The CEO of JPMorgan Chase slammed Washington D.C. politicians for the gridlock and “stupid sh**” that is going on in the nation and impacting the U.S. economy.
Jamie Dimon railed against the federal government and said it was “an embarrassment” to travel as an American because of the dysfunction in the nation’s capitol.
“It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid sh** we have to deal with in this country,” Dimon said during a JPMorgan Chase earnings conference call Friday, according to Fox Business Network.
“Since the Great Recession, which is now 8 years old, we’ve been growing at 1.5 to 2 percent in spite of stupidity and political gridlock, because the American business sector is powerful and strong,” the head of the banking giant said.
Dimon pointed to travels in countries like France, Argentina, Israel and Ireland, noting that the U.S. has become “one of the most bureaucratic, confusing, litigious societies on the planet” and “it’s hurting the average American that we don’t have these right policies.”
“Because the American business sector is powerful and strong, and is going to grow regardless of — people wake up in the morning, they want to feed their kids, they want to buy a home, they want to do things, the same with American businesses,” Dimon said, adding that “it would be much stronger growth had we made intelligent decisions and were there not gridlock.”
The new GOP health care bill has been seen as creating the gridlock Dimon cited, impeding passing new legislation on tax reform. A member of President Trump’s advisory council of business leaders, Dimon did not directly blame the Trump administration for the lack of economic growth.
“I’m going to be a broken record until this gets done. We are unable to build bridges, we’re unable to build airports, our inner city school kids are not graduating,” Dimon went on. “I don’t buy the argument that we’re relegated to this forever. We’re not. If this administration can make breakthroughs in taxes and infrastructure, regulatory reform.”
“Unfortunately people write about this saying like it’s for corporations. It’s not for corporations. Competitive taxes are important for business and business growth, which is important for jobs and wage growth,” he said, telling those on the conference call that they “should be ringing that alarm bell” about the problem.
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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