JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon is once again stepping into the role of capitalism’s most prominent defender, calling critiques of the U.S. economic system as no longer working for ordinary Americans “dead wrong” in a CBS News interview on Tuesday.

A self-described “red-blooded American patriot capitalist,” Dimon has long identified more with an economic philosophy than a political party. A recent CBS News poll found that most Americans believe it is harder to buy a home, raise a family and get a good job than it was for past generations.

‘Not Because Of Capitalism’

Dimon acknowledged capitalism has its drawbacks but argued it has lifted billions out of poverty. “Some businesses do bad things and it’s not because of capitalism,” he said. He also pushed back on the notion that flaws in the system are systemic. “Some people are selfish. Some are self-centered,” he said. “That’s true in a communist society or in a capitalist society.”

Billionaire banker and Wall Street veteran Dimon's comments are closely watched by markets, more so because of his blunt and hot takes on the economy.

It is not the first time Dimon has engaged directly with capitalism’s critics. Last year, he called New York City Mayor Zohran Mamdani‘s movement “more Marxist than socialist,” while also acknowledging that “capitalism has a lot to fix.”

A K-Shaped Economy

The CBS News poll shows 62% of Americans think opportunities are increasing for wealthy people, versus just 16% who said the same for the middle class — sentiments experts say reflect the emergence of a “K-shaped” economy, describing the divergent fortunes of wealthier Americans versus those lower on the ladder.

Dimon did not dismiss those struggles. He acknowledged that the bottom third of income earners have seen limited wage growth. “Their incomes didn’t really go up very much,” he said. “They struggle more.”

Blaming Bad Policy, Not The System

Rather than faulting capitalism, Dimon pointed squarely at policy failures. He argued that two decades of roughly 2% GDP growth have left Americans worse off than they should be. “Had it been 3%, we [would have had] $20,000 per person more GDP. That would’ve paid for an awful lot,” he said.

The CBS interview followed the launch of JPMorgan’s American Dream Initiative, described as one of the most ambitious community investment programs in the largest U.S. bank’s 225-year history, targeting small businesses, affordable housing and job growth across the country.

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