JPMorgan Chase (JPM) CEO Jamie Dimon said during an earnings call Friday it’s “almost an embarrassment” being an American citizen traveling the world because of policies hindering business growth.
Dimon added that corporate tax reform is critical to bringing back capital from overseas.
“If we don’t get our act together, we can still grow. It’s just unfortunate because it’s hurting the body politics, it’s hurting the average American that we don’t have these policies. So, no, in spite of the gridlock, we will still grow at 1 or 2%,” Dimon said on the company’s earnings call on Friday morning, according to a transcript from Bloomberg.
“I don’t buy the argument that we’re relegated to this forever. We’re not,” Dimon said. “And if this administration will make great moves in taxes and infrastructure reform, we have the most — one of the most bureaucratic, confusing, litigious societies in the planet — it’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— we have to deal with in this country. And at one point, we have to get our act together.”
He reiterated that corporate taxes are important for businesses and business growth, but they’re also important for wage growth and jobs for everyday Americans.
Dimon was responding to a question from an analyst about when political dysfunction would start to dent the underpinnings of the economy.
“I would look at it the other way around. Since the Great Recession, which is now eight years old, we’ve been growing at 1.5 to 2% despite the stupidity and political gridlock,” Dimon said.
He added that the American business sector will continue to grow, but it won’t be as strong until there are some policy changes.
“What I’m saying is it would be much stronger growth had we made intelligent decisions and that gridlock — and thank you for pointing it out — because I’m going to be a broken record until this gets done. We are unable to build bridges, we’re unable to build airports or industries. School kids are not graduating. I was just in France, in Argentina, Israel, Ireland, we met with the Prime Minister of India and China. It’s amazing, to me, that every single one of those countries understands that practical policies to promote business growth is good for the average citizens of those countries for jobs and wages and somehow this great American free enterprise system, we no longer get it.”
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.