In many ways, Jamie Dimon believes that Trump was "somewhat right." How come?

In many ways, Jamie Dimon believes that Trump was "somewhat right." How come?

The head of JP Morgan Chase, the biggest and most influential bank in the country, is defending Trump's track record. This is ridiculous.

Jamie Dimon, the chairman and CEO of JPMorgan Chase, the biggest and most profitable bank in the US and one of the most powerful CEOs globally, praised Donald Trump's policies during his presidency on Wednesday while speaking from the World Economic Forum conference in Davos, Switzerland.

Dimon said, "Take a step back and be honest." Trump "was partially correct on immigration and partially correct on NATO." He did a great job of growing the economy. The tax change was successful. About certain areas of China, he was correct. Regarding a few of these significant matters, he was not incorrect.

What kind of jurisdiction over immigration? The conservative Cato Institute discovered that although Trump did lower immigration overall, he did not reduce illegal immigration. Children of immigrants who were born or reared in the US were not granted legal status by Trump. Following the ruling that the American ban on Muslims was unlawful, they extended their ban to citizens of Muslim-majority nations. By labeling people in developing countries "idiots" and using Nazi-sounding language to characterize outsiders as "poisoning the blood" of Americans, he fueled the fires of nativism.

Did the economy grow sufficiently? In fact, under Trump, the economy shed 2.9 million jobs. Job growth was slower pre-pandemic than it was throughout Biden's administration. At 6.3%, the unemployment rate increased by 1.6 percentage points. The gap in foreign commerce that Trump had pledged to decrease widened. In 2020, the United States' goods and services trade imbalance reached its highest level since 2008, rising by 40.5% over the previous year. There are now 3 million more Americans without health insurance than there were before. The government debt owed by the general people rose from $14.4 trillion to $21.6 trillion.

Was tax reform successful? Trump's tax cuts increased the budget deficit while mostly benefiting rich individuals and huge enterprises. Massive banks and financial services firms benefited greatly from the new, lower corporation rate (21%) and better pass-through company tax status.

Should Trump fail to implement these cuts, as well as the Bush tax cuts and their extensions, government revenues would continue to exceed government expenditure forever, resulting in a decreasing share of debt in the US economy.

Rather, since their adoption, these tax cuts have increased the national debt by $10 trillion. They are also to blame for the 57% rise in the debt ratio since 2001, and over 90% increase if the debt ratio were a one-time expense. Excluded are bills that address COVID-19 and the Great Recession. In the end, it is anticipated that the tax reduction would rise by more than 100%.

about China, correct? According to the Brookings Institution, China is now less constrained in pursuing its goals as a result of Trump's China policy. Areas of collaboration have disappeared, the level of conflict has increased, and both nations' capacity to resolve disputes and balance divergent interests has decreased.

Oh, and there's the complicated issue of Trump's attempt to overturn the 2020 election results, his 91 criminal indictments, the fact that he lies every time he speaks, and his intention, if re-elected, to use the Justice Department to "retaliate" against his political opponents. All of this has left America more divided than it has ever been since the American Civil War.

Why is the most powerful CEO in America, Jamie Dimon, endorsing Trump with these statements?

Because Dimon wants to maintain Trump's goodwill and believes he has a decent chance of winning the presidency.

Dimon said, "I have to be open to both," when asked which candidate would be best for his company. I'll be equipped for both. We'll take care of both.

Dimon is aware that Trump is displeased with him for endorsing Nikki Haley.

Late in November, Trump said on Truth Social, "JPMorgan's CEO, highly regarded globalist Jamie Dimon, is quietly pushing another non-MAGA person, Nikki Haley, for the presidency." "Even though I've never been a huge fan of Jamie Dimon, I had to be there when he came to the White House to beg." It seems so nice to me that I don't have to live with him anymore.

Thus, like many other American executives and Republican politicians, Dimon now feels compelled to kiss Trump's back and get entangled in the administration's dishonesty-destroying bullying.

You can guarantee that many other CEOs and financial executives will now take a cue from Dimon when he does that.

Dimon charges in the other direction are heading at a moment in American history when the country's most powerful leaders ought to speak out loud and clearly for democracy, the rule of law, decency, and against Donald Trump.

This is the process by which fascism grows.

Former USKey Robert Reich teaches public policy at the University of California, Berkeley, serves as Secretary of Labor, and is the author of Saving Capitalism: For the Many, Not for the Few, for the Common Good. The System: Who Rigged It, How We Fix It, his most recent book, is now available. He writes US column for The Guardian. You may find his newsletter at robertreich.substack.com.

Obviously, 2023 did not quite go as planned

After the turbulent tenures of Liz Truss and Boris Johnson, our Prime Minister here in Britain, Rishi Sunak, assured us that we would have competent leadership that upheld accountability, professionalism, and honesty. Do you remember Liz? She seems to be a forgotten comic act these days. Sunak, on the other hand, immersed us even more in Conservative psychodrama in Through the Looking Glass.

The image is not much better elsewhere. Donald Trump is now the front-runner to win the presidency once again in America. There doesn't seem to be an end in sight to the protracted conflict in Ukraine. It is quite evident that there is a risk that the rest of the world may grow weary of war and lose interest. In addition, there is the Middle East conflict and the climatic catastrophe.

But fresh optimism arrives with the new year. Numerous nations, including America and Britain, are holding elections. We must have hope for change. that a better solution is achievable. The Guardian will keep covering international events because it seems like a particularly vital time to do so. However, maintaining a news company is expensive.

So, if you are able to, I kindly ask that you donate money this year. Well, not for me specifically, though you are welcome to if you'd like, but rather for the Guardian. We can go on with our mission of seeking the truth everywhere in the globe if you can donate as little as $2 a month to The Guardian.

Together, we can continue to provide free journalism to everyone. None of our editorial articles or news items are ever concealed behind a paywall. Without you, we couldn't succeed. We mean it when we say we're in this together, unlike our politicians.

Cheers to a prosperous new year!