JPMorgan's Jamie Dimon says America used to be a can-do nation

Speaking to Spectrum New's NY1, Dimon said America could make a number of changes to boost its growth, adding that it would be “deeply frustrating” if they weren't implemented.

The changes the 68-year-old is proposing include initiatives he has already mentioned. This includes teaching financial literacy and health care in schools, as well as targeting educators on whether their students will find jobs after graduation, rather than on college admission rates.

In the interview published Thursday, Dimon made it clear that he wants to cut bureaucracy and create more opportunities.

“There are all these things we can do to improve our society, and it frustrates me deeply that we're not doing that,” said Dimon, who has led the 240,000 employees of America's largest bank since 2006. “You can talk about permits and schools and health – but we’re just not doing a good job of a lot of the things we do anymore.

“I always say: we used to be the do-it-yourself nation, but now we are just as bureaucratic as large parts of Europe.”

Focus on growth

Dimon, who was paid $36 million for his work last year, believes there should be more focus on economic growth rather than bureaucratic barometers.

This is a point he made in his 2023 letter to JPMorgan shareholders, emphasizing that growth over the past two decades has been an “anemic” 2%.

“We should have targeted and achieved 3% growth,” he wrote. “If we had done that, GDP per person would be $16,000 higher today, which in turn would have funded better health care, child care, education and other services.

“Importantly, the best way to deal with our excessive deficit and debt problems is to maximize economic growth.”

Yet there is still not “enough” talk about growth, Dimon added, and too much focus is placed on the wrong metrics.

“We should be as a nation [thinking] 'What are you doing to grow?'” Dimon continued.

“Your growth actually helps everyone, but you can make it very healthy by making inner-city schools do better and focusing more on results – not the result: 'Did you study math?' but on the result: 'Did you get a job and what?' Did it pay off?'”

The USA is a “beacon”

It is this land of growth and opportunity that Dimon wants to share with others.

The billionaire banker is a self-proclaimed “full-blooded, thoroughbred, patriotic, unwoke, capitalist CEO” – a point he reiterated this week.

Dimon's grandparents immigrated to the United States from Greece without completing high school because they viewed America as a “beacon of light and freedom.”

Her grandson still thinks it's true and says, “We have to explain that to people.”

“Our nation may have done some terrible things, but this beacon of light, this power of freedom, the fact that if we opened our borders, billions of people would move here – and they would move here to be Americans and “to benefit from it” under the auspices of the United States of America – we should tell this story.”

The father of three previously said the dream that brought his grandparents to the United States was fading for many.

In an opinion piece for the Washington Post Dimon wrote in his book published in August: “The American dream is disappearing for many because opportunities are not being shared equally.” Many inner-city and rural schools are failing to teach students the skills they need for good jobs. Some of these problems are not necessarily insoluble.”

A few months later, Dimon not only wants the American dream to come true, but to spread it worldwide.

“America is still something incredible,” Dimon added. “We should highlight that and spread best practices — and fix the policies that aren’t working.”