What is Giving Compass?
We connect donors to learning resources and ways to support community-led solutions. Learn more about us.
Giving Compass' Take:
• Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co, writes an op-ed for Business Insider on how the benefits of economic growth have not been evenly shared across the country and calls on leaders to expand opportunities.
• What would that expansion look like? Dimon seems to be advocating for more lending to disadvantaged communities, which is a good place to start, but will require a collective effort.
• Here's how to promote fair share in the face of growing economic disparity.
A stronger economy and more competitive business environment are good for our country, our communities and our firm. At JPMorgan Chase, we have always believed we should use our capital to do what banks do best: lend and invest. Even in difficult times, we have invested in our employees, customers and communities.
Today, because of our firm's strong performance and a better business and regulatory climate, we are able to increase and accelerate that. Multiply this growth and momentum across the entire private sector, and it is a formula for greater opportunity for all. Now, we must ensure we realize it.
There is no shortage of statistics that illustrate the reality that, too often, the benefits of economic growth have been unevenly shared: While U.S. unemployment may be at a 10-year low, many communities struggle with rates that are multiple times the national average. Seventy percent of kids ages 17 to 24 can't get into the US military because of poor health or education. Clearly, just because parts of the country are doing well does not mean every part is doing well.
The fact is that leaders — from all sectors — have not done a good enough job taking care of those who are being left behind. And these individuals and communities, rightly so, have let us know. Leaders have a collective responsibility to do more. We must see this as a call to action to harness today's economic momentum in the service of expanded opportunity. Doing so requires thinking beyond our traditional roles, putting aside partisan differences and committing to the pragmatic, hard work of making meaningful change. More often than not, we already know what the solutions are — we simply need to get them done.
Read the full article about sharing the benefits of economic growth by Jamie Dimon at Business Insider.