Reduce Remote Workers' Pay
Like Jamie Dimon, employers across the country are eliminating the option to work from home ('Remote Work and JPMorgan's Mole,' by Matthew Hennessey, op-ed, Feb. 20).
Managers contend that working in the office will improve productivity, foster camaraderie and save money. Employees see it differently. There might be a win-win solution: Reduce pay for employees who choose to work from home. This would cut employers' costs by increasing productivity and accommodate employees' needs, helping to reduce the cost of child care and transportation, among other expenses. According to one recent study, 40% of workers say they'd accept a pay cut of at least 5% to keep their remote job. Everyone can be happy.
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Newsweek
17 hours ago
- Newsweek
JPMorgan CEO Says US Economy Threatened by 'Enemy Within'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The CEO of JPMorgan Chase Jamie Dimon has characterized the real threats to the long-term health of the U.S. economy as internal, rather than those posed by any foreign nation. Speaking at the Reagan National Economic Forum in California on Friday, Dimon said that the "tectonic plates" of geopolitics and the global economy were shifting, and that the biggest issue underlying this was "the enemy within." "I'm not as worried about China. China is a potential adversary—they're doing a lot of things well, they have a lot of problems," he said. "But what I really worry about is us. Can we get our own act together—our own values, our own capability, our own management." Why It Matters Dimon's comments come as the U.S. grapples with the threat of a recession, and a broader deterioration of its economic outlook. In addition to weak consumer confidence and fears over inflation, the trade policies of the U.S. administration have resulted in significant market volatility and raised concerns the economy could be approaching a major downturn. Despite the 90-day tariff pause agreed between the two nations on May 12, negotiations between the two countries have not resulted in substantive progress, with recent accusations of violations further and aggressive posturing from the administration threatening to derail any potential breakthrough. What To Know Dimon defined the "enemy from within" as a broad combination of state-level economic mismanagement, regulatory gridlock, deficiencies in the schooling and health care systems, while mentioning several other difficulties, including the persistent risk of the U.S. economy slipping into a recession. While he agreed with outgoing Berkshire Hathaway CEO Warren Buffet's assessment that the U.S. and its economy remain "resilient," Dimon added: "This time is different. This time we have to get our act together and we have to do it very quickly." JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. Michel Euler/POOL/AFP via Getty Images In addition to geopolitics, and the proxy activity and nuclear proliferation of countries such as North Korea, he said another "tectonic shift" taking place was in the global economy, and America's continued ability to engage and maintain amicable economic relations with its trading partners. He said that the priority over the coming weeks and months—during the pause on reciprocal tariffs and the temporary reduction in China's rates—should be to reach in-principle agreements with "15 important" partners, without specifying the nations in question. "I would engage with China," he added. "I just got back from China last week. They're not scared, folks. This notion they're gonna come bow to America — I wouldn't count on that." Despite the truce agreed last month, negotiations between the world's two largest economies are "a bit stalled," according to Treasury Secretary Scott Bessent. In addition, President Trump on Friday accused Beijing of "totally" violating the terms of the 90-day pause, signaling a potential reescalation of the trade conflict. What People Are Saying JPMorgan CEO Jamie Dimon on Friday said: "Right now we're not a team anymore, and we don't collaborate, we don't talk that much to each other. Deal with our policy—and this is the enemy within—we've got to fix our permitting, our regulations, our immigration, our taxation." "But the most important is maintain those military alliances. Spend whatever you've got to spend to have the strongest military in the world," he added. "And I'm hoping the goal of the Trump administration is this: Keep the Western military alliances together." President Trump, via Truth Social on Friday, said: "Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" What Happens Next? Trump's 90-day suspension of reciprocal tariffs is set to expire on July 8, while the China tariff pause will end in August—though both remain subject to a potential cancellation.
Miami Herald
20 hours ago
- Miami Herald
JPMorgan CEO Jamie Dimon backs surprising tax change
Certain political truths have stood the test of time. Republicans' love for tax cuts has been one of those political truths. Modern Republican presidents are responsible for the most significant cuts in history. President Ronald Reagan signed into law the Economic Recovery Act of 1981, which lowered the highest individual tax rate from 70% to 50% and the lowest to 11% from 14%, along with the Tax Reform Act of 1986, which lowered the highest capital gains tax rate from 28% to 20%. Related: Jamie Dimon sends stark warning on the economy President George W. Bush enacted the 2001 and 2003 tax cuts that gave the top 1% of households an average tax cut of over $570,000 between 2004 and 2012, increasing their after-tax income by more than 5% each of those years. President Donald Trump continued that legacy wth the 2017 Tax Cuts and Jobs Act, which lowered the top marginal tax rate from 39.6% to 37% and increased the standard deductions for single and married filers, among other changes. Those provisions are scheduled to expire in December, but the Republican-controlled Senate and House of Representatives are working on legislation making them permanent. JP Morgan (JPM) 's CEO has been smart enough to describe himself as politically agnostic, calling himself "barely a Democrat" and telling CNBC, "My heart is Democratic but my brain is kind of Republican." New comments from Dimon at the Reagan National Economic Forum make it seem that Dimon's brain is also moving over to the Democratic side. Image source:On Friday, Jamie Dimon told the mostly Republican crowd in Washington, D.C., that he supports taxing carried interest, the compensation paid to private investment fund managers. This compensation is taxed at a much lower rate than regular income, giving a significant tax benefit for the lucky few Americans who qualify. According to Reuters, Dimon said, "We absolutely should be taxing carried interest," echoing President Donald Trump's sentiment. Related: Elon Musk has surprising message on Big Beautiful Bill income tax cuts This change, which has received bipartisan support over the years but never came to pass, would severely hurt the bottom line for hedge funds, private equity firms, and similar financial institutions. Even in 2015, Trump said, "The hedge fund guys are getting away with murder," but nothing changed during his presidency. It's estimated that the government loses about $20 billion in annual tax revenue from the rule. Dimon and Trump's stance on this tax loophole may indicate that the country's finances are reaching their tipping point. Despite Moody's recent unprecedented credit downgrade, the White House's latest budget proposal is expected to explode the deficit. More economy American car company takes drastic action in response to tariffsTariff repeal couldn't come at a better time for US businesses Wall Street's TACO trade gains momentum and stock market rally The bill includes a slate of tax cuts, including increases to the Social Security income tax deduction and breaks for tips and overtime, as well as a revamped State and Local Tax (SALT) deduction. According to the Tax Foundation, the bill would increase the country's 10-year budget deficit by $2.6 trillion while reducing federal tax revenue by $4.1 trillion. In essence, it increases spending while taking in less income than the government already does. But the $20 billion from closing the tax loopholes is better than nothing. Related: DOGE cuts are already saving Elon Musk billions The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
a day ago
- Yahoo
Jamie Dimon warns that the US's biggest problem is not China but ‘the enemy within'
JPMorgan Chase CEO Jamie Dimon has warned that China isn't the biggest threat to the U.S., it's 'the enemy within.' Dimon appeared at the Reagan National Economic Forum in Simi Valley, California, on Friday, arguing that 'tectonic plates are shifting.' 'Those tectonic plates are the geopolitics with these terrible wars, terrible proxy terrorist activity around the world, North Korea, the potential proliferation of nuclear weapons over time, which is the greatest threat to mankind,' said Dimon, one of America's top bankers. He said the other tectonic shift is the global economy, before going on to seemingly criticise the aggressive trade policies and the apparent breaking up of traditional Western alliances by President Donald Trump. 'The other tectonic shift is … the global economy. So the global military umbrella of America, and then the global economy, of which trade is a part,' he said. 'The other parts are, do people want to partner with you? Do you have your alliances? You have investment agreements and all those various things. And they're changing.' 'Then our debt … We added $10 trillion in five years,' he noted about the national debt, which stands at more than $36 trillion. 'You had [former President Ronald] Reagan up there talking about deficits. The debt-to-GDP was 35 percent, and the deficit was three and a half percent. Today, it's 100 percent debt to GDP … and a deficit of almost seven percent.' 'We go into recession, that seven percent will be 10 percent, and so we have problems, and we've got to deal with them. And then the biggest one underlying both, that is the enemy within,' he said. 'China is a potential adversary — they're doing a lot of things well, they have a lot of problems,' Dimon added. 'But what I really worry about is us. Can we get our own act together — our own values, our own capability, our own management?' The CEO made the comments amid a sharp decline in trade between China and the U.S. following the implementation of Trump's widespread tariffs. The president's trade policy has been in flux amid new agreements and court rulings. The tariffs have prompted further uncertainty in a trade relationship that significantly impacts the rest of the world. The dispute with China escalated on Friday as Trump claimed the Chinese 'totally violated' the most recent trade agreement. 'They're not scared, folks. This notion they're gonna come bow to America, I wouldn't count on that,' said Dimon. He added that he concurs with Warren Buffett, the outgoing Berkshire Hathaway CEO, that while the U.S. is usually 'resilient,' this time could be different. 'We have to get our act together,' said Dimon. 'We have to do it very quickly.' The CEO argued that the U.S. has a 'mismanagement' problem and that a litany of things needed to be done, including fixing regulations, permitting, immigration, taxation, inner city schools, as well as the health care system. Dimon said the U.S. could grow three percent a year if those things are taken care of. Referencing previous speakers at the conference, Dimon said: 'What you heard today on stage was the amount of mismanagement is extraordinary. By state, by city, for pensions … and that stuff is going to kill us.' Sign in to access your portfolio
