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JPMorgan Chase chief executive Jamie Dimon called for expanded healthcare and education access in his annual letter to shareholders Wednesday, challenging policymakers to overcome seven major hurdles holding back American prosperity.
Specifically, Dimon said the US government and businesses must work to improve issues ranging from income inequality, economic opportunity and education gaps, healthcare for all, better infrastructure, more affordable housing and increased disaster preparedness to ensure economic growth.
In the letter, Dimon said JPMorgan, the US’ largest bank by assets, had donated funds to improve access to education and healthcare as part of its $200 billion grant for environmental and economic development deals.
“My fervent hope is that America will roll up its sleeves and bring bold leadership to our self-inflicted problems,” Dimon said. “We can be unabashed about the exceptionalism of America while acknowledging that we have problems.”
A lack of affordable and accessible healthcare and education has resulted in 70% of young people being ineligible for military service due to poor reading skills and obesity, Dimon said. The power of the military helps keep the US dollar the strongest in the world, he continued.
Medical expenses will also push the country into further debt over the next two decades, Dimon said, unless the economy grows at a faster pace.
Dimon said the US economy has grown just 18% over the last 10 years, compared to 40% growth in the decade following economic downturns in 1982 and 1990. Had there been more growth, Dimon said, wages would have been higher and the US could have afforded “better social safety nets.”
Read more: Inside JPMorgan’s $30 billion push for racial equity in the economy — and within its own walls
The growth of the country’s gross domestic product — or the country’s economic output — grew at a …read more
Source:: Business Insider