On Capitol Hill: A Clueless Big-Bank Top Executive

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

As CEO of banking giant JPMorgan Chase, Jamie Dimon has ultimate budget responsibility for a mega-billion-dollar enterprise. But last week, testifying before Congress, Dimon declined to take any responsibility for — or show much interest in — the budget challenges JPMorgan workers face. Rep. Katie Porter of California asked Dimon what advice he’d give an entry-level JPMorgan employee with a child who lives in a one-bedroom in her district that rents for a monthly $1,600. After food, child care, and other basic expenses, the $2,425 the worker takes home monthly from JPMorgan leaves her $567 in the red. Dimon at first quipped that the entry-level worker just “may have my job one day.” Maybe, replied Porter, but right now she’s doesn’t have “your $31 million” to spend. Porter went on to press for a helpful budgeting suggestion. Replied Dimon: “I don’t know. I’d have to think about that.”

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Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

Posted In: Union Matters

Union Matters

Raise the Wage!

From the AFL-CIO

It’s been a decade since the federal minimum wage was increased—the longest period in American history without an increase. In that time, the cost of living has increased and working families have struggled to make ends meet. The Raise the Wage Act would finally bring the federal minimum wage up to $15 an hour.

The House of Representatives is voting tomorrow on the Raise the Wage Act, and we need to make sure lawmakers know where workers stand. Will you show your support and ask your friends to call their representatives?

One in 9 workers in the U.S. is in poverty—even when working full time and year-round. Passing the Raise the Wage Act as it stands would empower working families in need and build an economy that works for everyone.

Share our #RaisetheWage message on social media right now.

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