JPMorgan Chase (JPM) CEO Jamie Dimon has a plan to reduce America's $35 trillion national debt—but it may not be welcomed by the country's wealthiest.
America's public debt is increasingly capturing the attention of economic experts who warn that Uncle Sam's spending is unsustainable and the economy simply isn't growing quickly enough to keep up with future rates of repayment.
Admittedly, administrations over the past five or so years have had to provide huge fiscal stimulus in the face of the pandemic and its aftereffects, but the fact remains that there is a bill to be footed.
Wall Street veteran Dimon has a dual-prong proposal to bring the deficit back into balance: Focus on growing the economy to bring the all-important debt-to-GDP ratio back into line and rebalance the tax system for middle-income families.
Dimon told PBS News in an interview released yesterday that it was "doable" for America to continue spending on the military while reducing its overall debt.
"I would spend the money that helped make [America] a better country," Dimon said. "So some of it is infrastructure, earned income tax credits (EITC), military. I would have a competitive international tax system…and then I would maximize growth."
On a number of these points, Dimon has previously been clear about what he wants to see.
He cites geopolitical tension as the biggest risk to the global economy and, as a result, believes there is a "growing need" to boost military spending.
On EITC, the 68-year-old has also been clear, saying a shake-up would give “much-needed income to the individuals and communities most in need of it.”
“I would pay for it by taxing the wealthy more,” he told the Bipartisan Policy Center in January.
Following these investments into growth, Dimon continued, would be a "little bit of deficit."
"You would maybe just raise taxes a little bit," Dimon added. "Like the Warren Buffett type of rule, I would do that."
Jamie Dimon wants to hit millionaires with the ‘Buffett Rule’ to tackle national debt
byu/Thick-Block5915 inwallstreetbets
Posted by Thick-Block5915
38 Comments
I remember when the dow danced between 11k and 12k as Republicans fucked with Obama that we could not take on 1 to 2 trillion in debt additional. To make it 8 trillion?
It’s obviously just fantasy numbers who gives a fuck
Dimon is a smart bastard with a nasty habit of being right, he sees this problem is approaching fire alarm levels and his approach is the obvious one but would require enormous political will to pull it off
Perhaps he could volunteer businesses to have fewer tax loopholes instead of shifting the burden onto regular people that already pay the lions share of income taxes.
But that would disadvantage him instead of normal people, so why do that?
The amount of people simpin for the government baffles me, wanting to increase taxes as if they are so great at managing money. Imagine coming home and you spouse says there’s not enough money to go around and simply asks you to take on another job, then after a few months the same thing, at what point are you going to ask for those receipts?
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Why don’t we just try to spend less 🤷🏻♂️
They should be giving the option of taxing them outright or use the money to invest in infrastructure or something the government would otherwise be doing with the hope of a minimal return. It wouldn’t reduce the deficit immediately obviously but over time hopefully you’d reduce the federal budget.
How to reduce debt – first quit overspending
I like Jamie but I know history and dont want to open the door for the gov to tax unrealized cap gains.
Ok, so let me see if I have the math right:
Total US debt: 35 trillion
Total combined net worth of all US billionaires: 5 trillion.
And so let’s just say, 20% of 5 trillion = 35 trillion.
Is there a flaw in my math somewhere?
someone needs to tell dimon there’s no universe where everyone lives the same or better and only ‘the rich’ pay for it.
Brilliant
Instead of cutting government spending and have a balanced budget with some austerity measures, we’ll just do the same shit that brought us into this situation in the first place.
Sounds like Jamie is gearing up for his next form – politician Dimon
ITT: Wendy’s employees talking about how actually sometimes if you get a raise you make less money on your check
Onion News already covered this.
[US Government stages fake coup to wipe out National debt.](https://youtu.be/TRgRz3nSG7o?si=-331a1wVPL3NK060)
Just do a one time wealth tax every 10 years.
LMAO JAMIE DIMON HUH
OOOOF THOSE POLLS MUST BE RIGHT MOTHERFUCKER
get scared eh
Talks about improving America and then immediately pivots to increasing military spending.
I’m so sick of these fucks.
There is no solution to the deficit problems without cutting government spending. You could tax 100% of every billionaire’s income and still not cover the deficit. We have to cut government spending and not a little, like 50% outside Medicare/Medicaid.
Taxes are already very high on earners especiallly in high tax states added on and no one is getting anything back for it, education quality keeps going down, no healthcare, crumbling infra…. all going to war instead
Also realistically there are only two ways to pay down the debt in any significant measure
1) Balance the budget and reduce spending, which no poltician will do because it’ll be perceived as austerity and could cause some slow down
2) Inflate the hell out of the currency to make it easier to pay previous debt, a solution that is worse than the problem
What really should happen is
A) focus on plugging tax loopholes instead
B) cut useless spending and make government more efficient. there is so much inefficiency that if solved could reduce spending by least 10-20% without changing the quality of the service delivered
What if the government started seizing corporations like they do in china and then use the seized assets to pay down the debt? 👌🏻😮💨👌🏻
Bullshit. “The rich” do not have enough assets for this to work.
Dimon knows this, of course. And he knows that the average citizen doesn’t.
People know nothing about economics in general. Go ask a high school class how much they think a business owner nets on gross income. They’ll tell you “half.”
Perhaps we require that billionaires/secret trillionaires residing full time in the U.S., many who’ve made their fortune off the backs of the working class, actually pay their fair share in taxes – or be required to pay a small percentage of their net worth to pay down the national debt – you know, so that the U.S. can actually flourish and continue to make them all the money they’re hoarding.
I’m sure Jeffery Epstein’s Banker, has lots of plans for people and their money. Including blackmail from certain private Island events!
Run for president already
Lol this motherfucker really said tax the wealthy for increased military spending. Such clear deception, military spending is the single greatest contributor to the US national debt. The military doesnt even maintain a budget they just throw billions around like they are singles at the club on friday night. You want to reduce the national debt? How about some basic freshman year accounting first. No more trillion dollar black holes in spending because of this gay as fuck shadow budgets enabling the MIC to just write itself a blank check because “defense” like we good, our allies are good, we have surpluses of weapons and arent using them just stop burning money when a fraction of that redistributed to the rest of the economy will solve all these issues
This greed is actually regarded like its so stupid it cant see how it can make more money by not spending it on useless shit no one is using
Perhaps Buffett can donate his profit from AAPL to reduce the national debt. /s.
Remember when Bill Clinton had a surplus? Seems like ages ago but it wasn’t and now seems impossible to get back to that.
Is he… Planning a presidential run?
“Raising taxes” is a funny term for making the 1% pay the same effective tax rate as the 99%.
The smart ones know how to keep the choppy bois out of fashion.
The US could bankrupt every billionaire *in the world* and the money would only be enough to run the federal government for a year or so.
If the rich don’t agree then it will never be allowed to happen
Why. They will just spend the money somewhere else else and kick the can
I always thought governments don’t do this by the fear of getting murdered
Jamie Dimon is a Trump supporter. No fucking way he’s raising taxes on the wealthy.
A lot of our debt is to other countries . We should simply go to war with them and absolve ourselves of the debt
Baby boomers really fucked their grandkids over.