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JPMorgan CEO: The American dream is falling apart

JPMorgan CEO: The American dream is falling apart

by YCPress

Jamie Dimon, chief executive of JPMorgan Chase, is optimistic about the U.S. economy, but he is concerned about the widening gap between rich and poor in the U.S., especially among blacks, CNN reported Wednesday.

Mr Dimon was interviewed by David Axelrod, a veteran CNN political commentator, ahead of JPMorgan’s first-quarter results. He makes reference to this view, arguing that “the American dream is falling apart and income inequality is the weakness that causes this problem.” ”

The good news for many Americans, Mr. Dimon says, is that the economy is improving, in part because of the federal stimulus package. “Consumers now have a lot of money, mostly from stimulus packages and unemployment benefits, and so on, ” he said. Their balance sheets are in good shape and their confidence levels are rising. There will be some euphoria after the outbreak. In my opinion, this will certainly drive very strong economic growth in the coming years. ”

FILE PHOTO: Jamie Dimon, CEO of JPMorgan Chase

But When It Comes To The Many ChallengeS Facing America’S Poor And The Continuing Unfair Treatment Of Black AmericanS, Damon Is Also Very Direct. For example, he said the May 2020 death of Floyd, a black man, by white police officers in the United States “highlights centuries of racial inequality.” He also repeatedly referred to the incident as a “murder” in the interview.

FILE PHOTO: Floyd was crushed to death by a white police officer on his knees

But Mr Dimon said American banks had pledged to invest more to help blacks get jobs and provide affordable housing loans. He added that his bank, JPMorgan Chase, is also providing more loans to small black-run businesses and wants to recruit and train more minority wealth managers.

He also noted other “serious problems” in the United States, including infrastructure, education and health care. “The United States is an outstanding country,” he said. But we need to do something to solve these problems. The only way to solve these problems is to crack them in detail. “He thinks it’s time for the U.S. to address these issues, in which American businesses should play a role, but the role of government is even more critical.”

However, Mr Dimon said he opposed tackling the widening gap between rich and poor by raising taxes on businesses, arguing that taxing the rich should be taxed more than taxes on businesses.