'The Government Is Inefficient, Not Very Competent And Needs A Lot Of Work' — Jamie Dimon Weighs In On Elon Musk's DOGE

JPMorgan Chase JPM CEO Jamie Dimon recently shared strong views on the state of the U.S. government and the efforts of Elon Musk's Department of Government Efficiency. In an interview with CNBC's Leslie Picker last month, Dimon highlighted concerns about inefficiency in federal agencies and expressed cautious support for Musk's push to cut waste and improve government performance.

Dimon Criticizes Government Inefficiency

During the interview at JPMorgan Chase’s Global Leveraged Finance Conference in Miami Beach, Dimon did not hold back when discussing the U.S. government’s performance. He said, "The government is inefficient, not very competent, and needs a lot of work." According to Dimon, the issue goes beyond simple waste and fraud — it's about whether government spending is producing meaningful results.

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"Why are we spending the money on these things? Are we getting what we deserve? What should we change?" Dimon asked during the interview. He argued that improving government operations isn't just about reducing the deficit — it's about building better systems and more effective policies.

Dimon's comments come at a time when the Trump administration has been making aggressive moves to cut costs and restructure federal agencies, including the Consumer Financial Protection Bureau. The push to reduce government spending has drawn mixed reactions, with some supporting the need for reform and others warning about the potential consequences of excessive cuts.

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Support for Musk's DOGE Initiative

DOGE has been making headlines for its aggressive cost-cutting measures. At one event, Musk even waved a chainsaw on stage — a symbolic gesture representing DOGE's commitment to eliminating wasteful spending and streamlining government processes.

When asked directly whether he supported DOGE's "chainsaw" approach, Dimon indicated that the effort was necessary. "It's too binary to say support or not," Dimon said. "I think doing that needs to be done."

Dimon acknowledged that government reform efforts have been attempted before under previous administrations, including those led by Bill Clinton and Al Gore. He stressed that resistance from entrenched government bureaucracy is inevitable but believes that strong leadership is essential to overcoming it.

"I'm hoping it's quite successful," Dimon said of DOGE. However, he stated that any overreach or illegal activity tied to the initiative should be blocked.

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Improving Government Operations Beyond Cost-Cutting

While cutting waste is a primary goal of DOGE, Dimon pointed out that true government efficiency involves more than just reducing spending. He highlighted the importance of improving systems and policies to ensure that taxpayer dollars are being used effectively.

Dimon cited the Federal Aviation Administration as an example of how government agencies could modernize their systems to improve both performance and cost-effectiveness. He suggested that while these upgrades may require significant investment upfront, they would save money and improve services in the long run.

"It's not just about the deficit," Dimon said. "It's about building the right policies, procedures, and the government we deserve."

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A Wait-and-See Approach

Dimon took a measured stance on whether Musk's DOGE efforts would ultimately succeed. He acknowledged that reducing waste and improving government efficiency is a complex process that will take time to evaluate.

While DOGE's approach may be aggressive, Dimon's comments suggest that he sees value in the broader goal of creating a more efficient and effective government — even if the path to achieving that goal is uncertain.

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