ceveryone. Things may seem tough at the moment, but that means that billionaires will hurry up and reassure everyone, especially the uneven young people, and everything will be fine. In fact, it’s better than OK. According to Jamie Dimon, CEO of JPMorgan Chase, despite the current economic and political instability, Gen Z should be grateful to be a very bright and enhanced future.
“These kids, people who are depressed – unless we’re in nuclear war – they’ll have an incredible life,” Dimon said. Recent interviews and Fox News. “People say the next generation is in a bad state,” he added. “Really? They’re going to inherit two worthy countries [or] $300 trillion. They will probably live to 120. AI is going to cure some cancers… They should not mourn their situation. ”
I’m never a Gen Z Kid – I’m an elderly millennial with creaking knees – but I’m definitely depressed about the state of the world. Sorry, Dimon, but I’m not going to stop the moaning. To be clear, I should not say I know better than the “King of Wall Street.” I am a humble freelance journalist and not an industrial giant. I don’t know how to run a huge financial institution that makes great profits at good times and is bailed out by taxpayers in bad times. I never know more about economics than the biggest CEO Banks of the world.
But there are a few things I know that Dimon appears to be completely unobserved because of his infinite wisdom. When you are a billionaire with a palace house collection, those who cross the world with the Private Jets who will sibling with 1% other members can quickly become a little contact. As you are usually isolated from people’s problems by your money bag, you may lose sight of some very basic problems. And that means going to Fox News and telling everyone how great it is, it sounds like a bit of a pillock.
As Dimon appears to be having a hard time figuring out why so many people are struggling to deal with it and why Gen Z reports Poorest mental health For any generation – let’s spell out some pretty obvious things. The first is that the United States, along with other parts of the world, has a housing crisis. That’s what the US homes are It’s now 47% more expensive More than 2020. Meanwhile, wages are stagnant. Recently graduates tend to have a mountain of student debt; A rather disastrous job market. Food prices went through the roof. In short, it’s not great!
Some of these recent alumni struggle a little, inheriting assets from their parents and getting better. This is what is called The transfer of great wealth That Dimon hinted at him as he was talking about the trillions of Gen Z inherited. But not everyone has a rich parent trying to leave them with lots of cash. Certainly, one analysis explains the top 1.5% of the US 42% of wealth Until 2045. Massive wealth transfers become easier It exacerbates inequality. Dimon is that some Zers lead an incredible life of unparalleled luxury. They can ride around the universe, access cutting-edge medicines and live until they reach the age of 120. But the “them” that Dimon continues to mention will be a privileged minority. AI is used to save the lives of some people – this is already happening – used by military contractors to shorten others.
Something people like Dimon really can’t understand – I think that his ruthless layer of wealth separates from him is just how unstable the modern world feels for many of us. I live a comfortable life. I own a home in the US. I’m far more privileged than most Americans. But it feels like everything is falling apart around me. That all aspects of life are getting worse. At the local level, my library and public transport system are being hit by devastating things Budget reduction. More broadly, people are threatened with deportation to air political views. Meanwhile, the climate crisis appears to be creeping up. Do you think I care about living at 120? Like many people, I’m trying to get through the next 24 hours.
Arwa Mahdawi is a columnist for Guardian
