The growing influence of socialists on the left has led many people in the political, business, and cultural sectors to weigh in on what socialism is and what its effect on society can be.
One of the latest movers and shakers to speak out about socialism is Jamie Dimon, CEO of JPMorgan. At the World Economic Forum in Davos, Switzerland earlier this week, Dimon told CNBC that politicians who advocate for socialism don’t know what they’re talking about.
“Most state-owned enterprises don’t do a particularly good job,” he added. “You look around the world and they become corrupt over time. That doesn’t mean that capitalism is perfect. That doesn’t mean that every public company is perfect. No, there are flaws.”
Dimon said he did not want to address any specific candidates. But he said that socialist governments traditionally have done a poor job allocating capital and end up backing politically popular endeavors and “bridge to nowhere” projects.
“Once you do that, you will have an eroding society,” he said.
“They do need to fix inner-city schools, infrastructure, health care,” Dimon added. “We can fix all of those in a capitalist society.”
He’s right. My friend and fellow Resurgent writer Gabriella Hoffman has written extensively on the effects of socialism based both on what we’re seeing today and her family’s own experience with communism and socialism.
Socialism is a terrible system that could bring American society down, just as it has throughout the world, and even small elements of it have a negative influence on our culture and economy. So Dimon has a valid and important point here.
But, of course, there’s a wrinkle. JPMorgan took about $25 billion in bailout money from the federal government in 2008 while Dimon was CEO. The bank eventually paid the money back, but the fact that Dimon took so much money in a government handout leaves enough room for Congressional socialists to jump on Dimon’s case.
Here’s the deal. Dimon made a tremendous point about the ills of socialism, but the 2008 bailout makes him look like he’s talking about both sides of his mouth. The bailout doesn’t negate any of the truth about the evil that socialism has unleashed on societies all over the world, yet I can’t help but wonder if Dimon is having one of those “D’oh” moments at the fact that he took advantage of corporate welfare.
At the end of the day, regardless of what happened in 2008, Dimon hit the nail on the head. Socialism is a dangerous evil that we need to defeat. AOC and Sanders and their ilk can polish the turd all they like with their claims that “democratic socialism” is something different, but the truth is that we can’t allow any small socialist element to invade American society.
Jamie Dimon is right: socialism will erode our society – and we must stop it.