Jamie Dimon Backs Simpson-Bowles Plan

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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Comments

[Grousefeather]

11:18 AM on 05/08/2012

Raising the retirement age seems like an okay idea provided seniors are GUARANTEED an adequate income from a good job until they reach retirement age. Raising the retirement age without providing something like affirmative action for seniors would be disastrous.

[devondx]

01:40 PM on 05/05/2012

It claims to save trillions by cutting healthcare expenses without saying how,,,,

just like the ryan plan claims to reduce debt by closing loopholes...without naming any

[devondx]

01:37 PM on 05/05/2012

It claims to save trillions by cutting healthcare expense without saying how,,,,

just more taking from the poor to give to the rich.....

[devondx]

01:28 PM on 05/05/2012

The plan raises taxes and cuts spending for $4 trillion in savings over the next 10 years
--------------------------------------------------------
No it does NOT...not even close....

It cuts taxes for the rich and pays for it by cutting spending on the poor

and the elderly.....then it claims it will cut expenses by trillions

thru reducing healthcare cost.....without ever saying how that will be done....

just like the ryan report says it will cut taxes but raise revenue by closing loopholes

without naming a single actual loophole it will close...

Luke author of this article , Luke Johnson, is either a GOP con artist

or their pet parrot....either way.... he has no business pretending to be a

journalist.....

[devondx]

05:43 PM on 05/05/2012

to be fair to Luke, who's written many article i've enjoyed reading,

it is a sad practice of most modern reporters to repeat the lie

that the simpson-bowles plan and the ryan budget plan cut the size

of our debt when they do nothing of the sort.......

saying they'll cut unnamed loopholes and stop healthcare cost from

rising..... without saying how .....is no different than me saying i'll wave a magic wand

and erase the debt.....both plans do nothing but cut taxes for the rich and cut spending

for the poor with no reduction in the debt.....

[Captain Hindsight]

10:12 AM on 05/05/2012

Of course Jamie the Demon would support any plan that takes from the poor and gives to the rich.

The Reduced income tax for the rich and Corporations is a joke. Everyone knows they never pay nearly what the tax code calls for due to all the loopholes. The just want to keep the argument away from capital gains and estate taxes.

[Captain Hindsight]

09:18 AM on 05/05/2012

“When are the people who are supposed to so smart that seek to be our representatives learn that the debt will never go down until:
1. We shrink the size of the federal government.
2. We stop propping up the free market system with taxpayer loans and guarantees.
3. Close all tax loopholes and collect all taxes due.
4. End the failed war on drugs and free small quantity drug possession criminals with expunged records.
5. End lobbying by limiting the right to petition the government to the actual collection of taxpayer signed petitions.
6. End the two year campaigning by having the Fairness Doctrine and equal time rules reinstated along with public funded and small donor contributions only.

That's just to start the process!”

[Anthony Ruiz]

03:42 PM on 06/14/2012

Hear-hear. I most totally agree.

The only way we'll get the above done is by removing PAC and campain contributions and institute public campain financing. We can fund a war; give oil compaies 4 billion dollars a year; but we can't insure politicians only have the best interests for the whole country, instead of a few.

[Coinyer101]

08:42 AM on 05/05/2012

lol...., Wall Street has their worst week of the year, the same week of the OWS general strike. I told you all it would be successful.....,

[GopRidiots]

08:32 AM on 05/05/2012

Raise the retirement agre..mmmmm....jimmy wants is to make him money until we die. F U diamond....we should cut your pay and create a patriot tax that his the 1% with a 60% income and asset value tax until the deficit is zero!

[johneljuan]

08:13 AM on 05/05/2012

WALL STREET GREED COLLAPSED OUR ECONOMY , SO WHO DO THEY ASK TO SACRIFICE? YOU GOT IT THE MIDDLE CLASS.

[dzadzey]

08:10 AM on 05/05/2012

I would be suspicious of ANY plan backed by ANY CEO who played a role in the economic melt-down triggered by the financial industry.

[onegandolf1]

08:52 AM on 05/05/2012

And, we are talking Jamie Dimon, hare.

[whisper12340]

03:09 AM on 05/05/2012

With these guys. Always read the fine print.

[joenova]

02:16 AM on 05/05/2012

Let's take back our country from these greedy bastards that screwed up the country in the first place, and now want to fix it on the backs of the people they exploited. These corporate con men are stealing from the shareholders that own these companies. They determine there own outrageous pay packages. They have learned to game the tax system in order to pay next to nothing in taxes. Many leave money overseas to avoid taxes even though this country provided the success that let them grow and prosper, and now they have turned their back on America., It's shamefull, and we need to fight back!!!

[Micheal Anderson]

01:54 AM on 05/05/2012

Eliminate the income cap on Social Security and you solidify the program for another hundred years. It really is that simple.

[skylark]

08:00 AM on 05/05/2012

fanned and faved.

[montn2]

08:33 AM on 05/05/2012

The simple, easy solution....yet as often as it has been tossed out there, it has been rejected. I think we all know why. Raise the cap should be the battle cry....faved

[MarcDel]

12:16 AM on 05/05/2012

If everyone was guilty as he says or we are discriminating then would he suggest we apportion the consequences? How much did the average American lose in personal wealth? How much did Jamie and his bank lose? Jamie's contention on all levels is creative obfuscation. I wouldn't invest in anything this guy says or sells.

[MarcDel]

11:52 PM on 05/04/2012

"It was everyone guilty. That’s another form of discrimination," With this logic I can see how we got into this crisis. Here we have a financial leader. He is entrusted with the traditional job of a banker, assessing the risk of the borrower. Bankers used to be local and their role was to assess a borrowers ability to repay a loan. Now we are told that that assessment is now the responsibility of the borrower. The borrower who faced an ever growing number of mortgage instruments, some almost too complicated for the banks to understand. Banks that reduced their risk by moving that risk to other banks. If now saying that the experts and leaders of the field of finance were not the leaders that the public should be able to trust is the greatest obfuscation of professional responsibility one can imagine. Banks are built on trust. No wonder we have lost trust with "leaders" like this.