Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE:JPM) pointed out that a rational policy that would prevent the fiscal cliff could drive the economy to grow by 4 percent and create more than 200,000 jobs per month.
JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon believes that a rational fiscal policy would prevent the looming fiscal cliff would drive the economy of the United States to grow by 4 percent, which would result to the creation of more than 200,000 jobs per month.
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“We are one decision away from restoring our fiscal and moral authority from around the world. Let’s just do it,” said Dimon during an interview with Andrew Ross Sorkin during the New York Times Dealbook Opportunities for Tomorrow Conference.
Dimon believed that policy makers would do something between December 21 to 28 to prevent the automatic spending cuts and tax increases, which would take effect on January 1, 2013. According to him, it is not advisable to take the risk.
He said, “It might be a big deal. We shouldn’t take the risk. I think it’s a big deal that we do it right because it can save jobs, get the country going again, and return confidence, both in the United States and globally.”
According to the JPMorgan Chase & Co. (NYSE:JPM) CEO, he and his colleagues in the Wall Street expect the government to implement higher taxes, but they want balance approach. He suggested that tax increases should come with rational entitlement reform.
Dimon said, “Businesses want a rational deal because most people think it would be great for the United States of America.” Dimon said the White House is doing a good job in reaching out to resolve the issue. He also pointed out that the United States remained the best place to do business in the world and offers huge opportunities.
In terms of the inequality in the United States, he emphasized that he doesn’t want to see the increasing gap between the rich and the poor. According to him, the biggest problems are inner-city education and minorities are not getting opportunities.
On the issue of immigration, he criticized the existing immigration policy in the country, which is pushing “the best and the brightest” immigrants away.
When asked about the possibility of serving as a Treasury Secretary. Dimon said he is not suited for the position. He said, “I don’t believe I’m suited to it… and I don’t believe a Wall Street CEO could get confirmed.”