Between house prices, the cost of living, and the threat AI poses to the labor market, Gen Z could be forgiven for giving up on the American Dream. Jamie Dimon, CEO of JPMorgan Chase, understands why—but he says they’re wrong anyway.
The American Dream—the idea that anyone from anywhere can achieve success as long as they work hard—remains “totally achievable” for the majority, the Wall Street veteran insisted. It is the bottom 20% that has been left behind, he adds, which is driving polarization among the American social classes.
“If you look at the American Dream, the middle class has gotten bigger. Most have gotten wealthier. The country is clearly wealthier, and the rich have gotten richer,” Dimon told PBS. “But the real issue is the bottom 20%. Their incomes have not gone up for 20 years—maybe longer than that. They’re the ones who drive home to more crime-ridden neighborhoods. They’re the ones whose kids are going to schools [that] are not getting the best possible education to give them the opportunity.
“So yeah, I think it’s true, for them it’s slipping.”
