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Dimon: Accountability in government spending plans key to economic boom

Dimon: Accountability in government spending plans key to economic boom
© Greg Nash

JPMorgan Chase CEO Jamie Dimon said that government accountability with regard to spending will be key for an economic boom.

In an interview with Wall Street Journal Editor-in-Chief Matt Murray, Dimon said that government spending aimed at helping economic growth will fall flat due to the system not being designed well enough with measurable outcomes. 

Dimon gave two examples of such: a highway plan should detail how many miles would be built at what cost, and free tuition at community colleges should be measured by graduation and job placement rates, according to the WSJ story. 

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“Our government, when they point out the issues that we should do better, they’re right,” Dimon said to the paper. “But if we just throw a lot of money at it and it’s all wasted again … we will be in big trouble.”

Dimon added that government regulation has slowed the growth of small businesses over the past several years. 

This comes as Dimon told the Journal that he feels optimistic about the economy booming by 2023. He said the government stimulus checks, massive vaccine rollouts and actions of his corporate and consumer clients have him believing in this possible boom. 

“The boom is good. Employment is good. Growth is good. Everyone should enjoy it,” Dimon said.