Massachusetts Democratic Senator Elizabeth Warren has little sympathy for JP Morgan CEO Jamie Dimon after Democratic President Joe Biden unveiled his plan to bolster the middle class with a series of economic reforms dubbed Bidenomics.
The name harkens back to the administration of Republican Ronald Reagan's. Reaganomics pushed the unsupported, ineffective trickle down theory.
Trickle down economics posited if the wealthiest individuals and corporations were given more money, their overabundance would trickle down to the middle and lower classes.
The theory has never been shown to work, but it remains central to Republican economic policy.
Now that President Biden is proposing giving those same economic benefits reserved for the rich to the middle class, unsurprisingly a rich CEO is opposed to the measure.
JPMorgan Chase CEO Jamie Dimon—a man with a net worth of $1.7 billion and a salary including bonuses of $34.5 million—urged caution when offering economic stimulus programs to the middle class instead of continuing to offer them only to members of his socioeconomic class.
In an interview with The Economist, Dimon said:
"I’d be careful about that."
After Dimon's disapproval was expressed, Senator Warren offered her response on Twitter.
She tweeted:
"Well, boo-hoo."
"The whole point of Bidenomics is to make our economy work for working people—not just Wall Street CEOs."
Others were also unimpressed with Dimon's concerns.
Dimon also told The Economist he doesn't intend to run for public office.
However a cabinet position is something he would consider.
