"We Have A Serious Problem": For Jamie Dimon, This Is The Most Troubling Chart About The US Economy

Tyler Durden's picture

As discussed earlier, Jamie Dimon's annual letter this year was a departure from his usual optimistic sermons about the state of nation, dedicating an entire section in the 45 page letter to  describe that "something is wrong" with the US. And of all the items mentions, the following aspect of the US economy is what was most troubling to the JPM CEO. Not surprisingly, it deals with two of the biggest threats facing the US currently: demographics and labor, and shows the at least in one key economic metric, the US is now the worst among the entire universe of developed countries.

This is what Dimon said:

Labor force participation in the United States has gone from 66% to 63% between 2008 and today. Some of the reasons for this decline are understandable and aren’t too worrisome – for example, an aging  population. But if you examine the data more closely and focus just on labor force participation for one key segment; i.e., men ages 25-54, you’ll see that we have a serious problem. The chart below shows that in America, the participation rate for that cohort has gone from 96% in 1968 to a little over 88% today. This is way below labor force participation in almost every other developed nation.



If the work participation rate for this group went back to just 93% – the current average for the other developed nations – approximately 10 million more people would be working in the United States. Some other highly disturbing facts include: Fifty-seven percent of these non-working males are on disability, and fully 71% of today’s youth (ages 17–24) are ineligible for the military due to a lack of proper education (basic reading or writing skills) or health issues (often obesity or diabetes).

Incidentally, Dimon's key concern was initially flagged here back in 2013 and most recently, last summer. For the remainder of the US economic problems listed by Dimon, please refer to the original article.

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J S Bach's picture

Maybe this growing percentage of idle men will stir some much needed anger and testosterone against the system which works to emasculate and eventually do away with them.

JungleCat's picture

Not until they starve.

Until then, they remain feminized beta males.

ghengiskhan's picture

Exactly.  Nothing meaningful happens until they go hungry.  In the meantime we will continue to dwindle into obscurity.

FullHedge's picture

Silly. The dindus can't go hungry with EBT.

NidStyles's picture

Only White Males are losing out on this economy, the others get Affirmative Action and EBT while flinging dope on the corner.

VWAndy's picture

 All of western society is resting on them white boys shoulders. If they fall everyone gets to eat shit for the next few centuries.

Victorio's picture

or more accurately known as the tax slave participation rate...

philipat's picture

So we can conclude that Jamie reads ZH? Perhaps he has some of WB7's Original Jamie art on his Office wall?

Pinto Currency's picture

Total debt at $65T and 340% of GDP is more worrying and the root cause:


Lore's picture

Fascinating charts. Thanks. A lot of questions come to mind.

StackShinyStuff's picture

As the Tylers would say, "Probably nothing"

Kotzbomber747's picture

Well, I think this chart also illustrates that, no matter how cheap labour is, it will contiunue to get outsourced to either automation or 3rd world countries.

The big irony is that every company/industry wants people to buy their products, yet at the same time they pay their own employees so little that they can barely afford to buy anything at all.

That only leaves credit to pay for consumption goods, so when credit evaporates: brace yourself! Interesting times ahead...

space shitle's picture
space shitle (not verified) Kotzbomber747 Apr 5, 2017 5:48 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

JRobby's picture

Yet the IRS claims record collections with 96 million out of the workforce?

Another "how is that possible" moment. Is there a Troll out there that can explain it?

Anybody? Anyone?  Bueller?

CJgipper's picture

my largest monthly expense, even more than housing and utilities - taxes.  If I didn't pay taxes, my income would literally double.  And my disposable income would increase by around 10 fold.  


When you have EBT, medicaid, section 8 housing, and then make a little cash selling weed or mowing yards or steaing stuff..... they LITERALLY have more money than I do.

unsafe-space-time's picture

Thanks for supporting the government and it's beneficiaries. Cracker

FireBrander's picture

Why do you work so much? Exactly how rich to you want to be when you die?

Very, very few reach the end of thier life and wish they had worked more...or had more money in the bank...and had bought more new cars or just one more bigger house...the regret is almost always the wasting away of life chasing those "things".

CJgipper's picture

I work so much to pay my damn debts and bills in an expensive city and because I may one day want to retire.  Oh, and because I'm one of those dumbass responsible crackers who supports his wife and kids.  You know, the kind still married to that wife that he had the kids with?

USisCorrupt's picture

I say divorce the wife and take the kids to the country. The wife in todays society is MOST likely cheating or has cheated.

FACT: As of january 2016 the average marriage / long term relationship has a life expectancy of just 2 years 9 months AND you can thank social media.

I currently live on a beautiful farm on top of the BEST Aquifer in the US, 3 wells and 4 pumps, lake, pond and PRIVACY. Get out IF you still can! Oh and by the way my real estate taxes were $625.00 for 2016 for 90 acres.

It's ALL about CHOICE.

ImGumbydmmt's picture

Sorry, can't believe the down votes you got.

I'm 50 with very young children, work from home. still have to work hard, but so thankful i do not ccommute 10 hours per week to be away from my fmaily an additional 50 hours per week.

I'm no saint but my kids know who daddy is and they see me working and we have lots of lego floor time and outside yard time.

But I've done my career thing for close to 30 years, and I'm over it.  if i could make more for less effort it would be great, so that the motto.

TJ MAX, get the max for the minimum.

If i did not have to work I would be VERY fulfilled with raising my cchildren and other interests.

JRobby's picture

You nailed it!

People chase the buck far and wide and hardly get back to the family, friends and place they started from.

FireBrander's picture

"When you have EBT, medicaid, section 8 housing,"

I know what you're saying, but I've known enough of those people to guarentee you that's not the "good life". Most of those folks were failed by the system since birth...a few escape, but the system isn't designed for escape.

I doubt they have more money than you...they're the one's paying 38% interest on car loans..1000% interest at "check cashing centers"...it's all just sickening.

CJgipper's picture

They do not have more money than me.  What they DO have is more disposable income and WAY more disposable time.

And yeah, most of them are half retarded, but I've also known a few system riders that were doing it becasue they were THAT smart. 

slightlyskeptical's picture

Would you like to trade places with person since they have it so easy and you have it so tough?

CJgipper's picture

I took 12 years of bust ass in grade school, 8 years of university and grad school bust ass, and 8 years of accumulated debt (which is obviously still hanging around) to get to this point.  Fuck you, you under acheiving cuck.

Now if I had it to do over............

Yeah, skating through grade school, not wasting 8 years and 100's of thousands of dollars on a fist full of degrees and instead just getting high constantly for the last 20 years?  Yeah, that's looking like a pretty good plan. 

all-priced-in's picture

"I took 12 years of bust ass in grade school"


Did you fail 3RD grade like 6 times?


Inzidious's picture

I did trade places. I worked 16 years in tech in Silicon Valley and payed almost 50% in tax. I lost my patience, and now get food stamps and a small living stipend from the government. Am I proud of it? No. But this country has gone to crap and I refuse to be a profit slave, and I put in way more than I'll take out before shit hits the fan that's for sure.

My pad isn't great and no American girls would ever be caught dead dating me but I don't care, i work odd jobs working on festival crews and fly to south east Asia for a few months out of the year when I want pussy.

I guess I am one of those who 'dropped out' of the workforce. But I don't miss it at all, It's a much much much much better life now. Times 50.

4johnny's picture

The shark has become the remora, progress.

oooBooo's picture

Isn't that normal for financially prudent people? All taxes combined take ~40-50% off the top. Save/invest ~25-30%, live on ~25% The average savings rate is what? 5-6% for everything including 401K? There are two ways to live with these tax rates, don't save and believe the government will cover your ass or live poorly and cover your own ass. But here's the problem, when the hard times come what happens? The financially prudent people are attacked has hoarders and worse. LIRP, ZIRP, and NIRP are punishments for the prudent from the last crash. What will it be in the next one? FDR banned gold in the 30s.

So why save? Why be prudent? Why work ?


ImGumbydmmt's picture

All True, I don't have a solution, But i work still to support my family as best i can PLUS i want to instill the value of HONEST hard work to my children. MY wife supports this concept so we REFUSE to become a leech on society and model THAT pattern to our children.

Work to promote the Legacy to your children

oooBooo's picture

I keep working too. I just don't why. fear of being poor or a desire never to be dependent I suppose. The debtors outbid me for the material things I want and the poor, single women, and familes with children get ever more taxes passed for me to pay. But time is valuable too and gets more valuable as one gets older so at some point working for a living and having "society" (it's self appointed agent, government actually) take so much of the fruits of work it's not make any sense.


Lets Buy The Dip's picture

The yields could hold the key.

HERE IS THE CHART ==> http://www.bit.ly/2o12FwR

The market is doing nothing here, and we await for TRUMP, and TAX policies, so obscure now, but later it may be a BLOODBATH..??

unsafe-space-time's picture

Starvation reduces testosterone and neurochemicals. Communists starved millions. It's the best way to control the population.

Mustafa Kemal's picture

 Or until they go to war




daveO's picture

Considering DC's plans, that number's still way too high.

Economy-X's picture

Well said. Trump is not the revolution, he is the symptom of the coming revolution - a revolution driven by the fact that capitalism and freedom, the once inseparable lovers, are heading for a messy and dangerous divorce, with no prenups. See 'Capitalism and Freedom in the Year of Trump' for best analysis on the times ahead: https://www.amazon.com/dp/B06Y16TPS9/ref=la_B06Y1NMZJG_1_1?s=books&ie=UT...


litemine's picture

Just Unbelivable how fit the War Machine is......

Ripe for the Picken.

Fighter (Drone) Pilots in a C-Sea Squadron.....drinking a Coke, Or was it a Pepsi?

Infrastructure....Bridges to Hospitals? Staff to Hospitals?

In an major disastor how much resources will be used on the self Inficted pitty cases? 

To receive funds from taxes  if possible, labor should be a requirement. That in turn could be

a labour pool.

Some may need assistance or a push....to get everyone back on track. 

I will take a lot of work to get those Horses back in front of this cart.


Fascal rascal's picture
Fascal rascal (not verified) J S Bach Apr 4, 2017 10:51 PM

Fuck you Ba it ch.

Fags like you always blame it on the "system".

Bend over, put your hands on your neck, and pull with all your might.

Hopefully for you, you'll hear a thunderous pop as your head comes out of your ass.

Real men aren't emasculated from systems.

Homos that buy into your bullshit are just that.

Jeffersonian Liberal's picture


To the parasite: this is what we students of Austrian economics have been saying for eight years...all the time that you were reaping billions off this phony, fiat-based financial system.

These parasites in the banking/financial sector (esp. those who share a 'kinship' with Rothschild) think they will be safe from the breakdown, that they'll be able to 'get out,' that they have spent the last century getting the ignorant mouth-breathers on their side who will, in turn, protect them.

That will not happen this time.

If the 20th century taught us anything, it taught us not to shed a drop of blood protecting these parasites, that if the entire system implodes or they try to take us into another war to bail them out, our efforts are better spent hunting them down.

chicmagnet's picture

At my wifes workplace there is a white trash trailer park cunt that refuses towork more than 30 hours because she will not recieve all of her food stamps, she also recieves a $5000 tax refund yet does not pay into the system. What's the problem? Thanks Barry. Tic Toc

Sick Monkey's picture

That's not really a scary chart. Factor in the amount of part time jobs versus full time and now you have a jaw dropper. More buttered up stats to reassure us that it's not all that bad. Combine this with wages not keeping up with true cost of living you now have a reason to head for the hills. Combine this with the governments ability to increase debt or even decide on how to distribute it (complicated mess that can block distribution in the short term) you have a reason to step into a dinghy.

litemine's picture

All I got is "WoW".

Houses Depreciate's picture

And there is only one solution.... one path forward.... What is that?


Falling prices to dramatically lower and more affordable levels accelerating the economy and creating jobs like only falling prices can.

Sabibaby's picture

Yeah but as the article says, half of the men "can't" work because they're "disabled" so they don't need to be concerned about the state of the economy.

MrPalladium's picture

Right! Just like the men in wheelchairs with crutches at Wallmart who jump up and snatch an item from the top shelf when they think nobody is looking.

analyzer_66's picture

what % of them is incarcerated ?  The war on men lives, black man, white man, yellow man.

VWAndy's picture

 The are police are looking for men. If your into that sort of thing. The pay is good. Lots of overtime and other perks. Killer pension plan too!

Sabibaby's picture

Don't you mean ponzi for the last perk?

VWAndy's picture

ssshhh you aint supposed to tellum that