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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.
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.
“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.”
For more on Dimon’s annual letter, read this.
