JPMorgan Chase CEO Jamie Dimon says America shouldn’t assume its status as the world’s top economic power is permanent — and he never quite believed it was to begin with.
In an interview with Bloomberg Television, Dimon said he’s never subscribed to the idea of American exceptionalism and warned that regulation and what he called “stupid bureaucracy” are slowing the country down.
Dimon: “We’ve Slowed Ourselves Down”
“We’ve slowed ourselves down with regulation, stupid bureaucracy,” he said. “We haven’t done budgets in years. So, no, we shouldn’t assume it’s forever.”
Dimon pointed to several issues weighing on the economy: inflation, federal deficits, rising interest rates, and global instability.
“There’s a lot of uncertainty out there that you can’t discount,” he said, referring to the war in Ukraine, terrorism, conflict in the Middle East, and U.S. budget problems.
He also warned that trade tensions, even at their current levels, are enough to make companies hesitant.
“Even at this level, you see people holding back on investment and thinking through what they want to do,” he added.
A Recession? “About 50%”
Dimon didn’t predict a recession outright, instead saying economists are better positioned to call it. He estimated the probability at “about 50%.” JPMorgan’s own analysts, however, raised their forecast to 60% in April, up from 40% in March.
“All these things are probably inflationary… and slowing down the economy,” he noted.
Still Bullish, But Cautious
Despite the risks, Dimon still considers the U.S. a strong bet for investors. “If you would take all of your money and put it in one country, it would still be America,” he said.
Still, he cautioned that dominance can’t be taken for granted. “You do not have a divine right to success. If we don’t do everything right, we can lose that.”
Dimon also praised leaders outside the U.S. who he believes are taking a more pragmatic, business-oriented approach.
He pointed to French President Emmanuel Macron, U.K. Prime Minister Keir Starmer, and German Chancellor Friedrich Merz. “I think Macron is one of the best political leaders on the planet today,” he said.
On global competition, Dimon was direct: “Assume competition. Assume they’re coming at you in every angle.”
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