Jamie Dimon Beats “Infantile Habits” by Congress whereas coronavirus reduction is slowed down
JPMorgan Chase CEO Jamie Dimon criticized lawmakers for a month-long stalemate during a second round of coronavirus relief to help unemployed Americans and struggling businesses as the pandemic deepens.
“I know now that we have this big debate. Is it $ 2.2 trillion, $ 1.5 trillion?” Dimon said Wednesday at the New York Times Dealbook conference, referring to competing visions for an aid bill from Democrats and Republicans.
“You must be kidding,” Dimon said to Andrew Ross Sorkin. “I mean, just split the baby and move on. This is childish behavior from our politicians.”
Congress has not yet passed a second auxiliary bill after key parts of the first bill, the CARES bill, expired in July. While financial troubles for the unemployed and small businesses will mount as Covid-19 infections set new records across the country, leaders of both parties have not met since the November 3rd presidential election.
Dimon urged lawmakers to agree on fiscal incentives that would act as a bridge until mid-2021 when promising vaccines could be widely used. In particular, the “bottom 20%” of the workforce are in pain of job loss, unlike in previous recessions, he said.
“There is a large part of our country that is really struggling … that’s what we should focus on,” said Dimon. “It has nothing to do with Democrats and Republicans.”
He added, “If there is no incentive, the likelihood of a good economic outcome decreases.”
When asked about the possibility that President-elect Joe Biden would impose taxes on companies and people making more than $ 400,000, Dimon recognized the government’s need to generate more revenue, but said the priority was that should be to increase US economic growth.
“Yes, taxes have to go up somewhere, and I understand that perfectly,” said Dimon. “There are taxes that affect growth and taxes that don’t affect growth. So if I tax my income a little more that doesn’t affect growth, over time taxing on capital formation hurts growth.”
“Thank goodness we got these 2 vaccines, thank goodness,” said Dimon. “Now is the time not to pretend it’s over. Let’s double up and get Covid as best we can.”
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