London Daily

Focus on the big picture.
Monday, Aug 24, 2026

Jamie Dimon sounds the alarm on the future of American prosperity

Jamie Dimon sounds the alarm on the future of American prosperity

Jamie Dimon is very bullish on the US economic recovery from the pandemic. And yet the JPMorgan Chase CEO is deeply concerned about the future of America.

In his annual shareholder letter Wednesday, Dimon wrote that the Covid-19 pandemic, the "horrific murder" of George Floyd and the painfully slow economic growth of the past two decades are all symptoms of a broader problem: "inept" public policy and broad government dysfunction.

"Unfortunately, the tragedies of this past year are only the tip of the iceberg — they merely expose enormous failures that have existed for decades and have been deeply damaging to America," Dimon wrote, adding that the nation was "totally unprepared" for the deadly pandemic.

Dimon, one of the leaders of Corporate America and Wall Street, sounds the alarm on the future of American prosperity in the 66-page letter, which represents his most expansive comments to date on policy. He notes that America has faced tough times before — including the Civil War, World War I, the Great Depression and World War II.

"In each case, America's might and resiliency strengthened our position in the world, particularly in relation to our major international competitors," Dimon said. "This time may be different."

In other words, America's rivals, most notably China, could use this moment to catch up.

Don't assume the problems will go away


In a phone interview with CNN Business, Dimon urged the nation to take this moment seriously.

"Are we at a crossroads? I don't know, but I would treat it like one," he said. "The better strategy in life is to assume it is and fix it, rather than assume it will go away."

Dimon suggested the first step is for America to admit it has serious problems.

"Even in business, you don't fix things if you don't recognize you have a problem," Dimon told CNN Business. "We are in a position where we could do a great job — or continue to just muddle through and then we'll all be blaming each other."

Dimon's letter, which includes a roadmap for how to get America back on track, comes as business leaders face pressure to provide moral leadership on major issues, ranging from climate change and voting rights to inequality.

Corporate America's willingness to engage on Georgia's controversial voting law led Senate Minority Leader Mitch McConnell to warn of repercussions and former President Donald Trump to call for a boycott of major American brands, including JPMorgan.

'Broken policy'


In his shareholder letter, Dimon wrote that America is "clearly under a lot of stress and strain" from various events, including the pandemic, racial unrest, the rise of China and "the divisive 2020 presidential election, culminating in the storming of the Capitol and the attempt to disrupt our democracy."

The JPMorgan (JPM) CEO wrote that China sees an America that is losing ground in technology, infrastructure and education and a nation "torn and crippled by politics," racial and income inequality and unable to coordinate government policies in a coherent way to accomplish goals.

"Unfortunately, recently, there is a lot of truth to this," Dimon said. "Perhaps we were lulled into a false sense of security and complacency in the last two decades of the 20th century as we enjoyed relative peace in the world and a position of global dominance, validated by the fall of the Soviet Union."

Dimon suggested that many of America's problems are self-inflicted and the result of extreme polarization and "broken policy."

"Politics is increasingly divisive, and government is increasingly dysfunctional, leading to a number of policies that simply don't work," Dimon wrote. "The fault line is inequality. And its cause is staring us in the face: our own failure to move beyond our differences and self-interest and act for the greater good."

Dimon: This economic boom could run into 2023


The good news is that Dimon thinks these problems are fixable and he's upbeat on the economic recovery from the pandemic.

"I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE [quantitative easing], a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the US economy will likely boom," Dimon wrote. "This boom could easily run into 2023 because all the spending could extend well into 2023."

Asked by CNN Business when the last time was that he felt this optimistic about the US economy, Dimon said, "not for a long time."

"The circumstances are quite good, though some people are still being left behind. And we're coming out of COVID, thank God," he said.

The coming economic boom is "good for everybody ultimately," Dimon said, "but it doesn't fix all of our problems."

Dysfunction is slowing down the economy


Those problems, according to Dimon's letter, include inequality in the nation's education system, a costly litigation and regulatory system, "terrible" infrastructure planning, wasteful spending, ineffective immigration policies and "poorly designed" social safety nets.

"It is hard to look at these issues in their totality and not conclude that they have a significant negative effect on the great American economic engine," Dimon said, adding that the "dysfunction" could easily have been a 1% drag on the nation's economic growth rate.

Dimon laid out a series of what he sees as root causes for America's issues, including short-term thinking, an overreliance on economic models, media hype and partisan politics.

"Our problems are complex and frustrating — but they are fixable with hard work," Dimon wrote.

He laid out 15 policies leaders should focus on, including improved wages for low-skilled work, training for jobs, making it easier for those with a criminal record to get a job, better fiscal and tax policy, reforming social safety net programs, reviewing regulatory red tape, modernizing infrastructure, intelligent industrial policy and proper immigration policies.

'We do not have a divine right to success'


In the end, Dimon argued that healthy economic growth "may be the only way out of our current situation" of slow income growth and rapidly rising debt.

If the US economy grew at 3% instead of 2% over a 10-year period, that would lead to $2.3 trillion in additional GDP by the end of the decade, translating to an average increase in household income of about $18,000, according to JPMorgan.

"A 3% growth rate is what we used to have — and it is achievable again," he wrote.

Dimon urged America to roll up its sleeves and address its myriad of problems — before it's too late.

"While I have a deep and abiding faith in the United States of America and its extraordinary resiliency and capabilities, we do not have a divine right to success," he wrote. "Our challenges are significant, and we should not assume they will take care of themselves."

Newsletter

Related Articles

0:00
0:00
Close
Prime Minister Andy Burnham to Give Ukraine Classified Storm Shadow Blueprints for Domestic Missile Production
UK Graduate Job Vacancies Plunge 45% to Lowest Levels on Record
Government Audit Reveals Pressure on UK Hospitality From Business Rates and Rising Costs
Kindertransport Survivor Prepares to Revisit European Sites Linked to Her Family’s Wartime Separation
Northern England Transport Operators Strengthen Contingency Plans as Travel Demand Rises
New Implant Trials Offer Treatment Prospects for Patients With Refractory Angina
South Wales Reviews Wildfire Response After Exceptionally Dry Summer
UK Treasury Prepares Autumn Fiscal Statement Amid Spending and Defense Pressures
Norfolk Records First Wild Beaver Births in More Than Five Hundred Years
Historic Portrait of Benjamin Disraeli Reported Missing From Parliament’s Art Collection
Five People, Including Police Officers, Killed in A66 Crash as Families Pay Tribute
Most English Secondary Schools Found to Fall Short of National Healthy Food Standards
UK Think Tank Says Productivity Growth May Be Stronger Than Official Data Shows
Reform Party Proposes Lower Social Housing Priority for Foreign-Born UK Citizens
UK Government Plans Business Rate Overhaul to Ease Pressure on Pubs and Hotels
New Daily Diabetes and Weight-Loss Pill Launches Across NHS Pharmacies in England
UK Graduate Job Vacancies Fall to Lowest Level in a Decade
UK Prime Minister Andy Burnham Visits Kyiv to Reaffirm Long-Term Military Support for Ukraine
Iranian Hackers Shut Down British Power Plant for Four Days in Landmark Cyber Attack
Novak Djokovic Reveals Relentless Self-Doubt and Rejects Retirement in New Documentary
Trump Imposes 50% Tariffs on Canadian Goods After Bilateral Trade Talks Collapse
First Bus Bars Unaccompanied Under-Sixteens From Evening Services in Stoke-on-Trent
Lithium-Ion Battery Fires Cost UK Waste Sector About One Billion Pounds a Year
Reform UK Proposes Lower Social Housing Priority for Foreign-Born Naturalised Citizens
UK Government Deploys AI Drones in Crackdown on Illegal Waste Dumping
EU Biometric Border Checks Cause Disruption for British Travellers and Freight Operators
UK Expands Voluntary Drug Treatment Programme for Sex Offenders to Twenty Prisons
CrossCountry Cancels Most Services After Major Power Failure at Control Centre
Met Office Warns El Niño Could Bring Severe Autumn Storms and Higher Food Prices
Resolution Foundation Says UK Productivity Growth May Be Stronger Than Official Data Suggest
Andy Burnham Proposes Giving Regional Mayors Greater Planning Powers
UK Government Overhauls Planning Rules to Accelerate Housing Near Transport Links
Russia Withdraws Ambassador to Britain and Warns of Retaliation Over UK Drone Supplies to Ukraine
Iran-Linked Hackers Blamed for Cyberattack That Shut Down UK Power Plant
Andy Burnham Pledges UK Support for Long-Range Missile Production in Ukraine
Australia Combines Indigenous Fire Knowledge With Satellite Tech to Combat Catastrophic Wildfires
Father and Son Jailed in Scotland Over £900,000 Airport Cannabis Smuggling Operation
UK Fraud Reports Surge Sevenfold as Criminals Exploit QR Codes in Parking Meters and Phishing Emails
Brighton Thrash Aston Villa in Four-Goal Opening Half as Manchester City Trail Bournemouth
Erin Patterson Appeals Triple Murder Convictions After Hotel Mixed Sequestered Jury With Prosecution
Bank of England Maintains Close Watch on Banks Amid Global Economic Uncertainty
Warm Weather and Tourism Support UK High Street Spending During Summer
Westminster Faces Continuing Political and Administrative Fallout From Epstein Files Release
UK Invests in Domestic Defence Drone Manufacturing to Strengthen Military Supply Chains
Around Five Million UK Households Face Higher Mortgage Payments by 2028
Bluetongue Virus Cases Rise Across England, Wales and Scotland
UK Government Holds First National Day for Victims and Survivors of Terrorism
Historic Summer Droughts Threaten UK Harvests and Put Further Pressure on Food Prices
UK Economy Holds Up in Second Quarter Despite Global Energy and Geopolitical Pressures
UK Opens National Artificial Intelligence Safety Testing Facility
×