Washington is so broken that it’s hurting the American economy with bad policies and making it difficult to conduct business, according to J.P. Morgan Chase & Co. CEO Jamie Dimon.
“It’s almost an embarrassment being an American citizen traveling around the world and listening to this stupid shit we have to deal with,” Dimon said on an earnings call with investors Friday, The Wall Street Journal reports.
Dimon has been on a world tour of sorts, making trips to Argentina, Israel and Ireland, and said that “every single one of these countries understands that practical policies that promote business and growth [are] good for the average citizens.”
Businesses in the U.S., however, have been restrained by politicians who pass damaging regulations, and have failed to reform the tax code.
“We have become the most — one of the most bureaucratic, confusing, societies in the planet,” Dimon said. “We have to get our act together.”
Dimon reported record profits for J.P. Morgan, but also reduced earnings projections for the future during the call with shareholders.
“America is probably stronger than ever before,” Dimon said in an annual letter this spring, but said that costly oversees wars, excessive corporate tax rates and lack of domestic infrastructure buildup is crippling the growth. “It is clear something is wrong — And it’s holding us back,” Dimon wrote. (RELATED: Jamie Dimon Echoes Trump In Letter To Shareholders: ‘Something Is Wrong’ In America)
“One of the unintended consequences of high corporate taxes is that they actually depress wages in the United States,” Dimon wrote. “We must fix this for the benefit of American competitiveness and all Americans.”
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