JP Morgan Chase CEO Jamie Dimon is very optimistic about the US economic recovery from the pandemic. He is also concerned about the future of America. He sees strong growth ahead for the world’s biggest economy, thanks to the U.S. government’s response to the coronavirus pandemic that has left many consumers flush with savings.
In the annual shareholder letter, Wednesday Jamie Dimon wrote that pandemic, Murder of George Floyd, and painfully slow economic growth of the past decades are all the symptoms of a bigger problem like incompetent public policy and broad government dysfunction.
He managed JPMorgan through the 2008 financial crisis, helping to create the biggest U.S. bank by assets, pointing out that the magnitude of government spending during the pandemic far exceeds the response to that previous crisis. The longer-term impact of the reopening won’t be known for years because it will take time to prove the quality of government spending, including President Joe Biden’s proposed $2 trillion infrastructure bill. He also added that the country needs to move beyond the differences and self-interest and act towards the well being of the nation.