Jamie Dimon, JPMorgan chief, slams Washington gridlock: ‘Almost an embarrassment’ to be American

JPMorgan Chase CEO Jamie Dimon blamed America’s slow economic growth on gridlock in Washington, declaring during Friday’s earnings call that it’s “almost an embarrassment being an American citizen” while traveling to other countries that actually “get it.”

While discussing his company’s latest results, Mr. Dimon lamented that the economy has been growing less than 2 percent a year since the Great Recession “in spite of stupidity and political gridlock.”

“We are unable to build bridges, we’re unable to build airports, our inner city school kids are not graduating,” he said, according to a transcript posted by CNBC. “I was just in France, I was recently in Argentina, I was in Israel, I was in Ireland. We met with the prime minister of India and China. It’s amazing to me that every single one of those countries understands that practical policies to promote business and growth is good for the average citizens of those countries, for jobs and wages, and that somehow this great American free enterprise system, we no longer get it.”

Mr. Dimon said the economy has persisted in spite of years of bad policy and that it would grow much faster if Congress could get its act together. He appeared hopeful that the Trump administration’s plan for tax reform could benefit business growth.

“I don’t buy the argument that we’re relegated to this forever. We’re not,” he said. “If this administration can make breakthroughs in taxes and infrastructure, regulatory reform — we have become one of the most bureaucratic, confusing, litigious societies on the planet. It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s—- we have to deal with in this country. And at one point we all have to get our act together or we won’t do what we’re supposed to [do] for the average Americans.

“And unfortunately people write about this saying like it’s for corporations. It’s not for corporations,” he added. “Competitive taxes are important for business and business growth, which is important for jobs and wage growth. And honestly we should be ringing that alarm bell, every single one of you, every time you talk to a client.”