“I agree with Americans’ legitimate frustrations” over immigration and economic possibilities, stated Jamie Dimon, the billionaire chairman and CEO of JPMorgan Chase, the largest bank in the world.
In his annual shareholder letter for 2024, For failing to defend the American ideal, economic dynamism, and economic possibilities for regular Americans, Dimon denounced the country’s establishment:
I believe that our highly charged political domestic issues primarily stem from two factors: 1) immigration and the lack of border security; and 2) the eroding American dream, particularly for low-income people and rural Americans who feel left behind in the face of others’ increasing wealth and prosperity.
“Many impacted Americans, in my opinion, do not harbor animosity against law-abiding, industrious immigrants, and, on the contrary, recognize the vital role that immigrants have played and continue to play in the development of our amazing nation. Instead, they are upset because America has failed to enact appropriate immigration and border control laws. Despite the fact that many members of Congress are aware of the necessary actions, party politics impede their ability to pass legislation. Congress has in a few instances gone quite near, and I hope they continue to try.”
However, Dimon does not support the widely supported limits and reductions in immigration that would encourage policymakers and investors to increase wages in the United States, foster innovation in the country, increase worker productivity, and increase corporate trade. Rather, Dimon mumbles something about nebulous “immigration… changes,” adding that immigrants are “vital in developing this magnificent country.”
Certain purported changes, like the establishment’s 2024 border bill, aim to exacerbate the influx of wage-cutting migrants that the government is bringing into American politics, businesses, and neighborhoods.
President Biden’s maximum-migration policy flushes away the wage gains, trade opportunities, innovation, productivity, and prosperity needed by blue and white collar Americans and their children, but it also forces more foreign workers, consumers, and renters into the economy, making it incredibly profitable in the short run for Dimon and his Wall Street colleagues.
“I am quite certain that hundreds of millions of people would want to come to America if you opened up our borders to the rest of the globe,” Dimon remarked.
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