Allstate CEO warns of financial 'cancer' on America
Allstate CEO Tom Wilson on the Business Roundtable, efforts to create more high-value jobs, workers' wages, President Trump's calls for a potential payroll tax cut, the company's growth outlook, insurers' use of technology and efforts to improve consumer privacy online.
Allstate CEO Tom Wilson told FOX Business on Wednesday that the financial health of the United States is “not in a good place” and businesses need to do a “better job” in respect to providing American workers with high-paying jobs.
“We need to hold ourselves accountable for creating high-value jobs for Americans,” he told Maria Bartiromo during an exclusive interview.
He believes many American’s can’t afford to save money, citing data that shows 40 percent of Americans cannot cover a $400 emergency expense.
“I think the weak financial health of Americans is a cancer ... that is waiting to metastasize,” he said. “Being broke and working is not an American value. Like, people know that. They work, they should have decent amount of money.”
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Wilson also noted that some jobs aren’t worth more money per hour.
“What we have to do is figure out how do we create jobs that create enough value so we can pay people the right amount of money,” he explained.