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Jamie Dimon: 'America Has to Get Its Act Together'

Jamie Dimon: 'America Has to Get Its Act Together'
Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. (Sipa via AP Images)

By    |   Wednesday, 07 June 2017 01:47 PM

Jamie Dimon, the chairman and chief executive officer of J.P. Morgan Chase & Co., is so frustrated with some of the nation’s ailments, his prescription is stunningly blunt: “America has got to get its act together.”

"I could go on and on and make a list of all the things that have slowed us down and held us back and affected jobs and wages," he said, CNBC reported. "I think America has got to get its act together about a bunch of stuff, not just one."

CNBC reported that Dimon implored the public to focus on "three really bad facts" that are limiting growth for the U.S. economy:

  • Some 70 percent of young men are ineligible for military service "because of either education — they can't read or write — or health, mostly obesity and diabetes. That's an unbelievable number," Dimon said, citing a Pentagon study. 
  • "Half the kids in inner city schools don't graduate," he said. "Even those who graduate, they're not able to work a proper job," he said in reference to a study nearly a decade ago.
  • The labor force participation rate among American men has fallen sharply over the last generation or so. Government records show that the rate among men ages 25 to 54 has fallen from 96 percent in 1970 to 88.4 percent in May.

Dimon also “blasted the regulatory climate, saying small-business formation has been limited and prospective homebuyers can't get access to mortgages,” CNBC reported.

Dimon seemingly is criticizing problems which have haunted the nation for decades and isn't lashing out at President Donald Trump.

Earlier last month, Dimon told shareholders that he supports Trump out of patriotic duty.

He spoke at the bank’s annual shareholder meeting and urged the business community to work with the Trump administration to tackle issues like preparing young people to enter the work force, according to CNBC.

"He is the President of the United States. I believe he is the pilot flying our airplane," Dimon said at the shareholder meeting in Delaware, "I would try to help any President of the United States because I'm a patriot."

Dimon is a registered Democrat who has said he wants to stay out of party politics and focus on solutions to helping the U.S. economy, which has suffered from wage stagnation and shrinking participation in the work force in the past 30 years. Dimon is chairman of the Business Roundtable, a conservative group of CEOs formed to promote pro-business public policy.

Meanwhile, some of the most respected economic gurus of modern times urge patience while Trump's administration battles Democratic barriers to the full implementation of the president's blueprint to truly "Make America Great Again."

Veteran financial guru and former Ronald Reagan adviser Larry Kudlow is urging any impatient investors to just give Trump a chance to fully enact his strategies to reform healthcare, spark economic growth and redesign the tax system.

After all, Trump has been in office a relatively short time and has inherited a mountain of problems from the past two decades. “He's trying to fix a lot of problems that have gone unfixed in the last 20 years,” Kudlow explained to CNBC.

Trump “still wants tax reform and healthcare reform. Those are big issues for him.” the Newsmax Finance Insider said.

David Horowitz, author of the best-selling book "Big Agenda: President Trump's Plan to Save America," told Newsmax TV that the market rally since Trump won the election has more room for gains as the president pushes his pro-business agenda.

“There's more upside. Starting from when he was president-elect he started this stock market boom,” he told Newsmax TV's “The Income Generation Show.”

“There will be corrections. There are going to be setbacks along the way like the healthcare which they hurried too fast. If you're looking over the long term of this administration I think the stock market is going to love Trump,” Horowitz said.

(Newsmax wires services contributed to this report).

© 2019 Newsmax Finance. All rights reserved.

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JPMorgan Chase CEO Jamie Dimon is so frustrated with some of the nation's ailments, his prescription is stunningly blunt: "America has got to get its act together."
Jamie, Dimon, America, Act, Together, Economy
Wednesday, 07 June 2017 01:47 PM
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