Despite stagnating wages and vast income inequality, JPMorgan Chase CEO Jamie Dimon said technological advancements in cars and cellphones mean the American people are doing okay financially, an out-of-touch sentiment.
“It’s not right to say we’re worse off,” said Dimon on Thursday. “If you go back 20 years ago, cars were worse, health was worse, you didn’t live as long, the air was worse. People didn’t have iPhones.” He also said paying CEOs less money wouldn’t do anything to help income inequality.
“You can take the compensation of every CEO in America and make it zero and it wouldn’t put a dent into it,” he added. “What really matters is growth.”
The kind of growth that Dimon means is the growth that perpetuated income inequality in the first place. Granted, the economy has improved, but that improvement and extra money has gone to the top one percent. The bottom 90 percent has hardly enjoyed any of that “growth.”
People like Dimon exploit the economy and companies like his rig markets and cheat the consumers to increase profits. He should be in jail without a penny to his name.
For more on this story, visit Bloomberg Business “Dimon Says iPhones, Cars Help Balance Out U.S. Income Inequality”