'The fault line is inequality': JPMorgan's Dimon calls on fixing America's 'self-inflicted' problems
JPMorgan Chase CEO Jamie Dimon says income inequality and the subsequent discord in the U.S. create a “fraying American dream" that threatens America’s global preeminence. “Many of our citizens are unsettled, and the fault line for all this discord is a fraying American dream – the enormous wealth of our country is accruing to the very few. In other words, the fault line is inequality. And its cause is staring us in the face: our own failure to move beyond our differences and self-interest and act for the greater good. The good news is that this is fixable,” Dimon wrote in his firm’s widely-read annual letter to JPMorgan shareholders.
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“The COVID-19 pandemic, for which our nation was totally unprepared, capped by the horrific murder of George Floyd, shoved into the spotlight our country’s profound inequities and their devastating effects – inequities that had been there for a long time. Once more, our country suffered, and its least well-off individuals suffered the most. Unfortunately, the tragedies of this past year are only the tip of the iceberg – they merely expose enormous failures that have existed for decades and have been deeply damaging to America,” Dimon wrote.
According to Dimon, the other issues facing the U.S include capitalism versus other economic systems, healthcare, immigration policy, and the U.S.’s leadership role globally. What’s more, he wrote, institutions such as governments, schools, media, and businesses “have lost credibility in the eyes of the public.” These failures fuel populism on both sides of the political spectrum, he said. “But populism is not policy, and we cannot let it drive another round of poor planning and bad leadership that will simply make our country’s situation worse,” Dimon added.
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Among the solutions Dimon outlines include improving the social safety net, making the healthcare system work better, modernizing infrastructure, thoughtful trade policies, intelligent industrial policy, maintaining a strong financial system, proper immigration policies, affordable housing, proper and consistent tax and fiscal policy, and more. He also emphasized the importance of training for jobs, increasing wages, and creating opportunities for employment.
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He called for an increase in the federal minimum wage and the ability for states to make adjustments based on the cost of living. Dimon also pointed to the Earned Income Tax Credit (EITC), a refundable tax credit that goes to millions of low- to moderate-income workers, particularly parents, to supplement their earnings, and the Child Tax Credit as ways to help ensure every job “essentially pays a living wage.” Dimon said the U.S. needs to make it easier for those with a criminal record to get a job to increase labor participation.
More..
https://finance.yahoo.com/news/jamie-dimon-on-inequality-in-the-us-125413252.html
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Jamie Dimon appeared on "60 minutes" two years ago, helping Detroit, was fascinating
https://www.cbsnews.com/news/jamie-dimon-jp-morgan-chase-ceo-makes-data-focused-investment-in-detroit-60-minutes-2019-11-10/
= new reply since forum marked as read
