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Jamie Dimon sounds the alarm on the future of American prosperity

April 7, 2021. Summarized by summa-bot.

Compression ratio: 21.5%. 1 min read.

DAVOS 2016; World Economic Forum -- Pictured: Jamie Dimon, chairman, president and CEO of JP Morgan Chase, in an interview at the annual World Economic Forum in Davos, Switzerland, on January 20, 2016 -- (Photo by: David A.Grogan/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images)

Jamie Dimon is very bullish on the US economic recovery from the pandemic. And yet the JPMorgan Chase CEO is deeply concerned about the future of America.

In his annual shareholder letter Wednesday, Dimon wrote that the Covid-19 pandemic, the "horrific murder" of George Floyd and the painfully slow economic growth of the past two decades are all symptoms of a broader problem: "inept" public policy and broad government dysfunction.

"Unfortunately, the tragedies of this past year are only the tip of the iceberg — they merely expose enormous failures that have existed for decades and have been deeply damaging to America," Dimon wrote, adding that the nation was "totally unprepared" for the deadly pandemic.

Dimon's letter, which includes a roadmap for how to get America back on track, comes as business leaders face pressure to provide moral leadership on major issues, ranging from climate change and voting rights to inequality.

In his shareholder letter, Dimon wrote that America is "clearly under a lot of stress and strain" from various events, including the pandemic, racial unrest, the rise of China and "the divisive 2020 presidential election, culminating in the storming of the Capitol and the attempt to disrupt our democracy. "

Dimon suggested that many of America's problems are self-inflicted and the result of extreme polarization and "broken policy. "

The coming economic boom is "good for everybody ultimately," Dimon said, "but it doesn't fix all of our problems. "

Those problems, according to Dimon's letter, include inequality in the nation's education system, a costly litigation and regulatory system, "terrible" infrastructure planning, wasteful spending, ineffective immigration policies and "poorly designed" social safety nets.

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