By Daniel Rose
On November 4, 2025, New York’s registered voters will choose their next Mayor, and present indications are that Zohran Mamdani, the charismatic 33-year-old self-described (small “d”) democratic socialist – who believes that free-market capitalism is “theft” – is in line to lead our country’s largest city and the world’s financial capital.
Jamie Dimon, JPMorgan Chase C.E.O. who graces our cover, favors an active and dynamic citizenry engaged in a vibrant, creative and productive free-market economy that benefits all. He states (in his annual letter to his colleagues and constituents) that, until recently, the U.S. economy has continued to be resilient, and that such resilience has been fueled by governmental deficit spending, and he advocates elimination of the debt ceiling. He notes our growing need for appropriate physical infrastructure, necessary educational and research spending, financing of public safety and military defense and – above all – expenditures to implement effective policies that drive robust economic growth for the benefit of all our citizens.
Dimon emphasizes that we need:
A) consistent and responsible tax and fiscal policies;
B) dramatic improvement in our educational systems to help create skills, jobs and opportunity;
C) healthcare systems that must be restructured, both to reduce costs and to improve outcomes;
D) carefully considered improvements to our varied retirement systems; and
E) to dramatically increase the availability of affordable housing.
He states clearly, “America’s strength is not a divine right – it is earned by citizens committed to constructive purposes for the common good.” Appealing to a rational public of all political persuasions, Dimon points out our need pragmatically to minimize crippling litigation, stifling bureaucracy and excessive regulatory red tape. He asserts that we can have, and must work toward, healthy international economic alliances for mutual benefit and that it is important that the dollar remain as the world’s reserve currency. He believes we must demand a government – federal, state, municipal – that is “effective, efficient, competent and principled”, without micro-management.
Dimon fears that America and the world are at critical crossroads, that our largest risk is geopolitical, and that America must have the world’s best military. He closes his letter with the hope to see the world on the path to peace and prosperity, but the sense of his message is one of caution and concern.
May his fears prove unjustified and may his hopes come to fruitful fulfillment.