Opinion: This exchange between a Democrat and a CEO should shape the 2020 campaigns
Rep. Katie Porter questions witnesses during a House Financial Services Committee hearing in Washington on Wednesday. By Paul Waldman Paul Waldman Opinion writer covering politics Email Bio Follow Opinion writer April 12 at 11:58 AM Congratulations are in order to JPMorgan Chase, the largest bank in the United States. It just reported that in the first quarter of 2019 it made a record profit of $9.18 billion on $29.9 billion in revenue. Truly, we are living in an age of boundless prosperity.
Porter is uniquely situated to do this kind of questioning. A law professor with deep expertise in topics such as bankruptcy, she is quickly becoming one of the financial services industry’s most formidable critics on Capitol Hill. And she was doing more than making Dimon uncomfortable. She was obviously trying to make a larger point not just about JPMorgan Chase or even just about the banking industry, but about the American economy in general.
It’s true that in many places, virtually anyone who wants a job can find one, and unemployment is what we tend to focus on when we ask how the economy is doing. But as we all know, it’s not just about whether you have a job. It’s about whether that job actually provides economic security. And the fact is that the United States has become profoundly unequal, with a small number of corporations and individuals sucking up most of the country’s wealth while everyone else struggles.
The second part of the solution is to reorient laws and regulations so that they aren’t built to benefit the wealthy and powerful at everyone else’s expense. That includes tighter regulation of Wall Street, rules that prevent exploitation of workers, a higher minimum wage, and many other things. Now let’s consider the politics of this issue. When Donald Trump ran for president in 2016, he told voters that the system was “rigged,” and many people, particularly in areas of the country that have been struggling, agreed with him. They looked around at communities where the factories that offered secure, well-paid jobs are gone , where the schools are underfunded, where infrastructure is crumbling, where opioid abuse is rampant, and they said, yes, this system is rigged.
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