JPMorgan Chase CEO Jamie Dimon — who has a net worth in excess of $2 billion according to Forbes — is being roasted over an out-of-touch remark he made about Americans' finances and the Covid-19 pandemic.
During an interview last week with Wall Street Journal's The Journal podcast, host Emma Tucker mentioned that the billionaire CEO has "an unrivaled insight into the financial health of the U.S. consumer," and asked him his thoughts on what people "are doing with their money right now." Dimon lauded the current performance of the U.S. economy, and correctly observed that unemployment has remained historically low since spiking at the height of the pandemic.
However, Dimon also made an eyebrow-raising comment suggesting that the paltry stimulus checks Americans received in 2020 and 2021 — for $1,200, $600, and $1,400, respectively — are still being spent.
READ MORE: (Opinion) Why Jamie Dimon loves Trump's policies
"The consumer is in pretty good shape right now. The consumer has, you know, unemployment's under 4%, has been there for two years," Dimon said. "They still have excess money from Covid. If you go back to looking at the amount of money that was spent during Covid, it was $6 trillion through various means and various programs. They're still spending it down."
This comment prompted outrage from the TikTok account @creativechronicles, who blasted Dimon for his assertion that working class Americans are living large off of checks that were mostly spent on basic living expenses like food and housing.
"My jaw was dropped at the s— he was saying. It is so f— out of touch. This is the largest bank in America," the TikTok user, who goes by the name "Anna," said in the viral post. "I'm sorry, what? The stimulus checks that went out in 2020 and 2021, three and four years ago, we're still spending it down? Who is he talking about?"
"Even for those who are making ends meet and are still able to save, we have to be conscious as f— to where you're putting your money, because nothing is at a good price," she added.
According to CNBC, a whopping 77% of Americans earning $25,000 or less annually said they spent their checks on groceries and rent. Roughly half of Americans making between $100,000 and $150,000 per year said the same. However, Dimon is partially right in that the 2021 American Rescue Plan (ARP) — which provided the $1,400 stimulus checks, among numerous other safety net policies — provided the foundation for America's post-pandemic economic recovery.
A 2022 study by the Center for American Progress (CAP) found that the ARP "provided essential support to individuals, families, and communities." The study found evidence that the infusion of federal money "gave states and cities the flexibility to spend funds in their communities to address need in multiple areas."
"For example, Michigan and Minnesota used ARP funds to maximize benefits for working people by providing hazard pay and bonuses to essential and front-line workers who kept state economies and services running while much of the country was in lockdown," CAP wrote. "Similarly, at the local level, Albuquerque, New Mexico, spent a portion of its state and local aid on housing vouchers to reduce homelessness. At the same time, Milwaukee targeted some of its ARP investments to address food security, ensuring that older adults, children, homebound adults, and other marginalized communities throughout the city had access to food during the worst of the pandemic."
Click here to read the full transcript of Dimon's interview (subscription required).
READ MORE: 'I would be bragging about it too': Trump economic adviser admits Biden economy is 'good'
