[Chicks]

The American Dream is 'fraying for many,' says Jamie Dimon

https://finance.yahoo.com/news/ameri...151832897.html

In his annual letter to shareholders, which was released Thursday, J.P. Morgan Chase CEO Jamie Dimon noted that the American Dream is alive — but "fraying for many."

"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."

It's often reported that many Americans do not have enough savings to cover even minor financial emergencies, but, as Dimon writes in his letter, it's not the sole fault of individuals that savings lag. Soaring health care and college costs and wage stagnation are problems that the average person cannot do much to fix on their own.

Millennials especially are in a daunting situation: They carry more debt than other generations , face rising home costs and are largely responsible for funding their own retirements , all while real wages have barely budged .

"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 wrote. "Simply put, the social needs of far too many of our citizens are not being met."

Dimon wrote that the federal government has lost the trust of the American people and needs to step up: "Governments must be better and more effective — we cannot succeed without their help."

He sure sounds like a raging lefty, huh Whell?