The Midwest loses faith in the system, American Dream evaporates

ByShannon J. Cortes

Oct 21, 2022

FIRST ON FOX BUSINESS: The Midwest, the center of America, is in bad shape when it comes to opinion on jobs, incomes and the American dream, but big business could hold the key to reversing the bad juju.

The findings, released today in the Edelman Trust Barometer 2022 Special Analysis: The Changing Role of Business in Society, show that the Midwest is the most skeptical of all U.S. regions and there is a record gap between high and low incomes. It was developed in conjunction with the Institute for the Study of Business in Global Society at Harvard Business School.

(Edelman Trust Barometer 2022 special analysis: The changing role of business)

“It’s a cry for help. When the American Midwest says, you know, please support our local communities, please train or reskill our employees, it’s a cry because the government it’s not,” Richard Edelman, CEO of global communications company Edelman, told FOX. Company exclusively.

Economy, Midwest

(Edelman Trust Barometer 2022 special analysis: The changing role of business)

While businesses are trustworthy, the government and the media are not, according to the survey.

Debora Spar, who is launching the Institute for the Study of Business in Global Society at Harvard Business School in Detroit, noted that the Midwest’s stance toward business is a surprising demand for American businesses.

“There are expectations/hopes that businesses can step in and play an active role in addressing issues at the community level,” she said.

Economy, Midwest

(Edelman Trust Barometer 2022 special analysis: The changing role of business)

GDP SINKS FOR 1Q, 2Q CONFIRMS TECHNICAL RECESSION

Gross domestic product growth in all Midwestern states, Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Nebraska, North and South Dakota, Ohio, and Wisconsin, contracts as follows the Bureau of Economic Analysis (BEA). This goes hand in hand with national GDP which fell 0.6% in the second quarter and 1.6% in the first, confirming a recession.

GDP, economy

Real GDP 1Q-2Q 2022 (Bureau of Economic Analysis (BEA))

“They’ve had a really tough time, deindustrialization and a real drop in income, especially in the classic blue-collar jobs, and a loss of belief that my family will be better off in the next phase,” Edelman explained. .

“They had a really difficult time, deindustrialization and a real drop in income, especially in classic blue collar jobs and a loss of confidence in my family who will do better in the next phase”…

– CEO Richard Edelman of Edelman

“They are deeply affected by inflation because it is something that hits lower-class people more because it is food, mortgage costs and gasoline,” he added. Consumer inflation rose 8.2% a year last month.

INFLATION RISE AGAIN IN SEPTEMBER

Where the Midwest sees green shoots or glimmers of hope is with companies that remain the only trusted institution and a handful of companies are leading by example.

(Edelman Trust Barometer 2022 special analysis: The changing role of business)

I really appreciate what Google has done to improve the skills of small businesses in Detroit and Pittsburgh and I think JPMorgan is investing particularly in Detroit and also in Philadelphia,” Edelman detailed.

Teleprinter Security Last To change To change %
GOOGL ALPHABET INC. 99.97 +0.34 +0.34%
JPM JPMORGAN CHASE & CO. 116.13 -0.38 -0.33%

In Motor City, for example, JPMorgan expects to have invested $200 million by the end of 2022. “Our new investment in Detroit will help the system work for more people – giving more Detroiters access the tools they need to succeed, stay and benefit from Detroit’s continued recovery,” CEO Jamie Dimon said in the 2019 announcement.

JPMorgan, Jamie Dimon

(Photo by Jean Catuffe/GC Images)

Teleprinter Security Last To change To change %
DFS DISCOVER FINANCIAL SERVICES 92.76 -0.67 -0.72%

Additionally, Discover Financial recently announced plans to hire 150 workers in downtown Chicago “instead of outsourcing to India,” Edelman pointed out.