Jamie Dimon is worried about a lost generation.
Business Insider spoke with Dimon on May 5, at the Alfred E. Smith Career and Technical Education High School in the South Bronx, New York. JPMorgan Chase had just announced a $US6 million investment in the Bronx as part of its $US75 million New Skills for Youth initiative.
We talked about education, the economy, and the Trump administration. We also discussed the level of anger at the global elite, fuelling a rise in populism around the world.
Here’s what he had to say:
Dimon: I kind of agree with it, when you leave people behind, and those people who are left behind, it’s not their fault, it’s the leaders of the institutions. There’s always going to be an elite. You can have an elite in a communist society. It is the leaders, something went wrong, and the leaders collectively are responsible.
There’s some more terrible numbers — men, age 25 to 55, the labour-force participation rate is down 10%. That’s unbelievable. There are 35,000 dying of opioids every year. Seventy per cent of kids age 17 to 24 can’t get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk.
Any good job is a good job. This whole concept of a dead-end job? It’s not true. I’ve heard it my whole life. Jobs lead to dignity. If you’re good at the first, then you can get the second. Jobs lead to household formation. Jobs are a better solution for society. The other part, the expanded earned-income tax credit, which can help the lower paid have more a living wage, which will lead them to do more. It will help small business. It won’t help big business.
More from Matt Turner:
- DIMON: ‘Something went wrong, and the leaders collectively are responsible’
- A European banking dynasty just made a big move in Silicon Valley
- Meet the new heads of Goldman Sachs’ investment bank
- JAMIE DIMON: Trump’s economic agenda is the right agenda
- JAMIE DIMON: There is a ‘national catastrophe’ in American education
NOW WATCH: The Marine Corps is testing a machine gun-wielding robot controlled with just a tablet and a joystick
Business Insider Emails & Alerts
Site highlights each day to your inbox.