JP Morgan Chase CEO Jamie Dimon on Thursday backed the Simpson-Bowles proposal, which cuts entitlements, other spending and raises taxes to reduce the deficit.
Speaking at the Simon Graduate School of Business at the University of Rochester, Dimon said that "the U.S. is the opposite of Europe, we know the way [to solve our crises], it’s called Bowles-Simpson," according to Forbes.
Former Sen. Alan Simpson (R-Wyo.) and former Clinton White House Chief of Staff Erskine Bowles created the proposal. The two men co-chair the White House's deficit reduction commission.
The plan raises taxes and cuts spending for $4 trillion in savings over the next 10 years. It cuts Social Security by raising the retirement age and reducing the payout for many workers and reducing cost-of-living adjustments. The plan also increases costs for some Medicare beneficiaries andeliminates most tax expenditures but lowers individual and corporate rates to 29 percent.
A version of the plan co-sponsored by Reps. Steve LaTourette (R-Ohio) and Jim Cooper (D-Tenn.) failed spectacularly in the House in March, with just 38 members voting for it and 382 voting against.
Dimon also said the Occupy Wall Street movement had "legitimate complaints" but said the movement was unfair. "It was everyone guilty. That’s another form of discrimination," he said.
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