poverty – Page 18 – Desdemona Despair

Share of national wealth owned by each generation, by median cohort age. Baby boomers — those born between 1946 and 1964 — collectively owned 21 percent of the nation’s wealth by the time their generation hit a median age of 35 in 1990. Generation X (born from 1965 to 1980) came of age during the era of wage stagnation and growing inequality ushered in by the 1970s and ’80s. When the typical Gen Xer reached 35 in 2008, his or her share of the nation’s wealth was just 9 percent, less than half that of boomers at a comparable point in life. Millennials haven’t hit the 35 mark yet — that won’t happen until about 2023 — but their financial situation is relatively dire. They own just 3.2 percent of the nation’s wealth. To catch up to Gen Xers, they’d need to triple their wealth in just four years. To reach boomers, their net worth would need a sevenfold jump. Graphic: Gray Kimbrough / The Washington Post

December 8, 2019

Graph of the Day: The staggering millennial wealth deficit – “To catch up to Gen Xers, millennials would need to triple their wealth in just four years. To reach boomers, their net worth would need a sevenfold jump.”

By Christopher Ingraham 3 December 2019 (The Washington Post) – Few things capture the precariousness of life for today’s young adults like a visualization of their wealth. Economist Gray Kimbrough did just that, using Federal Reserve data to compare how generations fared financially at different points of their life cycles. Wealth is a measure of what people own: […]

People gather for an anti-government protest in Santiago, Chile, Friday, 1 November 2019. Groups of Chileans continued to demonstrate as government and opposition leaders debated the response to weeks of protests that paralyzed much of the capital and forced the cancellation of two major international summits. Photo: AP Photo

December 7, 2019

From Algeria to Hong Kong, 2019 was a year of anti-establishment rage – “What unites the protests is that all are responding to a sense of exclusion, pessimism about the future, and a feeling of having lost control to unaccountable elites”

5 December 2019 (AFP) – Angry citizens have swelled the streets of cities across the globe this year, pushing back against a disparate range of policies but often expressing a common grievance — the establishment’s failure to heed their demands for a more equitable future. While street protests are nothing new, experts say the intense […]

Average weekly earnings of private services sector and goods producing sector jobs, 1964-2018. Graphic: Cornell Law School

December 7, 2019

Quality of U.S. jobs declining drastically – “The long-term loss of good-paying manufacturing jobs over the past thirty years has produced troubling ripple effects for many Americans”

WASHINGTON, 14 November 2019 (CPA) – The Coalition for a Prosperous America (CPA) today announced the launch of a comprehensive new economic indicator, the US Private Sector Job Quality Index (JQI). CPA has partnered with Cornell University, the University of Missouri, and the Global Institute for Sustainable Prosperity (GISP) to unveil a new measure of America’s changing […]

The Rieckmann’s mantle in their home in Fremont, Wisconsin, on 20 November 2019. Photo: Jason Vaughn / TIME

December 2, 2019

Small American farmers are nearing extinction – “They’re trying to wipe us off the map”

By Alana Semuels 27 November 2019 FREMONT, Wisconsin (TIME) – For nearly two centuries, the Rieckmann family has raised cows for milk in this muddy patch of land in the middle of Wisconsin. Mary and John Rieckmann, who now run the farm and its 45 cows, have seen all manners of ups and downs — […]

Cars block a street during a protest against a rise in gasoline prices, in the central city of Isfahan, Iran, Saturday, 16 November 2019. Demonstrators angered by a 50 percent increase in government-set gasoline prices blocked traffic in major cities and occasionally clashed with police Saturday after a night of demonstrations punctuated by gunfire. Photo: AP Photo

November 17, 2019

Protests grip major Iran cities over gas prices – Internet access sees disruptions and outages – “The ongoing disruption is the most severe disconnection tracked in any country in terms of its technical complexity and breadth”

By Jon Gambrell 16 November 2019 DUBAI, United Arab Emirates (AP) – Protesters angered by Iran raising government-set gasoline prices by 50 percent blocked traffic in major cities and occasionally clashed with police Saturday after a night of demonstrations punctuated by gunfire, in violence that reportedly killed at least one person. The protests put renewed […]

Former HSBC employees protest about unfair cuts, or “clawbacks”, to their pensions outside of the HSBC annual general meeting at the International Convention Centre in Birmingham, England, 13 April 2019. Photo: The Telegraph

November 17, 2019

“Their house is on fire”: the pension crisis sweeping the world – “We just have to explain to millennials that their parents might have to move back in with them”

By Josephine Cumbo and Robin Wigglesworth 16 November 2019 LONDON/OSLO (Financial Times) – Jan-Pieter Jansen, a 77-year-old retiree from the Netherlands, had high hopes for a worry-free retirement after having saved diligently into a pension during his working life. But Mr Jansen, a former manager in the metal industry, has been forced to reappraise his […]

Members of security forces detain a demonstrator during an anti-government protest in Santiago, Chile. Photo: Edgard Garrido / REUTERS

October 31, 2019

Chile president cancels Apec and climate summits amid wave of unrest

SANTIAGO (30 October 2019) – Chile’s embattled president has cancelled the Apec trade summit in November and the Cop 25 climate summit in December, as his government struggles with the largest wave of political unrest since the end of the Pinochet dictatorship. Sebastián Piñera made the announcement on Wednesday after 12 days of massive demonstrations […]

Illustration from The New York Times review of “13th Gen: Abort, Retry, Ignore, Fail?”, by Neil Howe and Bill Strauss, titled “The Boomers’ Babies”. Graphic: Rob Shepperson / The New York Times

October 25, 2019

Only half of U.S. Gen Xers have a retirement account, and that’s a disaster in the making

By Tanza Loudenback 22 October 2019 (Business Insider) – Millennials may bear the brunt of bad press, but Gen X is arguably in worse financial shape. Insider recently teamed up with Morning Consult to survey 2,096 Americans about their financial health, debt, and earnings for its new series, “The State of Our Money.” Of the total respondents, 566 were […]

Clip from BP’s “Energy Illustrated” web series. Graphic: Spencer Dale / BP

October 23, 2019

BP chief economist to youth conference: “The haves must remember the have nots”

By Spencer Dale 23 October 2019 LONDON (BP) – It’s a great pleasure to be here this morning. One Young World is a big deal in BP. As you just heard, Bob Dudley is a massive fan. And many friends and colleagues have been delegates in the past and raved about it. So I’ve heard […]

Map of Zimbabwe showing the Acute Food Insecurity Phase for June 2019 to September 2019 and October 2019 to January 2020. Graphic: FEWS NET

October 22, 2019

“It’s a nightmare”: Zimbabwe struggles with hyperinflation – Extreme poverty surges to 34 percent as 1 million more added to poor bracket – “People should brace for worse”

By Alois Vinga 18 October 2019 (New Zimbabwe) – Extreme poverty in Zimbabwe has risen to 34 percent, with 1 million more citizens now added to the existing 4.7 million, World Bank (WB) said in a recent Poverty and Equity brief. The global lender said there has been a significant growth in the country’s poverty […]