Speaking to business students at Duke University, JPMorgan Chase & Co. Chair and CEO Jamie Dimon listed five things that would “kill” the United States in terms of global competitiveness, and he called for serious action by the next president to resolve America’s “critical” economic problems.
"There are five things that will kill this country," Dimon said.
"We have no energy policy, none at all. . . . We must fix the medical system, improve preventative medicine. . . . And our litigation system is so unjust, it's like extortion. It's taking away any sense of responsibility."
Dimon continued, adding a flawed education system and difficulties with public infrastructure as additional detriments to American competitive advantage.
He attacked government for not taking the trade deficit or oil consumption seriously, calling prior governmental action on these issues "rinky-dink crap."
The next president will have a critical impact on the economy, and, like a CEO of a company, will need certain traits to be an effective leader, Dimon said.
"Whoever is elected needs to be thorough, critical and decisive," he said. "They must have a plan and execute it."
Dimon's daughter is a Duke sophomore. He spoke at the university’s Fuqua School of Business.
The recently released Global Competitiveness Report from the World Economic Forum still puts USA at the No. 1 slot for innovation, although the report notes that “bad macroeconomic management” undermines that advantage.
Specifically, the report cited inflation and the current financial crisis as signs of bigger troubles.
“Rising food and energy prices, a major international financial crisis, and the related slowdown in the world’s leading economies, are confronting policymakers with new economic management challenges,” says Xavier Sala-i-Martin, a Columbia University professor and co-author of the report.
“Today’s volatility underscores the importance of a competitiveness-supporting economic environment that can help national economies to weather these types of shocks in order to ensure solid economic performance going into the future.”
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