Dimon Calls Out Red Tape – Says It's 'Deeply Frustrating' America Isn't Solving Its Problems

Jamie Dimon, CEO of JPMorgan, is frustrated with the current state of America. In a recent interview with Spectrum News NY1, Dimon expressed concern that the U.S. has become bogged down in bureaucracy. “We used to be the can-do nation and now we're as bureaucratic as Europe,” Dimon said, as reported by Fortune. He lamented that the country seems to be drifting away from its innovative, problem-solving roots.

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Dimon's frustrations are largely aimed at the slow pace of growth and the overwhelming amount of red tape. He said there are plenty of opportunities for improvement in areas like education, health care and infrastructure, but progress is simply not happening. “There are all these things we can do to improve our society and it's deeply frustrating to me that we don't,” Dimon said.

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One of his key points was about focusing more on outcomes. Dimon believes schools should be measured by whether students are landing jobs after graduation, not just whether they attended classes. "Your growth actually helps everybody," he said, but added that it has to be "healthy" growth – one that brings real outcomes, like better job prospects for young people.

The Wall Street veteran has been vocal about his views on America's economic potential before. In his 2023 letter to JPMorgan shareholders, Dimon pointed out that the U.S. has only seen 2% growth over the last two decades, which he called “anemic.” According to Dimon, if the U.S. had achieved 3% growth, the GDP per person would be $16,000 higher today. That difference, he argued, could have paid for better health care, child care and education services.

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Beyond just the economy, Dimon also touched on America’s core values. In the interview, Dimon referred to the U.S. as a “beacon of light and freedom” and pointed to his own family’s story. His grandparents immigrated to the U.S. from Greece for a better life. Despite America's flaws, he still believes the country offers opportunity. “We have to explain that to people,” Dimon said, noting that many around the world would move to America for the chance to thrive.

Dimon's message is clear: America still has potential, but it needs to cut through the red tape and refocus on growth and outcomes. “We should be extolling that and disseminating best practices – and fixing the policies that don't work," he said. For Dimon, the frustration comes not from a lack of solutions, but from a lack of action.

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