Sunday, January 21, 2024

Jamie Dimon Groveling Before Trump Exemplifies How Fascism Takes Root

At a time in American history when the most influential leaders of America need to stand up loudly and clearly for the rule of law, for democracy, for decency, and against Donald Trump, Dimon is leading the charge in the opposite direction.



“Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Tax reform worked. He was right about some of China. He wasn’t wrong about some of these critical issues,” Dimon.
(Photo: Ludovic Marin/Pool/AFP via Getty Images)

ROBERT REICH
Jan 20, 2024
Robertreich.Substack.Com


On Wednesday, speaking from the World Economic Forum’s confab in Davos, Switzerland, Jamie Dimon — chair and CEO of the largest and most profitable bank in the United States and one of the most influential CEOs in the world — heaped praise on Donald Trump’s policies while president.“Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Tax reform worked. He was right about some of China. He wasn’t wrong about some of these critical issues,” said Dimon.

What?


Mr. Dimon, take a step back, be honest.

Kind of right about NATO? Trump wanted the U.S. to withdraw from NATO — and may get his way if he becomes president again. This would open Europe further to Putin’s aggression.

Kind of right on immigration? Even the conservative CATO Institute found that Trump reduced legal immigration but not illegal immigration. Trump refused to grant legal status to children of immigrants born in the United States or who grew up in the U.S. He banned Muslims from America, and when the Muslim ban was found to be unconstitutional, banned people from Muslim countries. He fueled the flames of nativism by describing poorer nations as “shit holes” and has used Nazi terms to describe foreigners as “poisoning the blood” of Americans.

Grew the economy quite well? In fact, under Trump the economy lost 2.9 million jobs. Even before the pandemic, job growth was slower than it has been under Biden. The unemployment rate increased by 1.6 percentage points to 6.3%. The international trade deficit Trump promised to reduce went up. The U.S. trade deficit in goods and services in 2020 was the highest since 2008 and increased 40.5% from 2016. The number of Americans lacking health insurance rose by 3 million. The federal debt held by the public went up, from $14.4 trillion to $21.6 trillion.























Tax reform worked? Trump’s tax cut conferred most of its benefits on big corporations and the rich, while enlarging the budget deficit. Giant banks and financial services companies got huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies.

If not for the Trump cuts — along with the Bush tax cuts and their extensions—federal revenues would keep pace with federal spending indefinitely, and the ratio of the debt to the national economy would be declining. Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57% of the increase in the debt ratio since 2001, and more than 90% of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100% of the increase.

Right about China? As the Brookings Institution found, Trump’s China policy only made China less restrained in pursuit of its ambitions. Confrontation has intensified, areas of cooperation have vanished, and the capacity of both countries to solve problems or manage competing interests has atrophied.

Oh, and then there are the pesky matters of Trump’s seeking to overturn the results of the 2020 election, facing 91 criminal indictments, causing America to be more divided than at any time since the Civil War, lying every time he opens his mouth, and planning to use the Justice Department for “vengeance” against his political enemies if elected again.

Why is Jamie Dimon — the most influential CEO in America — spouting these lies in favor of Trump?

Because he thinks Trump has a good chance of becoming president, and Dimon wants to be in his good graces.

Asked which candidate would be better for his business, Dimon said, “I have to be prepared for both. I will be prepared for both. We will deal with both.”

Dimon knows that his support for Nikki Haley irked Trump.

“Highly overrated Globalist Jamie Dimon, the CEO of JPMORGAN, is quietly pushing another non-MAGA person, Nikki Haley, for President,” Trump said in a post on Truth Social in late November. “I’ve never been a big Jamie Dimon fan, but had to live with this guy when he came begging to the White House. I guess I don’t have to live with him anymore, and that’s a really good thing.”

So now, Dimon — like Republican lawmakers across America, like other leaders of American institutions — feels it necessary to cave into the integrity-crushing intimidation of a Trump administration, and lick Trump’s backside.

And when Dimon does this, you can bet many other CEOs and financial leaders will now follow his example.

At a time in American history when the most influential leaders of America need to stand up loudly and clearly for the rule of law, for democracy, for decency, and against Donald Trump, Dimon is leading the charge in the opposite direction.

This is how fascism takes root and spreads, friends.















© 2021 robertreich.substack.com

ROBERT REICH is the Chancellor's Professor of Public Policy at the University of California, Berkeley, and a senior fellow at the Blum Center for Developing Economies. He served as secretary of labor in the Clinton administration, for which Time magazine named him one of the 10 most effective cabinet secretaries of the twentieth century. His book include: "Aftershock" (2011), "The Work of Nations" (1992), "Beyond Outrage" (2012) and, "Saving Capitalism" (2016). He is also a founding editor of The American Prospect magazine, former chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." Reich's newest book is "The Common Good" (2019). He's co-creator of the Netflix original documentary "Saving Capitalism," which is streaming now.

No comments:

Post a Comment