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Jamie Dimon: "‘The social needs of far too many of our citizens are not being met’"

  
By:  Krishna  •  Politics  •  2 months ago  •  45 comments

Jamie Dimon: "‘The social needs of far too many of our citizens are not being met’"

The wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners”
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(Photo: Wall Street Journal)


KEY POINTS

  • In annual letter to shareholders, J.P. Morgan CEO lists woes faced by increasing swaths of U.S. population.
  • “No one can claim that the promise of equal opportunity is being offered to all Americans through our education systems, nor are those who have run afoul of our justice system getting the second chance that many of them deserve,” Dimon says.

  • Fixing problems may mean taxing wealthy Americans more, he said: “If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners”

America is the richest country in the history of the world, but stagnant wages and lack of opportunity have left too many behind, J.P. Morgan Chase CEO Jamie Dimon said in his annual letter to shareholders Thursday. 

“Forty percent of American workers earn less than $15 an hour, and about 5% of full-time American workers earn the minimum wage or less, which is certainly not a living wage,” Dimon wrote. “In addition, 40% of Americans don’t have $400 to deal with unexpected expenses, such as medical bills or car repairs.“

Dimon has made similar comments recently as he touts efforts by his bank to help reverse the tide of inequality. J.P. Morgan announced a $350 million job training effort for underserved communities last month. Last year, the bank unveiled a $500 million effort to revitalize cities.

“No one can claim that the promise of equal opportunity is being offered to all Americans through our education systems, nor are those who have run afoul of our justice system getting the second chance that many of them deserve,” Dimon said. “Simply put, the social needs of far too many of our citizens are not being met.”

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Krishna
1  author  Krishna    2 months ago

In a section of his annual letter titled “The American Dream is alive – but fraying for many,” Dimon listed the problems and then went on to prescribe a path to making improvements.

“Plain and simple, this is a collective failure to put the needs of society ahead of our personal, parochial and partisan interests,” Dimon said. “If we do not fix these problems, America’s moral, economic and military dominance may cease to exist.”

 
 
 
gooseisgone
1.1  gooseisgone  replied to  Krishna @1    one month ago

Nothing is stopping Dimon, Zuckerberg, Dorsey, Page, Brin, Pinchai, Cook, Bezos, Gates, Bloomberg, Blasio  and all the other Liberal billionaires for getting together and giving their money to improve the economic conditions of Americans.

 
 
 
XDm9mm
1.1.1  XDm9mm  replied to  gooseisgone @1.1    one month ago
Nothing is stopping Dimon, Zuckerberg, Dorsey, Page, Brin, Pinchai, Cook, Bezos, Gates, Bloomberg, Blasio  and all the other Liberal billionaires for getting together and giving their money to improve the economic conditions of Americans.

Yes there is.   The simple fact that they do not have direct access to the money everyone else owns and they would need to write their own checks to cover their own positions.

It's easy to spend other peoples money.  As Margaret Thatcher noted:

“The problem with socialism is that you eventually run out of other people's money.”

However, I would substitute the term "arrogant billionaires" for socialist in this instance.

 
 
 
WallyW
1.1.2  WallyW  replied to  gooseisgone @1.1    one month ago

Nothing is stopping the usual deadbeats from getting a job.

 
 
 
Jack_TX
1.2  Jack_TX  replied to  Krishna @1    one month ago
“Plain and simple, this is a collective failure to put the needs of society ahead of our personal, parochial and partisan interests,” Dimon said. “If we do not fix these problems, America’s moral, economic and military dominance may cease to exist.”

He is correct. 

The hilarious thing is that 80% of Americans will think he's only talking about one side.

 
 
 
Krishna
2  author  Krishna    2 months ago
Taxing the rich

He encouraged Republicans and Democrats to understand the other side’s grievances and said that if the government can demonstrate it is spending money properly, education and infrastructure budgets should rise. Dimon then waded back into one of the signature political debates ahead of the 2020 elections:

“That may very well mean taxing the wealthy more,” Dimon said.  “If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners.”

 
 
 
Texan1211
2.1  Texan1211  replied to  Krishna @2    2 months ago
He encouraged Republicans and Democrats to understand the other side’s grievances and said that if the government can demonstrate it is spending money properly, education and infrastructure budgets should rise. “That may very well mean taxing the wealthy more,” Dimon said. “If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners.”

I bet everyone would just absolutely love it if the government actually demonstrated it is spending money wisely.

Many more might support raising taxes IF the govt. ever did that.

Until govt. demonstrates it, though, many probably feel like it is throwing good money after bad.

 
 
 
WallyW
2.2  WallyW  replied to  Krishna @2    2 months ago

I continue to be amused by the left's obsession with the so called wealthy and rich, as if being such is a bad, bad thing and that well off and successful people need  to be hated, feared, and punished, by the use of confiscatory taxation. 

There aren't enough really rich people to steal from by taxation to make a bit of difference in the scheme of things.

 
 
 
WallyW
2.3  WallyW  replied to  Krishna @2    2 months ago

Instead of coming up with ever greater governmental largesse schemes like the Green New Deal, the Democrats ought to be looking for ways to do more for less, and cut spending.

 
 
 
WallyW
2.4  WallyW  replied to  Krishna @2    one month ago
if the government can demonstrate it is spending money properly....
Are you serious? jrSmiley_10_smiley_image.gif

 
 
 
livefreeordie
3  livefreeordie    2 months ago

The leftist solution to everything, more taxes, more government, more enslavement to the state

 
 
 
Krishna
3.1  author  Krishna  replied to  livefreeordie @3    2 months ago

he leftist solutiTon to everything, more taxes, more government, more enslavement to the state

Just curious-- what, if anything, do you know about "the leftist" Jamie Dimon?

 
 
 
WallyW
3.1.1  WallyW  replied to  Krishna @3.1    2 months ago

Is he related to Paul Krugman?

 
 
 
Snuffy
4  Snuffy    2 months ago

I do think they need to be careful and not just default into "raising taxes for more money to fix these problems" and think they have the solution.  Education for example has many different problems that just money won't fix. We have unions that are not providing solutions,  government that pushes out different "standards" and doles out money based on how well you meet those standards to where teachers spend more time teaching to a test rather than teaching to educate. We have a breakdown of the family unit which in turn causes a breakdown in morals and manners with our children. We have children lumped into groups and pushed thru without regard to individual needs.

An area where money will make a difference is in teacher pay. We pay our teachers so little that we don't have enough teachers to go around and it's difficult to keep good teachers so we end up with people who are more interested in collecting a paycheck than actually educating. 

And we have a government that is so dysfunctional that just raising taxes doesn't do any good. Each side is so busy giving away money that the debt load on this country is quickly becoming the greatest threat we have. In only a few years if left unchecked, the interest payments will outpace defense spending.  Congress is supposed to control the purse strings but they are so busy fighting each other and playing party politics that they do nothing but give away money to their bases in order to remain in power.

I believe the problems in this seed are the greatest problems we currently face as a country but I have no faith in our government to be the group that can fix any of this.

 
 
 
Krishna
4.1  author  Krishna  replied to  Snuffy @4    2 months ago
An area where money will make a difference is in teacher pay. We pay our teachers so little that we don't have enough teachers to go around and it's difficult to keep good teachers so we end up with people who are more interested in collecting a paycheck than actually educating.

But if we don't raise taxes  where can we get more money to pay teachers?

Perhaps Trump can get Mexico to pay for higher teacher salaries? (After all, it worked for The Wall-- so why not have Trump make Mexico pay for higher teacher salaries as well?)

 
 
 
Texan1211
4.1.1  Texan1211  replied to  Krishna @4.1    2 months ago
But if we don't raise taxes where can we get more money to pay teachers?

Cutting govt. waste and spending and reducing the debt as fast as possible?

 
 
 
Snuffy
4.1.2  Snuffy  replied to  Krishna @4.1    2 months ago

You copied it but did you not read it?  Very first sentence said an area where money will make a difference is in teacher pay.  I just don't want government to raise taxes and think they have solved the problem. More money won't fix every problem we have,  but as I said money will make a difference in teacher pay which in turn will make a difference both in keeping teachers and attracting better teachers.

But don't just raise taxes and say "Hey, we fixed it!".  This is a problem that has been kicked down the road for so long that the fix is going to take a lot of work.

 
 
 
WallyW
4.1.3  WallyW  replied to  Krishna @4.1    2 months ago

In my opinion, most teachers get paid pretty good for what little they do. Graduation rates remain abysmal, and Jack and Jill still can't read or make change.

Toss in all their other benefits and retirement packages, and I would say teachers, as a whole nationwide, do pretty darn good. Since schools are mostly funded locally by cities and states, the type of taxes needed would be those that everyone has to pay, like sales taxes.

 
 
 
Snuffy
4.1.4  Snuffy  replied to  WallyW @4.1.3    2 months ago
In my opinion, most teachers get paid pretty good for what little they do. Graduation rates remain abysmal, and Jack and Jill still can't read or make change.

Yeah for what little they do, but I think that's part of the problem. People tend to go where the money is so the people who stay in teaching are not the best and brightest we could have. Add in the rules and requirements brought in by the government and we have that wonderful bucket of shit we so laughingly call our educational system. To be honest there are some bright spots and some good people in the system. But too many of the people involved in running and teaching are not people we would willingly invite into our homes.

IMO, if we can fix government (ie, stop coming up with stupid tests and start teaching children how to think and learn) and raise salaries to attract better people to be teachers would be a good start.

 
 
 
DRHunk
4.1.5  DRHunk  replied to  Texan1211 @4.1.1    one month ago

They tried that during the Clinton administration and it was beginning to work, but then the righties voted in Bush and what happened??  "This is your money so I'm giving it back" boom huge tax break, climbing deficits and now what was manageable 2T is now an unmanageable 20T+.  No one is going to want to feel the pain or will happy about the cuts needed to pay that down, they didn't even like the pain of paying down the smaller 2T and the cuts were minor.  

 
 
 
Sparty On
4.1.6  Sparty On  replied to  DRHunk @4.1.5    one month ago

Lol .... giving the Clinton Administration full credit for that are we?   Perhaps you weren't alive back then so let me remind you of a thing called the "contact with America" pushed by a Republican controlled house.   But a little background before that.   Prior to Republicans truly historic taking of the house in 94, Democrats had run the house for over 40 years.   A cogent point since balanced budgets, cost cutting and welfare reform didn't happen until AFTER the Republicans took the House.   40+ years AFTER Democrats dominated congress.

So to be clear, Republicans were responsible for those things not Democrats.   Characterizing it in any other fashion is simply disingenuous.

 
 
 
Krishna
5  author  Krishna    2 months ago

Cutting govt. waste and spending and reducing the debt as fast as possible?

Well, here's what's happened as the result of Trump's economic policies:

National debt tops $22 trillion for the first time as experts warn of ripple effects

WASHINGTON – The national debt surpassed $22 trillion for the first time on Tuesday, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.

The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.

The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs.

The nation has added more than $1 trillion in debt in the last 11 months alone. (Read it all)

 
 
 
Texan1211
5.1  Texan1211  replied to  Krishna @5    2 months ago

You asked a question and I answered it with MY suggestion.

I had no idea that this, too, would turn into an "I Hate Trump" seed.

I never claimed Trump was any more a fiscal conservative than Obama, Bush, Clinton, Bush, Reagan, Carter. etc.

Neither party is very fiscally responsible if you consider that the national debt has gone up under every single one of the last 6 Presidents.

 
 
 
WallyW
5.2  WallyW  replied to  Krishna @5    2 months ago
Well, here's what's happened as the result of Trump's economic policies:

It was rapidly rising during number 44's administration also. I doubt if that tax cut has been in affect long enough to have much of an effect on the debt. Raising taxes would not do a bit of good, because the Democrat heavy spenders would simply find new things to spend the added revenue on, instead of being fiscally responsible and paying down the debt.

 
 
 
luther28
5.2.1  luther28  replied to  WallyW @5.2    one month ago
Raising taxes would not do a bit of good, because the Democrat heavy spenders would simply find new things to spend the added revenue on, instead of being fiscally responsible and paying down the debt.

There may have been a moment when I agreed with this statement, that is until the GOP blew up the deficit with their tax cut. Both sides have lost their fiscal credibility, not even debatable in my opinion.

 
 
 
pat wilson
6  pat wilson    2 months ago

Well, he's one of the one percent that gets it. And kudos to JP Morgan for spending multi millions for job training programs.

 
 
 
Krishna
6.1  author  Krishna  replied to  pat wilson @6    2 months ago
Well, he's one of the one percent that gets it. And kudos to JP Morgan for spending multi millions for job training programs.

Shhhh-- don't let "livefreeordie"know that-- he thinks Jamie Dimon is to the left og AOC, a firm believer in"

The leftist solution to everything, more taxes, more government, more enslavement to the state

 
 
 
pat wilson
6.1.1  pat wilson  replied to  Krishna @6.1    2 months ago

Thanks, Krishna but I don't give two f#$ks what lfod thinks.

 
 
 
Raven Wing
6.1.2  Raven Wing  replied to  pat wilson @6.1.1    2 months ago
I don't give two f#$ks what lfod thinks.

jrSmiley_13_smiley_image.gifjrSmiley_81_smiley_image.gif

 
 
 
bbl-1
7  bbl-1    2 months ago

This 'reasonality' ( made up word ) is perplexing from a Wall Street creature.  Can't understand why Jamie Dimon just doesn't cut to the chase and scream to America that Supply Side Economics is a colossal failure whose only success is creating a class of super rich at the expense of American prosperity.

After all, that is SSE's only bottom line. 

 
 
 
Krishna
7.1  author  Krishna  replied to  bbl-1 @7    2 months ago
This 'reasonality' ( made up word ) is perplexing from a Wall Street creature. 

Well,if anyone is a "Wall Street creature" its Warren Buffett. His occupsation is...investor.  (I just checked his current rank-- he's the third richest person in the entire world. Current worth $84 billion!)

Any idea what his political views are? Or his political affiliation?

 
 
 
bbl-1
7.1.1  bbl-1  replied to  Krishna @7.1    2 months ago

Well then what about the Kochs' or the Mercers or the Hunts.  Holy crackers.  Political views?  Don't think Buffet wants to take away Choice. 

Point is that the SSE has concentrated the wealth and the political power into fewer and fewer hands.

 
 
 
Krishna
7.2  author  Krishna  replied to  bbl-1 @7    2 months ago
Can't understand why Jamie Dimon just doesn't cut to the chase and scream to America that Supply Side Economics is a colossal failure whose only success is creating a class of super rich at the expense of American prosperity.

I assume what you can't understand about Jamie Dimond are "SSE"  statements of his such as this?:

He encouraged Republicans and Democrats to understand the other side’s grievances and said that if the government can demonstrate it is spending money properly, education and infrastructure budgets should rise. Dimon then waded back into one of the signature political debates ahead of the 2020 elections:

“That may very well mean taxing the wealthy more,” Dimon said.  “If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners.”

 
 
 
Krishna
7.2.1  author  Krishna  replied to  Krishna @7.2    2 months ago
Can't understand why Jamie Dimon just doesn't cut to the chase and scream to America that Supply Side Economics is a colossal failure whose only success is creating a class of super rich at the expense of American prosperity.

I assume what you can't understand about Jamie Dimond are "SSE"  statements of his such as this?:

Taxing the rich

He encouraged Republicans and Democrats to understand the other side’s grievances and said that if the government can demonstrate it is spending money properly, education and infrastructure budgets should rise. Dimon then waded back into one of the signature political debates ahead of the 2020 elections:

“That may very well mean taxing the wealthy more,” Dimon said.  “If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners.”

Or when you are referring to Dimon's advocacy of "supply Side Economics", are you perhaps referring to things he said such as this?"

In terms of solutions, Dimon charted out suggestions for improving education, healthcare, regulation, and other issues. Several echoed efforts made by J.P. Morgan, such as the joint venture between the bank and Amazon and Berkshire Hathaway to reduce healthcare costs and improve outcomes. 

Despite the occasional entreaty from a shareholder for Dimon to enter the political realm, he has consistently said he wouldn’t run for elected office. But that hasn’t stopped him from opining on what those in government should aspire to. 

“If I were king for a day, I would always have a competitive business tax system and invest in infrastructure and education,” he said. “I would not trade these issues off – I would figure out a way to properly pay for them.”

 
 
 
bbl-1
7.2.2  bbl-1  replied to  Krishna @7.2    2 months ago

Taxing is not necessarily the issue.  Prices are an issue.  And of course, where those tax dollars end up and what the benefit the tax payers receive from their 'investments'.

 
 
 
MUVA
9  MUVA    2 months ago

Dimon pulled a Gates act like you care and talk about raising taxes it fools some on the left every time.

 
 
 
Sparty On
10  Sparty On    2 months ago

Oh BS ..... social spending in the US has more than doubled as a percentage of of our budget in the last 60 years.

256

https://www.justfacts.com/socialspending.asp

The problem isn't that less people are making more money.   It's that more people are doing less to EARN money.

One thing is for sure.   Handouts don't work for everyone.   The steadily increasing social spending is proof of that.

 
 
 
It Is ME
11  It Is ME    2 months ago

"The social needs of far too many of our citizens are not being met’"

Oh NO.................. Someone must make up for that self induced problem ! jrSmiley_89_smiley_image.gif

I'm ALL IN ! jrSmiley_80_smiley_image.gif

“Forty percent of American workers earn less than $15 an hour"

We sure do have a lot of lazy folks in this country. jrSmiley_97_smiley_image.gif

 
 
 
luther28
12  luther28    one month ago
The wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners”
And if they opt not to:
There will come a tipping point as in past histories when the oppressed ( real or imagined) will come and take it from them. Although in reality that would require sacrifice and effort so I suppose the wealthy have no need to fret.
 
 
 
Ronin2
12.1  Ronin2  replied to  luther28 @12    one month ago
Although in reality that would require sacrifice and effort so I suppose the wealthy have no need to fret.

Agreed.

 
 
 
gooseisgone
12.2  gooseisgone  replied to  luther28 @12    one month ago
There will come a tipping point as in past histories when the oppressed ( real or imagined) will come and take it from them

And that is why we have the 2nd amendment!!!!!!

 
 
 
luther28
12.2.1  luther28  replied to  gooseisgone @12.2    one month ago

Well then the wealthy can hire you to defend their stash:)

 
 
 
DRHunk
12.2.2  DRHunk  replied to  luther28 @12.2.1    one month ago

...for less than $15 an hour I'm guessing.

Damn that is only $31K a year at 40hrs a week, which most people in that pay range do not get. They top out at 29 hours at most places so their employer does not have to pay benefits, so what's that, $22K?. That is a ridiculously paltry sum when you think of what it actually costs to cloth, feed, house, and transport yourself and heaven forbid a family. People who make that small sum see these guys making $1M, $2M...$25M a year, they make more in one day then they make all year, and so yea they start getting a little upset.

 
 
 
freepress
13  freepress    one month ago

Way too late on the uptake for sure.

When are these Billionaires going to wake up and realize that we are near a collapse and it is going to be the very tower of money they hoarded for themselves that is going to fail them.

Americans are pushed to an increasingly lower standard of living and can afford less and less and less each and every year.

Every company raises prices no matter what, utilities go up, car prices go up, Housing costs are extreme, gas prices go up, clothing prices go up, food prices go up, insurance costs leave most unable to afford insurance, most Americans do not have savings accounts to cover a $400 emergency, child care costs go up and all the money gets funneled to the top, to the CEO's.

Americans are suffering and can no longer buy the things hundreds of companies are selling.

How long until the retail death we see because people can no longer afford to drive, or shop or eat at restaurants in retail malls, spreads like a disease to other sectors of the economy. And this will happen but unlike the housing and banking collapse in 2008, when more and more companies fall to the same demise as retail, it will be too late to raise the minimum wage or hand out perks that help employees. Too late, CEO gets the golden parachute and employees lose wages the company won't pay out, employees lose pensions, cheated out of 401K's and have difficulty finding new jobs which means that the cycle repeats again with another economic sector falling to the ground.

Wake up billionaires, because the little people corporate welfare recipients think do not matter, they cannot lift up corporations who fall. 

However corporations can fix it for everyone by giving up their corporate welfare and quit being so stingy, miserly like Scrooge.

 
 
 
Sparty On
13.1  Sparty On  replied to  freepress @13    one month ago
we are near a collapse

Oh my ..... i better call in the dogs, piss on the fire and load up the shotgun ....