“Let them eat iPhones,” is basically Jamie Dimon’s Marie Antoinette-ish take on income inequality. The rebuttal is obvious and need not be stated. However, we would like to add as a side note that the improvements in cars and air quality are largely due to government health and safety regulation which was fought every step of the way by the corporations Dimon’s firm supports with financial services and invests in as a money manager.
“It’s not right to say we’re worse off,” Dimon said Thursday at an event in Detroit in response to a question about declining median income. “If you go back 20 years ago, cars were worse, health was worse, you didn’t live as long, the air was worse. People didn’t have iPhones.”
While income inequality is a problem, slashing CEO pay wouldn’t help, he added.
“It is true that income inequality has kind of gotten worse,” Dimon said, noting that he wants things to get better for low- and middle-class households. Still, “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.”