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IPFS News Link • United States

Tell Billionaire CEO Jamie Dimon He's The Reason Why America's Small Businesses Are Dying

• https://www.ccn.com

The live stream of Jamie Dimon's address (watch below) at the NY Economic Club opens with the billionaire CEO of JP Morgan Chase pointing out a dearth of activity from American small business entrepreneurs over the last ten years since the Wall Street financial crisis:

"Small business formation is lower than it's ever been in the United States in recovery. This recovery is ten years long, a little over 20 percent. It's the most anemic recovery from a major recession we've ever had. It should have been 40 percent."

Yeah, maybe because Wall Street financiers have been hogging up so much capital and credit since 2008 through massive federal subsidies.

Like the $700 billion Wall Street Bailout, the Troubled Asset Relief Program, which Nancy Pelosi and George W. Bush teamed up to help pass.

That is 140x more money than the border fence appropriation that has the government tangled up in a record 26-day long shutdown.

Maybe it's because last year the federal government raised taxes on upper-middle-class income earners by eliminating the federal tax deduction for state and local taxes.

That's why House Speaker Paul Ryan (R-WI) and Senate Majority Leader Mitch McConnell (R-KY) had to walk back promises that the Republican tax bill wouldn't increase taxes on any Americans.

And this ended up being a tax increase on a stratum of income earners that those small business entrepreneurs are aiming at sliding into with a successful small business.

Starting a small business and really making it into something that's truly thriving involves taking risks and venturing time, and work, and money, and energy, toward the possibility of a big payoff.


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