Jamie Dimon says in shareholder letter economy on edge of ‘Goldilocks moment’ but upbeat news comes with caveats.

The US is about to enter a post-pandemic boom, according to JP Morgan boss Jamie Dimon, even though it has been “torn and crippled by politics, as well as racial and income inequality.”.

In his annual letter to shareholders, Dimon, the US’s pre-eminent banker who was paid $31.5m during 2020, called for higher spending on everything from infrastructure to childcare and backed higher taxes on companies and the wealthy and to help pay for it.

Dimon also used the letter to call for greater corporate involvement in the political sphere, a move that comes as US business has been pressed to speak up on issues including racial inequality and voting rights.

China’s leaders believe that America is in decline, wrote Dimon, and “see an America that is losing ground in technology, infrastructure and education – a nation torn and crippled by politics, as well as racial and income inequality – and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals.

“Should that happen, the wealthy should keep in mind that if tax monies improve our society and our economy, those same individuals will be, in effect, among the main beneficiaries,” wrote Dimon.

This week, Amazon founder Jeff Bezos voiced support for the infrastructure bill, and said he was also open to a rise in tax rates for business