financial collapse – Page 10 – 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 — […]

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 […]

Photo of an oxygen bar in Delhi, India on 15 November 2019. A 15-minute session costs $7.00. Photo: Reuters

November 17, 2019

More than half of India coal-fired power plants set to miss pollution deadline – Less than 2 percent currently in compliance

By Sudarshan Varadhan 15 November 2019 NEW DELHI (Reuters) – More than half of India’s coal-fired power plants ordered to retrofit equipment to curb air pollution are set to miss the deadline, private industry estimates and a Reuters analysis show, as millions in the country wake up to toxic air each day. Thermal power companies, […]

A firefighter passes a burning home as the Hillside fire burns in San Bernardino, California, on Thursday, 31 October 2019. The blaze, which ignited during red flag fire danger warnings, destroyed multiple residences. Photo: Noah Berger / AP Photo

November 7, 2019

California is becoming unlivable – Wildfires and lack of affordable housing exacerbate each other

By Annie Lowrey 30 October 2019 (The Atlantic) – Right now, wildfires are scorching tens of thousands of acres in California, choking the air with smoke, spurring widespread prophylactic blackouts, and forcing the evacuation of hundreds of thousands of people. Right now, roughly 130,000 Californians are homeless, and millions more are shelling out far more in […]

November 4, 2019

“Big Short” investor David Burt’s new bet: Global warming will bust the housing market – “You end up with a very scary looking situation”

By Geoff Dembicki 1 November 2019 (Vice) – In 2007, almost no one would admit what became obvious in hindsight: The housing market was on the brink of collapse and would take a good chunk of the U.S. economy along with it. Lenders were getting rich, giving home loans to people who couldn’t afford them, investment banks […]

Graphs showing deteriorating financial indicators in Hong Kong, January 2019 - September 2019. Graphic: Bloomberg

November 1, 2019

Hong Kong crashes into recession as protests hit economy – “It’s completely driven by social events, and this is something the government needs to consider”

By Eric Lam and Enda Curran 31 October 2019 (Bloomberg) – Hong Kong’s economy contracted sharply in the third quarter as it entered a recession, exceeding economists’ worst estimates of the damage from nearly five months of protests. Third-quarter gross domestic product retreated 3.2% from the previous three months, after a 0.4% contraction in the […]

Traffic moves past a gas station during a blackout in Calistoga, California on 24 October 2019. Photo: David Paul Morris / Bloomberg

October 25, 2019

PG&E warns of largest intentional blackout ever as windstorm approaches – “The upcoming wind event has the potential to be one of the strongest in the last several years”

By David R Baker and Mark Chediak 25 October 2019 (Bloomberg) – PG&E Corp. warned it will shut off power again on Saturday to as many as 2.5 million people as violent winds batter the state — in what will be California’s largest intentional blackout ever. The outages will impact up to 850,000 homes and businesses […]