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JP Morgan Chase CEO Criticizes Pres. Joe Biden’s “Bidenomics”

U.S. President Joe Biden delivers remarks on the U.S. economy and his administration's effort to revive American manufacturing, during his visit in Flex LTD, in West Columbia, South Carolina, U.S. July 6, 2023. REUTERS/Jonathan Ernst

Jamie Dimon claimed that the $1.9 trillion American Rescue Plan was part of a $5 trillion government stimulus package that is “excessive” and “causing inflation.”

JPMorgan Chase CEO Jamie Dimon (Source: KTVZ)

Bidenomics on JP Morgan Chase CEO’s Perspective

The CEO of JPMorgan Chase described Bidenomics as largely an industrial policy that needs to be used with care. He supports certain industrial policies, particularly for security and competitiveness reasons, but he believes it should have no social or political repercussions. The CEO was particularly forthright in his criticism of the government’s $5 trillion stimulus package, which included the $1.9 trillion American Rescue Plan, calling it “excessive” and “causing inflation”, on the published news of  Entrepreneur.

President Joe Biden’s economic strategies, known as Bidenomics, came under fire from JPMorgan Chase CEO Jamie Dimon in an interview with The Economist that was published on Tuesday. The premise of Bidenomics is that the middle class is the key to economic growth. Its three basic pillars are investing in public goods like infrastructure and education, assisting workers in raising their skill levels so they may join the middle class, and promoting fair competition to drive down prices and help start-ups and small enterprises.


Pres. Joe Biden’s Explanation of Bidenomics

According to President Biden, “Bidenomics” is effective. He recently commented, about the June inflation figure, “Good jobs and lower costs: That’s Bidenomics in action.” Dimon, however, is still not persuaded.

“There shouldn’t be social policy around that. I think that’s a huge mistake. It should not be political, it should be purely economic,” stated Dimon. “I think they’ll focus on how it failed when they write books about this in ten years,” the author said. Additionally, he contended that recent decades have seen insufficient economic growth in the nation.

“We’ve done a terrible job in immigration, taxation, mortgages, affordable housing, and healthcare,” said the author, who also noted that “had we done a good job” the nation would have seen 3% greater GDP growth during the previous two decades.

“Three percent would mean that the average American would have $15,000 more GDP per person for this year,” Dimon added. “That would have funded better safety nets, more troops in the military, and more education.”

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