Jamie Dimon has compared government spending to heroin, warning that Washington's enormous deficits are making American businesses feel prosperous while quietly undermining the purchasing power of the money they earn. The JPMorgan Chase CEO isn't denying that the economy is growing. He's questioning how much of that prosperity is being financed by borrowing that cannot continue indefinitely.
Speaking at the Economic Club of Chicago in October, Dimon described how government spending flows into corporate revenue, profits and ultimately the broader economy. The immediate effects can be gratifying, even when the inflationary consequences leave households worse off.
"It's like heroin," Dimon said of government spending. "It drives your corporate profits."
The numbers help explain his concern. The federal government spent $7.40 trillion in fiscal 2026 while collecting $5.40 trillion in revenue, leaving a deficit of approximately $1.99 trillion. That was $217 billion more than the previous year's shortfall, according to Treasury Department figures cited in the report.
Dimon wasn't interested in blaming a single administration or spending package. "We have been profligate now for years," ...