Too Many Corporations, Like Universities, Have Lost Their Way
Universities are not alone among our institutions that have lost their way. How about America's corporations, which now seem to think social justice is their job, beside efficiently delivering goods and services to the American public?
In a recent panel discussion at the Bipartisan Policy Institute, Jamie Dimon, chairman and CEO of JPMorgan, the nation's largest bank, rang the alarm about the nation's debt.
He noted what is already widely known -- that federal debt now equals 100% of GDP, on its way to 130% of GDP by 2035.
We're headed for a cliff at "60 miles an hour," said Dimon.
But this is not new.
In 2018, for instance, an opinion piece in The Washington Post authored by four distinguished economists from the Hoover Institution -- Michael Boskin, John Cochrane, John Cogan and John B. Taylor, along with former Secretary of State and Secretary of the Treasury George Shultz -- announced "A debt crisis is on the horizon."
They pointed to the enormous burden and risk to our budget of the then debt burden, which stood at $15 trillion, 76% of GDP. Now we're at $34 trillion and 100% of GDP.
At the end of 2008, debt stood at 43% of GDP.
It is good that the chairman of the largest bank in the country is waking up. But where has he been and is he really waking up?
Per OpenSecrets, which tracks and reports political spending, in the most recent political cycle, 2023/2024, 65% of JPMorgan's political contributions went to Democrats, and their contributions to "liberal groups" were greater than contributions to "conservative groups" by a margin of 10-to-1.
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