US to enter a post-Covid boom ‘torn by income inequality,’ says JP Morgan boss

SourceThe Guardian
SectorFinancial Services
CountryMiddle east

The US has been “torn and crippled by politics, as well as racial and income inequality” but is about to enter a post-pandemic boom, according to JP Morgan boss Jamie Dimon.In his annual letter to shareholders Dimon, the US’s preeminent banker, said the economy was on the edge of a “Goldilocks moment” when expanding vaccinations, high savings rates and the Biden administration’s massive stimulus bill could trigger a strong recovery that could last well into 2023.Dimon’s closely watched letter stands in marked contrast to last year’s when the JP Morgan chief executive when he predicted the US was heading for a “bad recession” in which US gross domestic product could fall by up to 35%.But his upbeat assessment of the economic landscape also comes with caveats. Dimon has long warned that growing economic inequality poses a systemic threat and that future growth has been challenged by “China, Covid-19 and our own competence”.Dimon also used the letter to call for greater...read more...