Americans have “legitimate stress” over migration and economic options,” and I agree with them”, said Jamie Dimon, the businessman chairman and chief executive officer of the world’s biggest banks, JPMorgan Chase.
In his 2024 annual text to owners. Dimon condemned the world’s formation for failing to protect the American dream, financial vitality, and financial opportunities for regular Americans:
From my point of view, the border security and immigration debates that are currently raging are the center of our deeply charged, personal, and social domestic issues, especially those involving low-income and rural Americans who feel abandoned in the wake of the wealth and prosperity of those who live there.
I think that many affected Americans recognize the crucial role immigrants continue to play in the creation of this wonderful nation but do n’t feel bad about hardworking, law-abiding immigrants. Instead, they are angry that the United States has n’t put together effective border control and immigration policies. It is amazing that some members of Congress are aware of their rights and duties but are unable to pass legislation due to partisan politics. On a several times, Congress did come near, and I hope they will keep trying.
But Dimon does not call for the common migration cuts and curbs , that had incentivize politicians and investors to increase Americans ‘ wages, boost U. S. innovation, grow worker productivity, and increase business trade. Otherwise, Dimon mutters about obscure “immigration … reforms”, while saying migrants play a” critical position immigrants in building this beautiful state”.
Some therefore- called reforms— such as the leadership’s 2024 border act — are intended to increase the authorities- delivered inflow of wage- cutting migrants into Americans ‘ workplaces, communities, and politics.
President Joe Biden speaks at the Washoe Democratic Party Office in Reno, NV, March 19, 2024. ( AP Photo/Jacquelyn Martin, File )
President Joe Biden’s highest- migration strategy is excessively profitable in the short run to Dimon and his peers on Wall Street because it force- feeds the economy with more foreign workers, consumers, and renters — even as it also flushes aside the wage gains, trade opportunities, productivity, innovation, and prosperity needed by blue collar and white collar Americans and their children.
” If you opened America’s borders to the rest of the world, I have no doubt that hundreds of millions of people would want to relocate here,” Dimon said.
Despite this silence regarding immigration policy, Dimon’s admissions represent a rare instance of establishment leaders willing to criticize the unsuccessful policies being promoted by their peers and ask why President Donald Trump’s supporters favored them in 2016 and 2024.
In January, Dimon told CNBC that Trump’s supporters are not “voting for Trump because of his family values”. He added:
Be honest: He’s kind of right about NATO. Kind of right about immigration. He significantly increased the economy. Tax reform worked. He was correct about some of China; the Democrats did a good job [PR]ing about the horrible people holding their Bibles, beer, and weapons. I mean, really like, can we just stop that stuff and actually grow up, and treat other people with respect, and listen to them a little bit?
Dimon’s recognition of elite failure may serve as a catalyst for his promotion to the top of a potential Trump White House.
In his recent letter, Dimon wrote:
For over two decades, since 2000, America has grown at an anemic rate of 2 %. We ought to have pushed for and seen a 3 % growth. Had we done so, GDP per person today would be$ 16, 000 higher, which would, in turn, have paid for better healthcare, childcare, education and other services. Importantly, the , best , way to handle our excess deficit and debt issues is to maximize economic growth.
” The federal government, regardless of which party is in charge, needs to earn back trust through competence and effective policymaking”, he wrote:
We should be brutally honest about the staggering number of policies, systems, and operations that are underperforming: We have over 25 million uninsured Americans, rising healthcare costs, and too many bad outcomes, our litigation system is sloppy and ineffective, immigration reform is slow to come, housing is out of reach for many Americans, and we have unfunded pension plans and no action on deficit spending, Social Security, and Medicare. I’ll stop here. We all should not tolerate this.
Dimon does make some glaring digs at Biden’s use of political payoffs for progressives and economic concessions for favored business interests.
JPMorgan Chase &, Company Chairman and CEO Jamie Dimon testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. ( AP Photo/Jacquelyn Martin, File )
” To fix problems, we must first acknowledge them”, he wrote, adding:
We have n’t done a particularly good job lifting up our low-income fellow citizens despite decades of government programs and all the moralizing that surround them. This is tearing at the social fabric of America and one of the causes of the fraying of the American dream.
Dimon’s letter seems to be pushing back against Biden’s progressive takeover of commerce, culture, and capitalism, saying:
Human freedom, or free enterprise ( capitalism ), and the freedom and empowerment that our democracy has gained by granting us through the right to elect our leaders, form the core of our nation’s dynamism. Free people are free to travel as they see fit, move as they see fit, work as they see fit, dream as they see fit, and make decisions in their own lives and pursue happiness as they see fit. This sense of freedom that people enjoy, combined with the freedom of capital, is what drives this great nation’s economic and social dynamism. … But even in some countries that have some of these rights, a lack of dynamism — often due to bureaucracy, weak institutions and government, and corruption — is palpable and has clearly led to less innovation, lower growth and, in general, a lower standard of living.
Dimon urged more taxpayer support for low-income Americans and called for reforms to the educational sector:
The free one is so overtly obvious that it almost seems awkward to propose. Our institutions ( high schools, community colleges, and perhaps even four-year colleges ) should be held accountable for the outcomes; they should be evaluated on the caliber and income levels of the positions that their graduates, even non-grads, hold.
The second step is related to the first: Get more income to low- paid workers. Although this one would cost money, I would say it is a no-brainer because it is an extension of an already popular program, the Earned Income Tax Credit ( EITC ), which many Democrats and Republicans already support. The EITC today provides employment to low- to moderate-income individuals and couples, particularly those who have children and who reside in rural areas. For example, a single mother with two children earning$ 9 an hour ( approximately$ 20, 000 a year ) could receive a tax credit of more than$ 6, 000 at year- end.
Amid his criticism of the establishment, Dimon also endorses many globalist policies, saying:
Ukraine is the front line of democracy. If the war goes badly for Ukraine, you may see the splintering of Pax Americana, which would be a disaster for the , whole free world. Ukraine’s struggle is our struggle, and ensuring their victory is ensuring , America first.
…
We should also immediately re- enter, if possible, the prior negotiated Trans- Pacific Partnership agreement. Not only is it good for the economy, but it also could be a , brilliant, strategic, economic security move , — an economic alliance that binds us with 11 other important countries ( including Australia, Chile, Japan, Malaysia, Mexico, Singapore and Vietnam ). ]Emphasis added. ]
Dimon did not mention Trump’s popular decision to end the partnership, which would have resulted in more foreign workers entering the country while causing more jobs to be moved out of the country.
The globalist- leaning Axios.com site shareholder-letter?ref=upstract.com” target=”_blank” rel=”noopener”>described the document: “JPMorgan Chase CEO , shareholder-letter-2023″ target=”_self”>Jamie Dimon , uses his annual , shareholder letter, out Monday morning, to set out a global agenda for what might be called Pugnacious Hegemonic Neoliberalism: Pro- America, pro- military, pro- trade, pro- capitalism, pro- DEI, anti- China”.
Watch — Dimon: Dems Should Be” More Respectful” of Trump Supporters, Negative MAGA Talk Will Hurt Biden
Extraction Migration
Since at least 1990, the federal government has relied on , Extraction Migration , to grow the economy after allowing investors to move the high- wage manufacturing sector to lower- wage countries.
The migration policy extracts , vast amounts of , human resources from needy countries. The additional workers, consumers, and renters push up stock values , by shrinking Americans ‘ wages, subsidizing , low- productivity companies, boosting rents, and spiking real estate prices.
The economic policy has pushed many native- born Americans out of careers in a , wide variety , of business sectors,  , reduced , Americans ‘ , productivity , and political , clout, slowed , high- tech innovation, shrunk trade,  , crippled , civic solidarity, and incentivized government officials and progressives to ignore the , rising death rate , of , discarded Americans.
” Mom, I’m fine,” I told two parents last night as they rescued their teen from the streets with fentanyl. He was n’t having it, and it took time. I sat down with the child and explained that he needed assistance because we were not going anywhere. pic. twitter.com/bRzBIGXq5a
— Kevin Dahlgren ( @kevinvdahlgren ) April 1, 2024
The policy also sucks jobs and wealth from heartland states by , subsidizing coastal investors , and government agencies with a flood of low- wage workers, high- occupancy renters, and government- aided consumers. Similar laws have caused harm to citizens in Canada and the UK.
The colonialism- like policy , has damaged small countries, and has killed , hundreds of Americans , and , thousands of migrants, including many on the , taxpayer- funded jungle trail , through the Darien Gap in Panama.
