By Jeff Cox @ CNBC.com, 2 hours ago
JPMorgan Chase CEO Jamie Dimon [...] is frustrated by obstacles he sees keeping young people from having bright futures and workers from getting higher pay. Speaking Wednesday at a Business Roundtable summit, Dimon implored the public to focus on "three really bad facts" that are limiting growth for the U.S. economy.
- Some 70 percent of young men are ineligible for military service "because of either education — they can't read or write — or health, mostly obesity and diabetes. That's an unbelievable number," Dimon said. The number comes from a Pentagon study a few years back that said the military won't take 71 percent of males aged 17 to 24 for the reasons Dimon cited, as well as taking prescription drugs for ADHD, or having inappropriate tattoos or piercings.
- "Half the kids in inner city schools don't graduate," he said. "Even those who graduate, they're not able to work a proper job." That number could come from a study nearly a decade ago that said the graduation rates in the nation's top 50 cities was 53 percent, against 71 percent for suburbs.
- The labor force participation rate among American men has fallen sharply over the last generation or so. Government records show that the rate among men ages 25 to 54 has fallen from 96 percent in 1970 to 88.4 percent in May.
In addition, Dimon blasted the regulatory climate in the U.S. [....]
Includes a video.