Tech News
Jamie Dimon on tariffs, geopolitics—and the misery facing the bottom 20% of U.S. earners

Jamie Dimon, CEO of JPMorgan Chase, the nation’s largest bank, says the economy is still in the soft landing phase, “but there’s a lot of turbulence out there.”
“Tariffs, they’ll definitely have pluses and minuses, you see consternation around the world,” Dimon said on Wednesday in a conversation with Adobe CEO Shantanu Narayen at the tech company’s annual summit in Las Vegas. There’s also uncertainty about what going to happen with President Trump’s proposed tax plan, he said.
Dimon also expressed concern about geopolitics and the effects of the turbulence on the economy. “I personally think the most important thing happening in the world is what’s happening with Ukraine and Russia, and the Middle East. I know that’s about the future of a free democratic world.”
Regarding spending in the U.S., “consumers at the low end are basically spending down,” he said, explaining that that means saving money by taking actions like canceling a trip or going to a less expensive restaurant. “People at the high end, their money is down a lot, but they are a lot wealthier; think of homes and stock prices over the last 20 years,” he explained.
But Dimon also wanted to make an important point for all of the leaders in the audience: “The bottom 20% [of earners in the U.S.] didn’t get a pay raise for 25 years; they’re dying younger. Their schools aren’t good and they live in crime-ridden neighborhoods.”
Also speaking on the economy, Dimon said, “Hopefully inflation will come down.” He noted that the green economy and restructuring trade—“however it happens”—is going to cost money and “cause a little bit of inflation.”
He added, “There are a lot of inflationary forces.” But instead of just looking at the latest inflation report, he advised looking at the long-term trends, like IRAs and a lot of demand for capital. Dimon also thinks there’s going to be more military spending: “When I look at the world, I always try to look at the future facts.”
“I always hope for the best,” Dimon said to the audience—but he also gave this advice: “As a businessperson, plan for all potential outcomes.”
This story was originally featured on Fortune.com
Tech News
‘We won’t be silent’ — Teachers vow legal challenges after Trump moves to slash Department of Education

- President Donald Trump signed an executive order to crack open the Department of Education on Thursday. The American Federation of Teachers and the National Education Association condemned the move, and have promised lawsuits. Earlier this month, the department laid off nearly half of its staff.
President Donald Trump signed an executive order that would dissolve the U.S. Department of Education (DOE). While the agency cannot be shuttered without congressional approval, Trump signed the order saying that it would “begin eliminating the federal Department of Education once and for all.”
The order states taxpayers spend $60 billion annually on federal school funding marshalled and distributed by the DOE even though the agency “does not educate anyone.” In the order, Trump claimed its closure would help children and families “escape a system that is failing them.” Trump directed Secretary of Education Linda McMahon to turn education authority over to states and local communities while ensuring “uninterrupted delivery of services, programs, and benefits on which Americans rely.” It also directs McMahon to terminate programs promoting “gender ideology,” and withdraw funding from programs and activities that illegally discriminate based on diversity, equity, and inclusion. The order claimed that the DOE maintains a public relations office with 80 staff members at a cost of $10 million a year.
In a quick rebuke, American Federation of Teachers President Randi Weingarten said the 1.7-million member union would, “see you in court,” in a statement to Fortune.
The DOE is charged with oversight of the country’s $1.6 trillion federal student loan fund, and oversees and sets school policies for early childhood, primary, and secondary schools through financial funding and monitoring. The agency’s remit includes ensuring equal access to education for all students including those from low-income, disabled, and non-native English speaking homes. Established in 1979, the DOE supervises 50 million students in public school systems across the country.
Earlier this month under the direction of Elon Musk’s Department of Government Efficiency, the DOE laid off 2,183 employees, nearly half of its January workforce of more than 4,100.
“Now, Trump is at it again with his latest effort to gut the Department of Education programs that support every student across the nation,” National Education Association President Becky Pringle said in a statement to Fortune.
Pringle claimed cuts to the DOE would increase class sizes, cut job training programs, eliminate special education for those with disabilities, axe civil rights protections and increase college tuition prices, putting it “out of reach for middle class families.”
“We won’t be silent as anti-public education politicians try to steal opportunities from our students, our families, and our communities to pay for tax cuts for billionaires,” Pringle said.
Republican lawmakers have long tried to terminate the department since the 1980s, but in recent years that campaign has garnered traction as tensions mounted after federal mandates and policies in response to COVID-19.
“In moving forward with this, Trump is ignoring what parents and educators know is right for our students,” Pringle said.
This story was originally featured on Fortune.com
Tech News
‘We won’t be silent’ — Teachers vow legal challenges after Trump moves to slash Department of Education

- President Donald Trump signed an executive order to crack open the Department of Education on Thursday. The American Federation of Teachers and the National Education Association condemned the move, and have promised lawsuits. Earlier this month, the department laid off nearly half of its staff.
President Donald Trump signed an executive order that would dissolve the U.S. Department of Education (DOE). While the agency cannot be shuttered without congressional approval, Trump signed the order saying that it would “begin eliminating the federal Department of Education once and for all.”
The order states taxpayers spend $60 billion annually on federal school funding marshalled and distributed by the DOE even though the agency “does not educate anyone.” In the order, Trump claimed its closure would help children and families “escape a system that is failing them.” Trump directed Secretary of Education Linda McMahon to turn education authority over to states and local communities while ensuring “uninterrupted delivery of services, programs, and benefits on which Americans rely.” It also directs McMahon to terminate programs promoting “gender ideology,” and withdraw funding from programs and activities that illegally discriminate based on diversity, equity, and inclusion. The order claimed that the DOE maintains a public relations office with 80 staff members at a cost of $10 million a year.
In a quick rebuke, American Federation of Teachers President Randi Weingarten said the 1.7-million member union would, “see you in court,” in a statement to Fortune.
The DOE is charged with oversight of the country’s $1.6 trillion federal student loan fund, and oversees and sets school policies for early childhood, primary, and secondary schools through financial funding and monitoring. The agency’s remit includes ensuring equal access to education for all students including those from low-income, disabled, and non-native English speaking homes. Established in 1979, the DOE supervises 50 million students in public school systems across the country.
Earlier this month under the direction of Elon Musk’s Department of Government Efficiency, the DOE laid off 2,183 employees, nearly half of its January workforce of more than 4,100.
“Now, Trump is at it again with his latest effort to gut the Department of Education programs that support every student across the nation,” National Education Association President Becky Pringle said in a statement to Fortune.
Pringle claimed cuts to the DOE would increase class sizes, cut job training programs, eliminate special education for those with disabilities, axe civil rights protections and increase college tuition prices, putting it “out of reach for middle class families.”
“We won’t be silent as anti-public education politicians try to steal opportunities from our students, our families, and our communities to pay for tax cuts for billionaires,” Pringle said.
Republican lawmakers have long tried to terminate the department since the 1980s, but in recent years that campaign has garnered traction as tensions mounted after federal mandates and policies in response to COVID-19.
“In moving forward with this, Trump is ignoring what parents and educators know is right for our students,” Pringle said.
This story was originally featured on Fortune.com
Tech News
‘We won’t be silent’ — Teachers vow legal challenges after Trump moves to slash Department of Education

- President Donald Trump signed an executive order to crack open the Department of Education on Thursday. The American Federation of Teachers and the National Education Association condemned the move, and have promised lawsuits. Earlier this month, the department laid off nearly half of its staff.
President Donald Trump signed an executive order that would dissolve the U.S. Department of Education (DOE). While the agency cannot be shuttered without congressional approval, Trump signed the order saying that it would “begin eliminating the federal Department of Education once and for all.”
The order states taxpayers spend $60 billion annually on federal school funding marshalled and distributed by the DOE even though the agency “does not educate anyone.” In the order, Trump claimed its closure would help children and families “escape a system that is failing them.” Trump directed Secretary of Education Linda McMahon to turn education authority over to states and local communities while ensuring “uninterrupted delivery of services, programs, and benefits on which Americans rely.” It also directs McMahon to terminate programs promoting “gender ideology,” and withdraw funding from programs and activities that illegally discriminate based on diversity, equity, and inclusion. The order claimed that the DOE maintains a public relations office with 80 staff members at a cost of $10 million a year.
In a quick rebuke, American Federation of Teachers President Randi Weingarten said the 1.7-million member union would, “see you in court,” in a statement to Fortune.
The DOE is charged with oversight of the country’s $1.6 trillion federal student loan fund, and oversees and sets school policies for early childhood, primary, and secondary schools through financial funding and monitoring. The agency’s remit includes ensuring equal access to education for all students including those from low-income, disabled, and non-native English speaking homes. Established in 1979, the DOE supervises 50 million students in public school systems across the country.
Earlier this month under the direction of Elon Musk’s Department of Government Efficiency, the DOE laid off 2,183 employees, nearly half of its January workforce of more than 4,100.
“Now, Trump is at it again with his latest effort to gut the Department of Education programs that support every student across the nation,” National Education Association President Becky Pringle said in a statement to Fortune.
Pringle claimed cuts to the DOE would increase class sizes, cut job training programs, eliminate special education for those with disabilities, axe civil rights protections and increase college tuition prices, putting it “out of reach for middle class families.”
“We won’t be silent as anti-public education politicians try to steal opportunities from our students, our families, and our communities to pay for tax cuts for billionaires,” Pringle said.
Republican lawmakers have long tried to terminate the department since the 1980s, but in recent years that campaign has garnered traction as tensions mounted after federal mandates and policies in response to COVID-19.
“In moving forward with this, Trump is ignoring what parents and educators know is right for our students,” Pringle said.
This story was originally featured on Fortune.com
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