The head of JPMorgan Chase (NYSE:JPM) forecasts that the U.S. will enjoy an economic boom through 2023 if more adults get vaccinated and federal spending continues at its current pace.
JPMorgan Chief Executive Officer Jamie Dimon wrote in his annual letter to shareholders that was published on the bank’s website: “This boom could easily run into 2023 because all the spending could extend well into 2023.”
As head of the largest U.S. bank, Dimon is a leading voice in America’s financial sector, and he used the letter to share his views on the country’s economic health and to press for policies to help address inequality and improve the criminal justice system.
The average U.S. consumer’s finances are in "excellent shape," Dimon said, and the stock market’s high valuations are justified. The economic growth that Dimon see for the United States will create opportunities to "deal with issues stemming from inequality," he wrote.
Dimon called for raising the federal minimum wage, improving training for jobs at high schools and colleges, and making it easier for people with criminal records to get jobs.
Dimon, who has called for higher taxes to pay for federal stimulus, said corporations could support many of these initiatives if the government adopted rigorous budgeting, transparency and discipline when it comes to its spending.
