04/13/2023
Longtime JP Morgan Chase chairman and CEO Jamie Dimon, said in his April 4th annual letter to shareholders, "the ‘frayed American dream’ can only be fixed in 2 ways: Bridging the skills gap and paying people more." Come on America, this isn't rocket science. Let's all work together to make the American dream a reality for future generations.
Schools should collaborate with local businesses on skills-training programs that prepare graduates for specific jobs, Dimon wrote, in a country with 10.8 million job openings and 5.9 million unemployed workers. Gen Z, the fastest-growing group of workers, feels the same way, saying that America is failing to provide them with the digital skills they need to enter the workforce.
Then, there’s the second fix: upping pay for low-wage workers. Unskilled laborers are barely scraping by on a so-called living wage. “It is hard to live on $15 an hour, particularly for families—even if two household members are working,” he said. “Jobs and living wages bring dignity, lead to more opportunity—in housing, education, childcare, health, and overall well-being—and also help rebuild communities as that income is used to improve how people live.” To that point, Dimon said the Earned Income Tax Credit (EITC), which supplements low- to moderate-income working people, should be reformed and expanded.
America is rife with policy errors that need to be remedied, the JPMorgan Chase CEO wrote in his annual shareholder letter.
