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PMorgan Chase (JPM) CEO Jamie Dimon says income inequality and the subsequent discord in the U.S. create a “fraying American dream" that threatens America’s global preeminence.

“Many of our citizens are unsettled, and the fault line for all this discord is a fraying American dream – the enormous wealth of our country is accruing to the very few. In other words, the fault line is inequality. And its cause is staring us in the face: our own failure to move beyond our differences and self-interest and act for the greater good. The good news is that this is fixable,” Dimon wrote in his firm’s widely-read annual letter to JPMorgan shareholders.

In the letter, the 65-year-old banker pointed out that China, the world’s second-largest economy predicted to be the largest by 2030, views the U.S. in decline in part because of its inequality.

https://finance.yahoo.com/news/jamie-dimon-on-inequality-in-the-us-125413252.html

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