Wall Street titan Jamie Dimon blasts Biden’s tariff policy as a fatal blow to our already gasping economy, proving yet again that this administration can’t distinguish between economic strategy and suicide.
At a Glance
- JPMorgan CEO Jamie Dimon warns that Biden’s tariffs threaten an “already weakening” U.S. economy
- Dimon emphasizes that tariffs will increase inflation and slow growth, potentially making economic recovery impossible
- Americans are already reducing spending amid growing fears of inflation and recession
- Roughly one-third of middle-market businesses report missed opportunities, product delays, and client turnover due to economic uncertainty
- Dimon likens the tariffs to “one large additional straw on the camel’s back” that could break the economy
Another Liberal Economic Disaster in the Making
While the Biden administration stumbles from one economic catastrophe to another, JPMorgan CEO Jamie Dimon is sounding the alarm about the latest self-inflicted wound: tariffs that threaten to push our teetering economy right over the cliff. In his annual letter to shareholders, Dimon didn’t mince words about the administration’s economically illiterate policies, which continue to pound American consumers and businesses already struggling under the weight of rampant inflation and economic uncertainty.
Dimon’s warnings come as no surprise to Americans watching their grocery bills climb while their retirement accounts plummet. The Biden administration’s inflationary spending spree has already devastated household budgets, and now their brilliant solution is to add tariffs that will further drive up prices. It’s like watching a doctor treat a bleeding patient by opening more veins – economic malpractice at its finest.
In JPMorgan's earnings, Jamie Dimon talks about his concern about fiscal deficits, trade tensions and geopolitical threats. In an interview earlier this week, he indicated a real lack of longer-term visibility about policy and inflation: https://t.co/GheeHllFvS
— Lisa Abramowicz (@lisaabramowicz1) October 11, 2024
Americans Already Feeling the Pain
While the coastal elites and bureaucrats in Washington pretend everything’s fine, average Americans know better. Research from PYMNTS Intelligence shows consumer confidence was already in the gutter before the tariff announcement, with many families cutting back on essentials just to make ends meet. Now, as tariffs threaten to jack up prices even further, consumers are bracing for impact by slashing spending – exactly what a supposedly recovering economy doesn’t need.
“So, if consumers do what they say they will do — and have already started to do — with their spending, the simple back-of-the-envelope math predicts a potentially gloomy outcome for the U.S. economy. That’s why many market and economic experts predict slowing economic and anemic GDP growth,” says Karen Webster.
Middle-market businesses – you know, the ones that actually create jobs rather than just talk about them – are getting hammered too. About one-third of companies with revenues between $100 million and $1 billion report missing growth opportunities, facing product delays, and losing clients due to economic uncertainty. These aren’t just statistics; these are American businesses struggling to survive while the administration figures out new ways to punish success.
The Coming Economic “Hurricane”
Dimon has been warning about economic dangers since 2022, describing a “hurricane” approaching the U.S. economy. Now, with tariffs piled on top of already destructive policies, that storm is intensifying. When a banking titan like Dimon expresses skepticism about a “soft landing,” smart Americans should be battening down the hatches. But apparently, the White House thinks it knows better than people who actually understand economics.
“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse. In the short run, I see this as one large additional straw on the camel’s back,” says Jamie Dimon.
The real tragedy here is how predictable this all was. When you elect leaders who view the free market as a problem rather than a solution, who prioritize climate virtue signaling over energy independence, and who think printing money solves problems rather than creates them, economic disaster isn’t just possible – it’s inevitable. While Dimon diplomatically calls for a “quick resolution,” the rest of us know what the real solution is: a complete reversal of the destructive economic policies that got us here in the first place.
