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Chase Bank CEO Weighs In On Trump's Impact On U.S. Economy

J.P. Morgan Chase CEO Jamie Dimon said on Monday that policies implemented by President Donald Trump have helped accelerate U.S. economic growth. Dimon's claim counters the attempts by the Democrats and the media to downplay the booming Trump economy.

"Presidents get a lot of credit [and] a lot of blame for things they didn't do, but the president has done things which accelerated growth," Dimon told CNBC. "We needed competitive taxes. The way the American public should be thinking of it is: For 20 years, we've been increasingly uncompetitive, driving capital and brains overseas."​

Dimon specifically noted the impact that Trump's policies are having on small businesses.

"We've had less small business formation in America than in any other recovery," Dimon continued. "This has accelerated the growth. It's been 20 percent over 10 years; it should've been 40. The reason it wasn't 40 is because of a lot of things that we did hurt ourselves."

CNBC noted that Dimon's comments come after the Department of Commerce reported last week that the economy grew by 4.1% in the second quarter and Trump slashed the corporate tax rate from 35% to 21% last year.​

In recent weeks Democratic leaders and left-leaning news publications have sought to downplay the Trump administration's recent economic success.

The Washington Examiner noted that recent negative headlines from The Washington Post have included "U.S. growth probably hit 4.2 percent this spring, but experts say it's a blip," and "The economy’s great. That doesn’t mean Trumponomics is."

The New York Times added their own negative spin on the recent economic news with a report titled: "Why Friday’s G.D.P. Number May Be a Size Too Big."

House Minority Leader Nancy Pelosi (D-CA) downplayed the low unemployment numbers last month by saying, "Hip hip hooray, unemployment is down. What does that mean to me and my life? I need a bigger paycheck."

 
 
 

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