On Tuesday, the banking giant JP Morgan Chase & Co (JPM.N) revealed a $20 billion investment plan. Aimed at the end result of increased wages, new branches opening, and more people being hired. Taking advantage of the new tax cuts and deregulated environment, the financial institution is returning giving a boon of wealth to the American workers.
Multiple corporations have announced new wage hikes and bonus structures since the tax reform directed by President Trump. With incentives for companies to make more capital investments, the tax plan is predicted to increase the gross national product (GDP) to four percent. These predictions are made by the same people who said it would be impossible to reach three percent in under four years.
The amazing business acumen of the president has been able to pass a tax reform which benefits working Americans and the businesses that employ them. Businesses have been running back to the united states to take advantage of the much-improved attitude toward competitive business practices. The nation’s GDP has been able to hit three percent in under one year.
Under the booming economy, corporations are rewarded for giving employees higher wages. JP Morgan announced to increase pay for over 22,000 employees. Raising wages by nearly ten percent, the average increase will net between $15 and $18 per hour.
To go along with the increased wages, Chase is hiring over 4,000 new employees. Over the next five years, the bank plans to open 400 new branches. Chief Executive Jamie Dimon’s drive to increase investment following the struggle of reforming their mortgage sector.
The largest bank based in the United States is planning to increase small business loans by $4 billion. Home loans are going to be increased by up to 25% for a total of $50 billion. All the capital investments will net a total of $4 billion a year in tax savings.
Dimon refutes the claim the bank will “compete” the savings away. The executive believes by delving slightly into saving funds and assets, the bank will be able to project a stable growth for a long-term plan. The businessman referred to the new expansion as not a giveaway. Although masked behind new jobs and higher wages, the business is increasing their bottom line for years to come.
The bank has also announced to increase their philanthropic expenditures over the same five-year period. A total of $1.75 billion over five years has been committed to public works and community investments. This represents a 40% increase in charitable giving.
Over the past year, the stock price of JP Morgan has increased by 37% outperforming the S&P 500’s 35% rise. Indicative of the overall state of Wall Street, stock prices have continued to grow. Since the election business have been responding to the actions of the president.
Wall Street has seen an incredible $8 trillion created in wealth. Correlating with public options, many people’s life insurance, 401K, pensions, and stock shares have moved to astounding heights in a remarkable amount of time. Moving over 10,000 points in one years’ time, the Dow Jones hit a local high of 16,000 the day after the 2016 election and has continued to climb.
The many actions of the president have fostered an environment where corporations can thrive. The America first policy is forcing companies to consider investing in America first. American workers are being hired first and are starting to be treated with the respect American workers deserve.
In his fight to shut down illegal immigration, the president is fighting for the rights and benefits of Americans striving to find employment. Telling companies they can no longer hire illegals or abuse visa programs, has resulted in the lowest unemployment rate in nearly two decades.
Specific statistics show that female unemployment is the lowest in 18 years, and unemployment among the black and Latino communities is the lowest in 18 years. Many economists believe a four percent unemployment rate is normal or healthy, the president is looking to do better. Under the guidance of President Trump, the American economy is winning.
Lower taxes for workers are resulting in more hires for businesses. More Jobs results in lower unemployment. The increased workforce pays more taxes and has more to spend in the economy. Spending money in the economy grows business and personal wealth. There are no brakes on this train.