Overview
- Speaking at the America Business Forum in Miami, the JPMorgan chief said the United States could “go the way of Europe” within 30 years without reforms.
- He cited Europe’s GDP per person falling from roughly 90% of America’s to about 65% as a warning sign, saying it could slide further if problems persist.
- Dimon urged Democrat-led cities to cut “blue tape” and address bottlenecks in housing, permitting and schools, arguing current rules harm lower-paid workers most.
- He said high taxes and hostile business climates are pushing companies to states like Florida and Texas, weakening the tax base of high-cost cities.
- As part of remedies, he pointed to a JPMorgan plan to deploy up to $500 billion over ten years into AI, defense and engineering, and said he left advice for New York mayor-elect Zohran Mamdani that included consulting Detroit Mayor Mike Duggan.