Dimon: "We Know the Way, It's Called Bowles-Simpson"
At an event at the University of Rochester's Simon School yesterday, JPMorgan Chase CEO Jamie Dimon made a direct call for the Simpson-Bowles recommendations. Dimon stated that the debt challenges facing the United States are "the opposite of Europe" because we see the crisis coming and know how to solve it. He pointed to Simpson-Bowles is the answer, but that right now our elected official don't have the political courage to make it happen.
Dimon is just one of a few prominent people to recently endorse the plan. Former Federal Reserve chairman Alan Greenspan called it an "ideal vehicle" for deficit reduction because it would start the country on the right path of taking large chucks out of deficits and debt, even if it didn't turn out to be the full solution, while offering an opportunity for compromise. He also said that President Obama should have embraced the plan immediately. General Electric CEO Jeffrey Immelt has also made high supportive statement about the Simpson-Bowles plan in recent weeks and months, citing how we need to take a hard look at every part of the budget and need to start thinking about where there's bipartisan support.