JPMorgan Chase CEO Jamie Dimon is in trouble for making out-of-touch remarks about the average American’s economic situation.
Appearing on The Wall Street Journal’s podcast this week, he essentially claimed life is “pretty good” for most consumers.
“The consumer is in pretty good shape right now,” he said. “Unemployment under four percent — has been there for two years. Housing prices are up. Stock prices are up. Jobs are plentiful. Wages are finally going up.”
“They still have excess money from COVID. If you go back to looking at the amount of money that was spent during COVID, it was $6 trillion. Through various means and various programs, they’re still spending it down,” he added.
His remarks triggered a fierce response from a viral TikToker known as Anna.
“I hate to be all doomsday on this app, but America is f–ked, dude,” Anna said in a response TikTok video uploaded earlier this week. “I was just listening to The Journal, which is a Wall Street Journal podcast, and they had Jamie Dimon, who is the CEO of JPMorgan, which is the largest bank in America on it.”
“And within two minutes, my jaw was dropped at the sh*t he was saying. It is so out-of-touch. And this is the largest bank in America. I’m sorry, WHAT? The stimulus checks — the ones that went out in 2020 and 2021 three and four years ago — we’re still spending it down? Who is he talking about?”
Not average Americans, that’s for sure.
“People are not doing well,” Anna continued. “This country is literally unaffordable: childcare, groceries. You’ve got Kellogg’s out here telling us to eat f–king cereal for dinner. Everything is up in price. Even for those who are making ends meet and are able to still save, we have to be conscious as f–k to where you’re putting your money, because nothing is at a good price.”
“What does he mean the consumer is doing well? Like, these are the biggest decision-makers in our financial system. These are the people who work with Congress and who are talking about how do we create like a soft landing of inflation. And he thinks we’re doing ok. Like guys, this is scary,” she said.
Listen:
@creativechronicles Things won’t change when the most powerful are out of touch with reality #inflation #eattherich #greenscreenvideo ♬ original sound – Anna • CreativeChronicles
In fairness to Dimon, he eventually admitted that some Americans haven’t been faring that well after all.
“The bottom 20 percent of America have not done particularly well over the last 20 years,” he said. “Incomes barely went up. They’re actually starting to go up for the first time in almost 20 years.”
“Remember, suicide, fentanyl, crime, inflation, there are a lot of negative effects. Some people can’t get mortgages, can’t buy the home, so yeah, there’s part of society who’s kind of struggling. There’s part of society who’s not,” he added.
And finally, Dimon warned that the Fed Reserve’s recent actions may not be enough to ensure a soft inflation landing given all the growth and government spending.
“I’m a little more worried that it may not be so soft and inflation may not quite go away people expect,” he said. “I’m not talking about just this year. I’m talking about ’25 and ’26. The rates may have to go up a little higher, I’m talking about the 10-year rate, the five-year rate, and that can have consequences. So we’ll see.”
Responding on the social media platform X to Dimon’s remarks, many critics shared Anna’s anger and disgust.
Look:
You have to understand that in his world, the average American lives on the upper West side…
— Mark Abssy (@AbssyMark) May 2, 2024
I’m having a hard time agreeing with him when I’m hearing many people wanting to get a payment plan to pay their taxes
— Dissecting the Markets | See pinned tweet (@dissectmarkets) May 2, 2024
Try to buy a house right now. Worst time ever for a young person to get established. This will negatively affect a whole generation for their lifetime.
— Rational_TSLA_Observer (@TSLA_Observer) May 2, 2024
Yeah, he’s out of touch. Hubby and I are doing okay, but we’re still concerned about inflation. I really feel for the folks who are trying to take care of children.
— Be Still and Know (@KimPrather1) May 2, 2024
Dimon sadly is like a Bloomberg TV host.
Lives in NYC. travels by car and plane to the rest of the world. Talks to basically only people who buy Tesla or Porsche Taycan and eat out for dinner. .5% USAThen there is: pic.twitter.com/49JLeFECYK
— Sailwriter (@sailwriter2) May 2, 2024
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Author: Vivek Saxena
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