Jamie Dimon, the billionaire chairman and CEO of JPMorgan Chase & Co., the world’s largest bank, said Americans have “legitimate grievances” about immigration and economic opportunity, adding, “Neither do I. I agree with that opinion.”
He said this in his 2024 annual letter to shareholders. Mr. Dimon accused the national system of failing to protect the American Dream, economic vitality, and economic opportunity for ordinary Americans.
From my perspective, our highly emotional and politically charged domestic issues are 1) immigration and lack of border security, and 2) the fraying of the American dream, especially for those who feel left behind. It is a hub for many low-income and rural Americans. The wealth and prosperity of those around you increases…
Many of the affected Americans are not angry at hard-working, law-abiding immigrants and, in fact, recognize that immigrants continue to play an important role in building this great country. I believe there is. Rather, they are angry that the US is not implementing proper border controls and immigration policies. It’s amazing how many people in Congress know what needs to be done and want to do it, yet partisan politics prevents them from passing legislation. Congress has had some narrow victories and I hope they keep trying.
but Daimon We are not calling for general immigration cuts or curbs that would incentivize politicians and investors to raise American wages, foster American innovation, improve worker productivity, and expand business trade. do not have. Instead, Dimon tweeted about vague “immigration…reform” while saying that immigrants “play a critical role in building this great country.”
Some so-called reforms, such as the establishment’s 2024 border bill, are aimed at exacerbating the government-led influx of wage-cutting immigrants into American workplaces, communities, and politics.
President Joe Biden speaks at the Washoe Democratic Party office in Reno, Nevada, March 19, 2024. (AP Photo/Jacqueline Martin, File)
President Joe Biden’s maximum immigration strategy will cost Dimon and his Wall Street cronies enormous short-term costs as it forces more foreign workers, consumers and renters into the economy. It brings benefits — even if it also crowds out wage increases and trade. The opportunity, productivity, innovation, and prosperity that blue-collar and white-collar Americans and their children need.
“There is little doubt that if we opened America’s borders to the rest of the world, hundreds of millions of people would want to move here,” Dimon said.
Regardless of this silence on immigration policy, Mr. Dimon’s confession is a sign that establishment leaders have been actively criticizing the failed policies pushed by their contemporaries, and that President Donald Trump’s voters in 2016 It’s a rare moment where we look at why they beat them, and how they might do it again in 2024.
Mr. Dimon told CNBC in January that Mr. Trump’s supporters were not “voting for Mr. Trump because of family values.” he added:
To be honest, he’s right in a way about NATO. You’re right about immigration in a sense. He grew the economy very well. Tax reform was successful.He was right about parts of China…Democrats did a pretty good job [PR] Working with deplorable people who embrace Bibles, beer, and guns. I mean, can you really stop doing that and actually grow up and treat other people with respect and listen to them a little bit?
Mr. Dimon’s perceived failures of the elites may be intended to position him for the top job in a future Trump White House.
Mr. Dimon wrote in a recent letter:
For more than two decades since 2000, America has experienced an anemic growth rate of 2%. We should have strived for and achieved 3% growth. Had we done so, our per capita GDP would be $16,000 higher today, and we would have had better health care, child care, education, and other services. The important thing is that the best The way to deal with excessive deficits and debt problems is to maximize economic growth.
“The federal government must restore trust through competency and effective policymaking, regardless of which party is in charge,” he wrote.
We must be brutally honest about the fact that an alarming number of policies, institutions and operations are underperforming. Too many inefficient public schools don’t give students the skills they need to get well-paying jobs. More than 25 million Americans are uninsured, medical costs are skyrocketing, and there are too many negative outcomes. Inability to effectively plan, permit, and build infrastructure. Our litigation system is fickle and wasteful. Progress on immigration policy and reform is frustrating. The lack of an efficient mortgage market and affordable housing policies keep housing out of reach for many Americans. The pension system is underfunded and no action is taken on deficit spending, Social Security, or Medicare. I’ll stop here. This should be unacceptable to all of us.
Mr. Dimon includes some revealing digs about Mr. Biden’s combination of political rewards for progressives and economic rewards for lucrative business interests.
JPMorgan Chase Chairman and CEO Jamie Dimon speaks during the Senate Banking Committee’s annual Wall Street Oversight Hearing on Capitol Hill, Thursday, September 22, 2022, in Washington. testify (AP Photo/Jacqueline Martin, File)
“To solve a problem, you must first recognize the problem,” he wrote, adding:
Despite decades of government planning and all the moralizing surrounding it, we have not done a particularly good job of uplifting our lower-income fellow citizens…This is tearing apart America’s social fabric. , is one of the root causes of national fraying. American dream.
Mr. Dimon’s letter appeared to push back against Mr. Biden’s gradual takeover of commerce, culture, and capitalism, stating:
At the heart of American dynamism are human freedoms: the freedoms and powers that come through freedom of speech, freedom of religion, free enterprise (capitalism), and the right to elect leaders through democracy. Free people are free to move around as they see fit, work as they see fit, dream as they see fit, and invest in the pursuit of happiness as they see fit. I have. This freedom that people enjoy, accompanied by the freedom of capital, is driven by the economic and social dynamism of this great country. …But even in some countries that have some of these rights, a lack of dynamism is evident, often due to bureaucracy, weak institutions and governments, and corruption, which clearly leads to less innovation, less growth, and and generally leads to lower economic growth. Standard of living.
Mr. Dimon called for reform in the education sector and more taxpayer support for low-income Americans.
Free stuff is so obvious that it’s almost embarrassing to propose. Our schools (high schools, community colleges, and even four-year universities) should be held accountable for their results and judged by the quality of work and income levels available to graduates and even non-graduates. .
The second step is related to the first. That means increasing the incomes of low-wage workers. This will cost money, but it’s a total no-brainer to me because it’s an expansion of the Earned Income Tax Credit (EITC), an existing program that many Democrats and Republicans have already agreed to. Currently, the EITC supplements low- to moderate-income working individuals and couples, especially children and people living in rural areas. For example, a single mother with two children who earns $9 an hour (approximately $20,000 a year) could receive a tax credit of more than $6,000 at the end of the year.
While Dimon is critical of the system, he also supports many globalist policies, stating:
Ukraine is at the forefront of democracy. If the war ends badly for Ukraine, we may see Pax Americana fracture. That would be disastrous for Ukraine. completely free world.Ukraine’s struggle is our struggle and we are certain to ensure their victory america first.
…
We should also immediately re-enter the previously negotiated Trans-Pacific Partnership, if possible. Not only is it good for the economy; A great strategic and economic security move — An economic union that unites our country with 11 other important countries, including Australia, Chile, Japan, Malaysia, Mexico, Singapore, and Vietnam. [Emphasis added.]
Mr. Dimon did not address President Trump’s national decision to scrap a partnership that would have moved more foreign workers to the United States while sending more jobs out of the country.
Globalist-oriented Axios.com site explained Document: “CEO of JPMorgan Chase” jamie dimon use his annual shareholder The letter, submitted Monday morning, laid out a global agenda of what has been described as belligerent hegemonic neoliberalism: pro-American, pro-military, pro-trade, pro-capitalist, pro-DEI, anti-China. . ”
Watch — Dimon: Democrats should have ‘more respect’ for Trump supporters, negative MAGA talk hurts Biden
Extract migration
Since at least 1990, the federal government has relied on extractive immigration to grow the economy, allowing investors to move high-wage manufacturing to low-wage countries.
Immigration policies rob poor countries of vast human resources.Additional workers, consumers and renters push up It drives up stock prices by lowering Americans’ wages, subsidizing low-productivity businesses, raising rents, and inflating real estate prices.
This economic policy deprived many mainland-born Americans of careers in a variety of business fields, reduced American productivity and political influence, slowed high-tech innovation, reduced trade, and Civil life has become dysfunctional. solidarityAnd he encouraged government officials and progressives to ignore the policy. rising mortality rate of got thrown away American.
“Mom, I’m fine.” Last night, I helped two parents get their teenagers off the street who were on fentanyl. He couldn’t do that and it took time. I sat down with my child and explained that I wasn’t going anywhere and that I needed to accept help. pic.twitter.com/bRzBIGXq5a
— Kevin Dahlgren (@kevinvdahlgren) April 1, 2024
The policy also siphons jobs and wealth from core states by subsidizing coastal investors and government agencies with large numbers of low-wage workers, high-occupancy renters, and government-supported consumers. ing. Similar policies have affected citizens in Canada and the United Kingdom.
Policies like colonialism hurt small countries and killed hundreds of Americans and thousands of immigrants, some of whom were paid for by taxpayers. jungle trail Passing through the Darién Canyon in Panama.
