The same forces that are driving massive inequality between the top 1 percent and the rest of us are creating a vast generational wealth gap between baby boomers — my generation — and millennials.
Millennials aren’t teenagers anymore. They’re working hard, starting families and trying to build wealth. But as a generation, they’re way behind.
They’re deeper in debt, only half as likely to own a home, and more likely to live in poverty than their parents.
If we want to address their problems, we need to understand those problems.
Number one: Stagnant wages. Median wages grew by an average of 0.3% per year between 2007 and 2017, including the Great Recession – just as millennials were beginning their careers. Before that, between the mid-1980s and mid-1990s, wages grew at three times that rate.
Second: As wages have stagnated, the costs of essentials like housing and education have been going through the roof. Millennials own fewer homes, the most common way Americans have built wealth in the past. Education costs have soared. Adjusted for inflation, the average college education in 2018 cost nearly three times what it did in 1978.
Third: As a result of all of this, Debt. That expensive college education means that the average graduate carries a whopping $28,000 in student loan debt. As a generation, millennials are more than one trillion dollars in the red. In addition, the average young adult carries nearly $5,000 in credit card debt, and this number is growing.
Fourth: Millennials are finding it harder than previous generations to save for the future. Among Fortune 500 companies, only 81 sponsored a pension plan in 2017, that’s down from 288 twenty years ago. Employers are replacing pensions with essentially “do-it-yourself” savings plans.
All of this means that fewer millennials are entering the middle class than previous generations. Most have less than $1,000 in savings. Many young people today won’t be able to retire until 75, if at all.
If we don’t start trying to reduce this generational wealth gap — through policies like debt relief, accessible health insurance, paid family leave, affordable housing, and a more equitable tax code for renters — millions of young Americans will struggle to find financial security for the rest of their lives.
Former acting CIA director explains why Trump’s inaction on Russian bounty scandal will make things worse
It was revealed nearly two weeks ago that the Russian government is paying a bounty to the Taliban for killing American soldiers.
Since then, President Donald Trump has denied that he and his administration didn't know anything about it. Then he claimed it was a hoax. Now it has become clear that the stories are not only true but that if Trump read his presidential daily briefing in 2019, he would have been aware of the problem.
Speaking to the House Thursday, Trump's former acting CIA director Michael Morell explained that things are being made far worse by the president's denial.
Here are 7 hilarious videos about wearing COVID-19 masks to send people who won’t wear them
While late-night shows are off for a Summer break, Americans are glued to TikTok and Twitter for their humor and every folks have delivered.
The latest trend is to mock fools who refuse to wear masks. While many people who refuse to wear a mask tuck their tails and sulk as they walk away, some take it to a whole new level of fury. Those precious souls are being mocked and shamed all around the world.
Here are seven videos that are hilarious or adorable that encourage wearing masks during the COVID-19 pandemic:
Wearing a mask is like wearing a lifejacket.https://twitter.com/mattbooshell/status/1280933495674732544
Trump tells Fox News the ‘Black Lives Matter’ sign on Fifth Avenue is like he’s being ‘prosecuted’
President Donald Trump appeared to reveal another quid pro quo during an interview with Fox News host Sean Hannity.
MSNBC's Lawrence O'Donnell pointed it out during an interview with Sen. Kamala Harris (D-CA).
"I was very nice to Mayor de Blasio. I got him ventilators when he needed them... I got him the gowns. I got him the masks. I got him everything. Then he throws a big Black Lives Matter sign right down in the middle of Fifth Avenue. I was so good to him and to Gov. Cuomo, like nobody's ever been good. And then all you end up doing out of that place is getting prosecuted."