JPMorgan Chase CEO Letter to Shareholders 2020
"Many Americans have lost faith in their government’s ability to solve these and other problems – in fact, most people would describe government as ineffective, bureaucratic and often biased. Almost all institutions – governments, schools, media and businesses – have lost credibility in the eyes of the public."
"Many of our problems have been around for a long time and are not aging well. Politics is increasingly divisive, and government is increasingly dysfunctional, leading to a number of policies that simply don’t work. Americans know that something has gone terribly wrong, and they blame this country’s leadership: the elite, the powerful, the decision makers – in government, in business and in civic society."
"Nearly 30% of American workers earn less than $15 an hour, which is barely a living wage even if two adults are working in a family of four. An estimated 1.6 million Americans were addicted to opioids in 2019, which some studies show is one of the major reasons why men aged 25-54 are permanently out of work. In addition, 30% of Americans don’t have enough savings to deal with unexpected expenses that total as little as $400, such as medical or car repair bills."
"This self-interest is virtually everywhere. There are 17,000 registered lobbyist contracts for special interest groups in Washington, D.C., including business-related groups and banking and financial services. We all deserve our share of the blame for using the _balkanized_ (!) government, bureaucracy and lack of transparency to further our own interests – not necessarily the country’s. This includes business, unions, state and local governments, and individuals."
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/ceo-letter-to-shareholders-2020.pdf