunch of things tax lawsalso, which I won’t give you details about. It’s not going to cut it as much as you think it should,” Dimon said. “I think the wrong part is that the bottom 30% didn’t do better, not that the top 0.1% did so well. “
Jamie Dimon has been CEO of JPMorgan Chase since 2006. (Photo by Erik McGregor/LightRocket via Getty Images/Getty Images)
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The CEO of JPMorgan offered one concrete tax policy proposal and said he would double the Earned Income Tax Credit, which supplements the income of low- to moderate-income working households. “That alone would put a lot more money in the pockets of people who are working on lower incomes, it would go into their communities, into their families,” he said.
