Woman hits a nerve with millions as she reacts with disbelief at JP Morgan CEO's comments about average American's quality of life

JP Morgan's CEO has come under fire for claiming average Americans are in 'pretty good shape' financially, despite soaring inflation and stagnant interest rates crippling household budgets.

Jamie Dimon was blasted as 'out of touch' for the comments, made during an interview on the Wall Street Journal's podcast, The Journal.

Dimon, who is estimated to be worth around $2.1 billion according to Forbes, stated that consumers 'still have excess money from COVID'.

'The consumer's in pretty good shape right now,' Dimon told interviewer Emma Tucker. 

But his remarks were slammed online, including by one furious TikToker left in disbelief, after the head of the US' largest bank claimed Americans are 'still spending down' funds handed out during the pandemic.

'My jaw was dropped at the sh** he was saying. It is so f***** out of touch this is the largest bank in America,' a TikToker said in a viral response.  

Dimon was quick on the podcast to talk about how America is still feeling the impacts of COVID, even four years later.  

'The consumer has, you know, unemployment under 4 percent has been there for two years. They still have excess money from COVID,' Dimon told the podcast.

'If you go back to looking at the amount of money that was spent during COVID, it was $6 trillion. Through various means and various programs, they're still spending it down.'

He also insisted that, 'housing prices are up, stock prices are up and jobs are plentiful'.

Those comments drew a quick rebuke online, including from Anna. 

'I'm sorry, what? The stimulus checks that went out in 2020 and 2021, three and four years ago, we're still spending it down? Who is he talking about, people are not doing well,' Anna, who uses the handle @creativechronicles, said in response.

'This country is literally unaffordable, childcare, groceries, you've got Kellogg's out here telling us to eat f****** cereal for dinner. Everything is up in price.

When grilled about why consumers are feeling so glum on the economy, Dimon claimed it came down to 'different consumers'.

'The bottom 20 percent of America have not done particularly well over the last 20 years. Incomes barely went up. They're actually starting to go up for the first time in almost 20 years,' Dimon said.

'Remember suicide, fentanyl, crime, inflation, there are a lot of negative effects. Some people can't get mortgages, can't buy the home, so yeah, there's part of society who's kind of struggling. There's part of society who's not.'

However, many Americans will find it hard to believe it is just the bottom 20 percent of the country which is struggling. 

The rate of annual inflation rose to 3.5 percent in March, still well above the Fed's two percent target. That has caused the Federal Reserve to raise the base interest rate to marks not seen in years. The hope is by increase interest rates, inflation will slow. 

So far, that hasn't happened enough where the Fed has started to lower rates. 

A study from HelpAdvisor earlier this year found that on average, US consumers shell out $1,080 per month at the grocery store thanks to inflation. 

Analysis by the Wall Street Journal found that the same $100 grocery shop in 2019 would cost around $136 today due to food price inflation. 

Examples of skyrocketing prices include the cost of one dozen eggs, which increased by 70 percent between February 2022 to February 2023.

In a policy statement released today, the organization said rates will not be slashed until officials have 'greater confidence that inflation is moving sustainably toward 2 percent.'

The decision spells further misery for households who are already struggling under the weight of soaring interest rates on credit cards, mortgages and personal loans.

It also marks the sixth consecutive time that the Fed has chosen to keep rates at their current level as it battles to tame inflation.

In theory, higher interest rates should encourage consumers to spend less and slow down price increases.

One of the biggest victims of higher rates have been mortgages. The rate offered on a 30-year fixed-rate mortgage hit 7.17 in the week to April 25.

Dimon warned the Feds interest rate move might not be enough to secure a soft landing, the term used to describe when the Fed is able to raise interest enough to curb inflation without causing a recession.

He suggested it is because much of the growth he described is being spurred on by fiscal spending, for example, taxation and the government's expenditures.

'I'm a little more worried that it may not be so soft and inflation may not quite go away people expect,' Dimon said. 

'I'm not talking about just this year, I'm talking about '25 and '26. The rates may have to go up a little higher, I'm talking about the 10-year rate, the five-year rate, and that can have consequences. So we'll see.'