Jamie Dimon says 20 years of slow growth cost America $20,000 per person. Here are 3 numbers on your own statements costing you for real

The leader of America’s largest bank called on Americans to “rededicate ourselves to the values and principles that made this nation great, including free enterprise.”

As an immediate target, Dimon says it’s crucial to push national GDP up from its hovering around 2% range back to at least 3%.

“If we had done this over the past 20 years or so, our gross domestic product per person would be $20,000 higher,” he claimed

While this lofty goal sounds reasonable, the reality is that average Americans can’t do much to make it happen. Sure, a vote in upcoming elections, but only elected officials actually get a direct say in the national policies that influence growth.

On the positive side, there are simple, proactive steps everyone can take to ramp up their “personal GDP.” Taking charge of just three numbers could set you on a path toward the American Dream, regardless of what the official GDP number is.

1. Exorcise that demonic debt

​High-interest debt is like junk food for our finances. It’s oh-so-tempting in the moment, but it steadily messes with our long-term health.

Unfortunately, most Americans can’t get started building wealth because of this huge weight. Total household debt is now $18.8 trillion, according to the Federal Reserve Bank of New York. $1.26 trillion of that total goes to credit cards, which, according to Fed data, now have average interest rates above 20%.

If you have a debt load you need to lighten, the first step is to understand your situation. Make a list of every debt you owe, along with its balance, minimum payment, and interest rate.

Next, you can either tackle the highest-interest debt first (aka the avalanche method) or focus on the smallest total balances (a.k.a. the snowball method). Both strategies have pros and cons: The avalanche method saves you more over the long term, while the snowball method builds powerful psychological momentum because it’s easier to see your wins.

Whatever strategy works better for your psyche, getting rid of debt is the first practical step many Americans need to take before they can really start turbocharging their wealth.

2. Don’t leak money with lifestyle creep

The total cost of lifestyle creep may not be as much as high-interest debt, but it’s a far sneakier theft of wealth.

If you get a raise, it only feels natural to upgrade some areas of your life because, after all, you can afford it.

While it isn’t necessarily a problem to spend a bit more, the trap is when these new costs become a higher cost-of-living baseline.

According to data from the Fed, this phenomenon is incredibly common. Thirty-five percent of surveyed adults said they increased their year-over-year monthly spending in 2025, but 32% said their monthly income rose in the same timeframe.

So, before getting that raise, make a clear plan for where the extra money will go so you aren’t tempted to splurge without sacrificing savings.

It’s also good “financial hygiene” to schedule a subscription and recurring-expense audit to see what’s weighing down your wallet. A recent CNET survey found streaming costs siphon a lot of hard-earned dollars from Americans, with current estimates showing it’s common to pay over $250 per year for subscriptions you don’t even use.

Staying on top of your spending habits is the only way to see where lifestyle creep may be seeping into your yearly budget.

3. Get investing as early as possible

​You know the old saying, “Time is money.” Well, that doesn’t mean the time you work translates to more dollars. In terms of investing, how long you’re in the markets is your most effective strategic advantage. The trouble is that it’s always ticking away.

​Even though it’s more important to reduce debt first, you need to think about investing ASAP. And don’t let scary market drawdowns put you off.​