A Quote by Jamie Dimon
The Trump administration's economic agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.
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For 40 years, the American middle class has been disappearing. Millions of people are working longer hours for lower wages despite a huge increase in technology and productivity. And what we have seen during that period is a massive transfer of trillions of dollars from the middle class to the top one-tenth of 1 percent of America
Higher productivity enables companies to increase sales without adding workers. Even if job markets tighten and wages rise, corporate profits can continue to climb as long as worker productivity is growing faster than overall wages.
The American people must make a fundamental decision. Do we continue the 40-year decline of our middle class and the growing gap between the very rich and everyone else, or do we fight for a progressive economic agenda that creates jobs, raises wages, protects the environment and provides health care for all?
I have had the view that cutting wages is not the path to prosperity, and one of the great myths propagated about my attitude to industrial relations is that I believe in lower wages. I've never believed in lower wages. Never. Never believed in lower wages, I've never believed in lower wages as an economic instrument.
The size of the U.S. middle class has been shrinking. Wages have been stagnant. We don't have those factory jobs that paid a living wage and enabled a family to have a home where the wife did not have to work. But we sent our factories abroad and there is no likelihood of getting them back. Equally worrisome is that some managerial jobs and professional jobs (such as lawyers) which support middle class life are threatened by automation.
I think it depends on what agenda that female president brings. It's not good if that female president brings an agenda which is actually hostile to the cause of living wages. Women need equal wages to men, but not equal wages at poverty.
One of the major forces driving the decline in wages and the concentration of wealth at the top is the offshoring of American jobs overseas - reducing wages not only in manufacturing but also across the economy.
It's hard to improve our schools. It's hard to redistribute wealth created by the concentration of technological and financial power or to increase middle-class wages. But it might be easier to lower middle-class costs by building more housing.
What an economy really wants, after all, is not more investment per se but better investment. It wants capital to flow to companies that will create value - not in the form of a rising stock price but in the form of more goods for less cost, more jobs, and rising wages - by enhancing productivity.
One of the things that happens when you have austerity is that wages get lower, and some people think lower wages in the short run can increase corporate profits.
We need a positive economic agenda that invests in the innovation and growth that will create jobs for middle class families and ensure that America remains the world leader.
The TPP is another corporate-backed agreement that is the latest in a series of trade policies which have cost us millions of decent-paying jobs, pushed down wages for American workers and led to the decline of our middle class. We want American companies to create decent-paying jobs in America, not just low-wage countries like Vietnam, Malaysia or China. The TPP must be defeated.
It`s not just Republicans. It`s Republicans and Democrats. It`s middle class, lower middle class, working class Americans who have felt the angst, who are frustrated, who are angry as a result of 1% growth which, in my view, has been really the issue that has propelled Donald Trump from day one.
Shipping middle-class jobs to China, or hollowing them out with machines, is a win for smart managers and their shareholders. We call the result higher productivity. But, looked at through the lens of middle-class jobs, it is a loss.
We need a government that does not give in to a globalist agenda, an agenda I am now convinced seeks to bring American as a sovereign nation and the middle class to their knees.
The higher the wages the fewer the jobs; the lower the wages the more the jobs.
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