With Wages Down 5% In 42 Years, Jamie Dimon Says Stop Complaining, At Least You Have An iPhone

Tyler Durden's picture

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

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Another day, another data point proving what anyone with two functioning braincells already knows.

 That for most citizens, the U.S. economy is a neo-feudal Banana Republic oligarch hellhole. The facts are indisputable at this point, and the trend goes back decades when it comes to the American male. All the way back to 1973, in fact, just two years after the U.S. defaulted on gold and the economy started its grotesque transformation into a Wall Street controlled, financialized gulag.

Just yesterday, I highlighted some very depressing data from the Census in the post:

Census Data Proves It – There Was No Economic Recovery Unless You Were Already Rich

Now we learn the following, from the Wall Street Journal:

The typical man with a full-time job–the one at the statistical middle of the middle–earned  $50,383 last year, the Census Bureau reported this week.

 

The typical man with a full-time job in 1973 earned $53,294, measured in 2014 dollars to adjust for inflation.

You read that right: The median male worker who was employed year-round and full time earned less in 2014 than a similarly situated worker earned four decades ago. And those are the ones who had jobs.

 

This one fact, tucked in Table A-4 of the Census Bureau’s annual report on income, is both a symptom of an economy that isn’t delivering for many ordinary Americans and at least one reason for the dissatisfaction, anger, and distrust that voters are displaying in the 2016 presidential campaign.

Now here’s a chart of the middle class death spiral:

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On a related note, billionaire and CEO of “Too Big to Fail and Jail” JP Morgan, Jamie Dimon, decided to weigh in on income inequality earlier today. Here’s some of what he had to say courtesy of Yahoo.

JPMorgan CEO Jamie Dimon says it’s OK that chief executives get paid way more than their average employees — and that cutting down on executive compensation wouldn’t help eliminate income inequality.

 

“It is true that income inequality has kind of gotten worse,” Dimon said, but “you can take the compensation of every CEO in America and make it zero and it wouldn’t put a dent into it. What really matters is growth.”

How enlightened. Considering the U.S. has seen massive GDP growth since 1973, yet median wages for males haven’t budged, I wonder how growth is supposed to suddenly reverse the trend. Does he even think before speaking?

But he wasn’t done. Apparently, Mr. Dimon felt a need to double down on his remarkable disconnectedness with the following:

As for the middle class, Dimon reportedly said Thursday: “It’s not right to say we’re worse off … If you go back 20 years ago, cars were worse, the air was worse. People didn’t have iPhones.”

That’s what you get when you ask a billionaire executive from a taxpayer bailed out, unaccountable industry for his thoughts on income inequality.

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JustObserving's picture

"I should be the one complaining - I am still working on my second billion"  Dimon

Eat your GMO foods, drink your fluoridated water, watch football, eat toxic fast food, take your prescription drugs, and be thankful we allow you to live.

AlaricBalth's picture

Jamie "Thats why I'm Richer than you" Dimon.
What a Putz....

putz
(n) a stupid, ignorant person; someone who doesn't pay attention to anything going on; one who makes stupid remarks

greenskeeper carl's picture

I feel like I gotta say it : "let them eat iPhones..."

joego1's picture

I would like to personally feed them IPHONES from both ends.

SuperRay's picture

What's his address and when is he home?  I'd like to discuss this with him.

TongueStun's picture

Jamie "I'm not a Jew but my wife and my kids are" Dimon?

J S Bach's picture

100 years ago, righteous men in Georgia carried out the death sentence of a pervert named Leo Frank who was found guilty of murder of a little girl - and who was in the process of being carted off to "life imprisonment" after the corrupt governor commuted the court's sentence.  That was vigilantiism in its most honorable form.  An equal form of justice would be for honorable men today to apprehend and hang the bankster criminals wherever they are found.  I know... I know... there wasn't a trial, verdict and sentence.... but we all KNOW unequivocally that men such as Dimon are guilty.  Only when the masculine reasserts itself in our society will things begin to change.

Citxmech's picture

Wasn't that the point/lesson of "Murder on the Orient Express?"

tmosley's picture

“It is true that income inequality has kind of gotten worse,” Dimon said, but “you can take the compensation of every CEO in America and make it zero and it wouldn’t put a dent into it. What really matters is growth.”

That's exactly true though. But not in the way he is trying to make people think. What is actually happening is that they are destroying far more wealth than they are stealing. It is true that if you taxed them at 100% you wouldn't stop the destruction--because they destroy more than they can loot. What actually needs to be done is to take away their influence and put them in prison. Fining them for more than they stole will help as well.

Taking more than everything they stole will leave them with no incentive to keep stealing.

TheRedScourge's picture

This article is bullshit. It's the monetary system which has rigged everything. That whole Krugman "prices and wages are sticky" thing is nonsense. Maybe if there wasn't a constant policy of inflating away savings, these guys wouldn't have so much money thrown at them, which they invariably destroy some of through malinvestment. What choice does the average person have when they are all told that gold is a barbarous relic, other than to invest, or have their cash savings diluted?

Dumbasstrader's picture

I believe that median income figure includes all American workers, from the 1% on down. It's bit scewed to the top side when computed like that. It also only figures in those who are actually working. I would like to see the median earnings for all working age Americans, excluding the 1%.

WOAR's picture

I whole-heartedly agree.

"Let them eat banksters."

813kml's picture

One can dream of a bankster human centipede.

Implied Violins's picture

Unfortunately for us, banksters dream of human Ogooglepedes.

Thankfully for us, that makes for that many more heads for guillotines to claim.

Luc X. Ifer's picture

You breath toxic air, you eat garbage, you never going to own a house, you are poorer and less educated than your parents, you will work the whole life to enrich the aristocrats, but you

have *PORN* with you any time, any place! This is 21st century American citizen's life quality, the personal, portable *PORN*! 

thecondor's picture

Porn has Moar meanings than one now. The voyeurism of other people's lives. It's almost like people live vicariously other people's lives or try so hard to be just like them like the Kardashians. Even though it's on TV it still qualifies as Porn to me because of they way it hooks people in. Modern TV is very risqué. And iPhone et al make it even more accessible.  

The central planners's picture

Dimon is right we have the best Iphones since lehman

gizmotron's picture

This is same guy who borrowed $25Billion of our tax money.

813kml's picture

Only if you foolishly decide to drive it.

WOAR's picture

A Venn Diagram of "Driving a Tesla" and "Being on Fire" would advise me that, no, I would not want to drive some cars after I buy them.

Implied Violins's picture

Learned that lesson with the Ford Pinto.

NEVER AGAIN.

wendigo's picture

Only 10 miles a day? That's a lazy horse. 

El Vaquero's picture

Even if I have the $$, I will never own a new vehicle.  I do not like how integrated everything is electronically.  I do not like the fact that there are a lot of things that I cannot fix if they break, where as on an older vehicle, I can. 

. . . _ _ _ . . .'s picture

I drive a horse. He knows the way home from the bar.

Luc X. Ifer's picture

Planned obsolence, it applies to human catttle too.

McCormick No. 9's picture

I my personal opinon cars got worse in 1971, which, interstingly enough was the year Nixon bailed on the gold standard. Sure, it's not connected, but maybe it is, in some indefinable, metaphysical way. Toyotas were good until 1985 or so...

daveO's picture

Most car brands' quality peaked in the late 80's and early 90's. At that time, you could get fuel injection on a cast iron motor block. A motor that would last for 100's of thousands of miles. Some started ruining things by sticking aluminum heads on iron blocks in the mid 80's. The Japs were doing all aluminum motors first. CAFE standards were the excuse, but profits sure didn't get hurt. That's when chrome bumpers also disappeared so, every time you bump into something you have to buy another bumper. Debt slaves don't give a crap about quality anyway. Now, they say the new ones can be hacked. As if a Jeep wasn't bad enough already!

http://www.wired.com/2015/07/hackers-remotely-kill-jeep-highway/

BTW, that's the same way they've taken down several aircraft. 

RafterManFMJ's picture

Look, we cannot simply let you cattle have more income, or more time off to do with what you want because idleness might give you time to think.

It's true that you should be able to support a family of 6 by working only 16 hours per week, with the massive gains in productivity over the last 200 years, but that will simply not be allowed.

High taxes, inflation taxes, fees, levies, manufactured bogeymen, trillions pissed away on bailouts and weapons that don't work to fight an enemy that does not, and will not exist.

It's hard work on our end, believe me, keeping you all properly afraid, and corralled.

 

Our system is nigh complete, and those that cannot be reeducated into "New Men" will be isolated, and dealt with.  And your fellow cattle will assist and applaud.  And we will preside over our New World, and it will be good.

TeethVillage88s's picture

Obama's Jobs program and Supported by Congress? Wow I actually found one. Must have been cancelled or something.

"Georgia Works"

Aug 23, 2011

A Jobs Program the White House, House Republicans Like

By Laura Meckler

The White House is working on an economic proposal that House Republicans… wait for it… also support. That may be a man-bites-dog story these days, given the intense partisanship and differing ideologies in Washington.

The Wall Street Journal reported Monday that as part of a larger jobs package, the White House is likely to propose some version of a program called Georgia Works, which allows people receiving unemployment benefits to receive eight weeks of training at private companies in what amounts to a tryout. The service is free to the companies, and offers a new connection to the workplace for jobless workers.

It turns out this program has also caught the eye of House Republicans. In 2009, House Republicans included the program in a letter to President Barack Obama listing their job-creation ideas. In that letter, the Republicans suggested that the federal government require states to adopt Georgia Works-type programs in order to receive federal unemployment funding.

“This has resulted in faster returns to work, less unemployment payments, and thus lower state unemployment taxes,” wrote House Speaker John Boehner (R., Ohio), Majority Leader Eric Cantor (R., Va.) and two of their colleagues.

-

Nothing after Oct 2011.

Performed?

Through January of 2010, according to the Georgia Department of Labor, over 10,000 job seekers have participated. In that time, 6,105 people completed training and 3,363 landed jobs through the program. Another 1,170 job seekers landed jobs within the quarter after completing their training – a common benefit seen in similar programs. As such, the program has demonstrated great opportunities to be a strong and important part of a state’s reemployment services.

RaRaRasputin's picture

Killing Joke new single released 9/11 - The Virus.  They get it

https://youtu.be/A4wdbibV3IM

junction's picture

The prices of the schooling one needs for upward advancement have all skyrocketed in the past 40 years.  Colleges, graduate schools and specialized schools like law school and medical school were expensive but within reach of the middle class.  40 years ago, if someone wrote an article that getting a college degree was not worth the cost, that person would be classified as an idiot.  Then, the cost of education was 10% of the current cost.  Long Island Universty in 1970 cost about $1,400 a year.  If you earned it, a NYS Regents Scholarship would cover much of that cost. 

For a true example of how silent inflation has wrecked the United States, watch some Perry Mason TV episodes from 1957 - 1966.  In one episode, Perry comments to Della at the end, "Let's go to that restaurant.  I want to see how a $1 cup of coffee tastes." 

For the past 40 years, the looters, drug dealers and war mongers have taken over the United States. Pedophile degenerates find jobs fast as TSA screeners and no one in power says a word.  America is doomed, run by satanists in business suits.

booboo's picture

Translation.."without moar growth my skim gets smaller so get busy digging ditches and filling them up again serfs"

Jumbotron's picture

Can't this guy get throat cancer again ?

It didn't do the job the first time.

khnum's picture

the musings of the worlds greatest pick-pocket

Caveman93's picture

Cancer is a growth too you know!

LaugherNYC's picture

Geez, come on. Two more cracks like that and one would think you were a Blue Meanie.

Ignatius's picture

As for the middle class, Dimon reportedly said Thursday: “It’s not right to say we’re worse off … If you go back 20 years ago, cars were worse, the air was worse. People didn’t have iPhones... and my dick wasn't half way up America's arse.”

LetThemEatRand's picture

What blows my mind is that Jeb Bush's tax plan is to double down on his brother's tax cuts for the wealthy, and that there are quite a few people who still think, "yes, if we give the wealthy more, it will raise all boats."  Seriously, how much more evidence do we need that trickle down doesn't work?  And don't tell me the answer is pure free markets and somehow ending the crony in crony capitalism.  Pure free markets are never going to happen in our lifetimes, and there will always be connected people who rent seek.

medicalstudent's picture

the answer is pure free markets.

 

mid 1800s style.

red1chief's picture

And don't forget the rent, it's so easy!

Semi-employed White Guy's picture

Yeah, right, bring back the debtors prisons.  That should help the middle class.

greenskeeper carl's picture

I just don't want the government getting more money, from anyone. The overwhelming majority of it is spend on things I don't like or agree with. Destructive wars that do the opposite of 'keep us safe' , entitlement programs like SS and Medicare that are bankrupt, corporate welfare, welfare handouts that encourage and perpetuate poverty, and interest on debt that I don't believe is legitimate, a war on drugs that doesn't keep drugs off our street but does destroy our liberties, and a hopelessly broken education system. Those things pretty much suck up the entire budget, so I don't favor anything that gives these monsters more money.

LetThemEatRand's picture

These are problems that are actually fixable.  I've been paying into SS and Medicare my whole life, and I'm pushing 50.  These are not entitlement programs -- we paid in just like private insurance.   Guys like Dimon and those who run the MIC have sucked up that money for themselves.  I'd like to see us claw it back (I'd settle for getting my money back and then I'd use it to fund an annuity and pay insurance), massively cut the MIC, end the war on drugs, and generally shrink the shit out of the federal government.   That could actually happen if we could take corporate and other large money out of political campaigns and render lobbying illegal.  

TeethVillage88s's picture

Annuity? Who would you buy your annuity from?

Curious on who you trust, how much you trust companies to stay in existence?

I guess I hear Fidelity is a good company.

Heard that Knights of Columbus have done great in their investments, but not sure if as an Insurance Company they do Annuities.

daveO's picture

Sorry to break it to you. It was decided before you were born, slave.

https://en.wikipedia.org/wiki/Flemming_v._Nestor

graspAU's picture

and,

In 1953, a subcommittee of the House Ways and Means Committee conducted hearings for the express purpose of settling the question of whether social security was contractual in nature; see Hearings of November 27, 1953 entitled "The Legal Status of OASI Benefits," (Part 6). The witness at the hearing was Dr. Arthur J. Altmeyer, who held several offices in the Roosevelt administration. He was a member of the first Social Security Board, and by 1946 became the Social Security Commissioner, retiring in 1953. During this hearing, various parties stated that social security was not a contract:

At page 918:

"Mr. Altmeyer: * * * There is no individual contract between the beneficiary and the Government.
"Mr. Dingell: Congress knew that, did it not?
"Mr. Altmeyer: Yes, of course. I am sure it did.

* * *
"Chairman Curtis: The individual * * * has no contract? Is that your position?
"Mr. Altmeyer: That is right.
"Chairman Curtis: And he has no insurance contract?
"Mr. Altmeyer: That is right."

At page 937:

"Chairman Curtis: We came to an agreement on one of our major premises, that this was no insurance contract, and the words did not come from me. They were volunteered by Mr. Altmeyer."

At page 968:

"Mr. Winn: * * * Mr. Altmeyer, there being no contractual obligation between the Government and the worker, it follows, does it not, that the benefit payments under title II of the Social Security Act are merely statutory benefits which Congress may withdraw or alter at any time?"

At page 969:

"Mr. Winn (reading): ‘These are gratuities, not based on contract * * *. Moreover, the act creates no contractual obligation with respect to the payment of benefits. This Court has pointed out the difference between insurance which creates vested rights, and pensions and other gratuities, involving no contractual obligations, in Lynch v. United States, (292 U.S. 571, 576-577)."

At page 994:

"Mr. Altmeyer: I have answered your question, sir. If you will refer to section 1101, you will find, as you read into the record, that there are no vested rights, that Congress may create different rights * * *."

At page 996:

"Mr. Winn: We have also established that there is no insurance contract between the Government and the worker within a covered wage whereby the rights and obligations of a party are set; that is correct, is it not?

"Mr. Altmeyer: No. You did not establish that. That has been self-evident since the law was passed in 1935."

At pages 1013-14 (the Chair's concluding remarks):

"Chairman Curtis: Mr. Altmeyer, it is apparent that the people of the country have no insurance contract. That does not mean that I do not want to do my full part to do justice to them and to carry out and make good on the moral commitment that has been made to them. Yet, notwithstanding the fact that they had no insurance contract, it remains true that the agency under your direction repeatedly in public statements, by pamphlets, radio addresses, and by other means, told the people of the country that they had insurance. I think a number of people were misled by that."

 

Semi-employed White Guy's picture

Sorry to burst your bubble, but the Supreme Court said you had no right to the social security money that the government stole from you  errr you contributed.