The CEO of JPMorgan Chase Doubts Bidenomics
The CEO of JPMorgan Chase has his doubts about President Joe Biden’s economic policy, which the president has christened “Bidenomics.”
“I’d be careful about that,” said Jamie Dimon, the head of America’s largest bank, according to CNN.
Dimon classified Bidenomics largely as industrial policy — a strategy that specifically encourages or subsidizes particular industries, according to an interview Dimon gave to The Economist.
Dimon said he has come around to supporting a form of industrial policy, but only in areas of national security and competitiveness.
“There shouldn’t be social policy around that,” he said. “It shouldn’t be political. It should be purely economic.”
“I think when they write books about this 10 years from now, a lot is going to be about how it didn’t work,” Dimon said, according to Fortune.
The bank executive has not been shy about criticizing the Biden administration.
- Last fall, he panned the administration’s student loan forgiveness plan as “badly done,” according to Business Insider.
- “I wish they had targeted the people who actually needed help. … They still haven’t fixed the underwriting and they haven’t fixed the cost of college,” Dimon said.
- “We basically put a Band-Aid on, spent a lot of money and didn’t fix the problem which will now be ongoing.”
In 2022, Dimon donated to Sen. Krysten Sinema of Arizona, who was elected as a Democrat but has since become an independent. Much like Sinema, Dimon has carved out a political path that eschews partisan affiliation.
“My heart is Democratic but my brain is kind of Republican,” Dimon told CNBC in 2019.
Eleven years ago, Dimon said he was “barely” a Democrat, according to Politico.
At the time, he said he was “disturbed at some of the Democrats’ anti-business behavior, the attacks on work ethic and successful people. … I think it’s very counterproductive.”
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