Americans have “legitimate frustration” over migration and economic opportunities, “and I agree with them,” said Jamie Dimon, the billionaire chairman and chief executive officer of the world’s biggest bank, JPMorgan Chase.
In his 2024 annual letter to shareholders. Dimon condemned the nation’s establishment for failing to protect the American dream, economic dynamism, and economic opportunities for ordinary Americans:
From my point of view, our highly charged, emotional and political domestic issues are centered around 1) immigration and lack of border security and 2) the fraying of the American dream, particularly for low-income and rural Americans who feel left behind amid the growing wealth and prosperity of others around them …
I believe that many affected Americans are not angry at hardworking, law-abiding immigrants and, in fact, acknowledge the critical role immigrants continue to play in building this wonderful country. Rather, they are angry that America has not implemented proper border control and immigration policies. It is astounding that many in Congress know what to do and want to do it but are simply unable to pass legislation because of partisan politics. Congress did come close on a few occasions — and I hope they keep trying.
But Dimon does not call for the popular migration cuts and curbs that would incentivize politicians and investors to raise Americans’ wages, boost U.S. innovation, grow worker productivity, and expand corporate trade. Instead, Dimon mumbles about vague “immigration … reforms,” while saying migrants play a “critical role immigrants in building this wonderful country.”
