I am a fan of Jamie Dimon and have been for many years.
Dimon is the CEO and Chairman of the Board of JPMorganChase, the largest U.S. bank by assets, and when Dimon talks, the world listens. While giving an interview at the Reagan National Economic Forum in May, Dimon caused a stir with his answer to the question, “Do we need to rethink what constitutes national security?”
His answer, “We know what constitutes national security. We don’t need to be stockpiling bitcoin; we need to be stockpiling guns, bullets, tanks, planes, drones, and rare earth minerals.”
The media seized on that answer and suddenly Dimon was everywhere — on social media and the national news networks. Perhaps you have heard about or seen his comments already.
While Dimon’s answer may have been an awakening to some, it was comments he made later in the interview that really struck a nerve with me. When talking about the national deficit and what needs to be done to curtail spending, Dimon told the interviewer that there were 13,000 lobbying groups in Washington, D.C. He said 10 or 12 belonged to the banks, but the rest lobby for cotton, corn, sugar, unions, and every possible business or interest you can imagine. All of them are coming to D.C. and wanting to either start a new program or keep an existing program going. Dimon said this was damaging our country, and we need a “Reagan Type” to convince Americans that the time had come to sacrifice personal interests for the common good.
The comments made my heart sink because that is what I do, both in Jackson and D.C. I act on behalf of our electric cooperatives to ensure that they can deliver affordable, reliable power in a manner that is environmentally conscious. Is asking that the Rural Utility Service and Federal Emergency Management Agency (FEMA) be fully funded hurting our country? Is LIHEAP a bad program? (LIHEAP is an energy assistance program that helps low-income families pay utility bills.)
As I sat there pondering Dimon’s words, I thought about how my board would feel about me if I did not deliver on those issues. I also wondered how the clients of those 13,000 lobbyists would react to their “special interest” not being passed. My guess is they would all be unemployed. I remember our former U.S. Senator Trent Lott once famously said, “If money goes to another state, it’s called pork spending, but when it comes to Mississippi, it’s economic development.”
I asked AI what our national debt was. The answer was $36.2 trillion as of April 2025. That figure includes debt that is owed to the public (including other countries) and debt owed between government agencies. Honestly, that number is difficult for me to comprehend.
This month America will celebrate its 249th birthday. Maybe it is time that we as Americans do some soul searching and decide what is important to us. Do we continue with this current course of self interest and leave our posterity crippling debt and a bleak future? Or do we become good Americans and set aside personal interest, so our country can last another 249 years? The choice is ours to make, but our children will have to live with it.
Happy Birthday, America!
