Elizabeth Warren slams Chase Bank’s ‘patronizing’ tweet: Americans ‘just need to be paid more’
Democratic presidential candidate Elizabeth Warren slammed Chase Bank Thursday for a tweet in late April that suggested customers bank accounts have low balances because they don’t spend wisely.
In a CNN op-ed titled “Americans don’t need clich financial advice. They just need to be paid more,” the Massachusetts senator said the tweet “perpetuates the myth that irresponsible spending is the reason for Americans’ dire financial straits.”
.@Chase: why arent customers saving money?Taxpayers: we lost our jobs/homes/savings but gave you a $25b bailoutWorkers: employers dont pay living wagesEconomists: rising costs + stagnant wages = 0 savingsChase: guess well never knowEveryone: seriously? #MoneyMotivation pic.twitter.com/WcboMr5MCE Elizabeth Warren (@SenWarren) April 29, 2019
“Americans are working more than they ever have,” Ms. Warren wrote. “A much larger share of the population is in the labor force than 50 years ago. And families are not spending money on things they don’t really need. The costs of child care, housing, higher education and health care have all far outpaced inflation.
“Americans don’t need flippant tweets from giant banks about how to spend their money,” the senator wrote. “They need Washington to make investments that will allow them to succeed. Families across the country are struggling, and they need Washington to start working for them securing big structural changes that make room for them to succeed. Until then, Wall Street can save its patronizing memes.”
Ms. Warren also criticized JPMorgan Chase giving advice when the bank was given a $25 billion bailout during the 2008 financial crisis.
Chase ultimately deleted the tweet that inspired the op-ed, thanking users for the feedback.
Our #MondayMotivation is to get better at #MondayMotivation tweets. Thanks for the feedback Twitter world. Chase (@Chase) April 29, 2019