Overview
- Speaking at the American Business Forum in Miami, the JPMorgan CEO said the U.S. could mirror Europe’s stagnation within three decades without reforms.
- Dimon cited Europe’s slide in GDP per person relative to the U.S. as a cautionary example and pointed to sluggish permitting and regulatory hurdles at home.
- He warned that high taxes and heavy regulation drive companies and talent from major cities, naming Florida and Texas as destinations benefiting from relocations.
- Criticizing what he called Democratic-city 'blue tape' and proposals like higher taxes to fund free transit and childcare, he argued such moves shrink tax bases.
- Dimon said he left a voicemail for New York mayor-elect Zohran Mamdani and urged outreach to Detroit’s Mike Duggan, while a JPMorgan spokesman emphasized his call for collaboration, and he highlighted a reported plan to direct up to $500 billion over 10 years into AI, defense and engineering.