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Millennials face economic disaster once in a generation

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Brianna Garcia feels the coronavirus pandemic has stalled her quest to find a better paying job.

He and his partner, Adam Tuthill, welcomed their second baby at the end of January. They make very good money and hope to buy a house in the coming year.

Then the coronavirus pandemic attacked and canceled their plans. Friend, 30, took time off from work in the bakery section of a restaurant in mid-March and has struggled, like many people, to get all his unemployment benefits. Tuthill, 38, sees his business as an independent commercial fisherman drying out during the most lucrative season.
Now, instead of spending money on their family, the Fort Pierce couple, Florida, lives off tax returns, stimulus checks, and partial unemployment payments. For Friends, this is especially bitter because this is the second time her life has slipped by an economic downturn.

“I feel like my generation just didn’t get a break,” said Friend, who also hopes to start taking college classes this year. “When I graduated from high school in 2008, it was a recession. Now, here I am, I just started a family, and basically I’m in another recession.”

While Americans of all ages are hit hard by the economic turmoil triggered by a coronavirus outbreak, the millennium is very risky. Now between 24 and 40 years old, they have a much smaller financial cushion than the previous generation of their age to protect them from job loss and economic uncertainty.

“Millennials as a whole are more vulnerable to this,” said Ana Hernandez Kent, a policy analyst at the Federal Reserve Bank of St. Louis. “Especially for those who lost their jobs, lost their income, and then did not have a safety net of wealth to return, they can really suffer from this and find it difficult to recover.”

Earlier this year, CNN noted the poor conditions of the millennials, who are on track to become the first generation to not exceed their parents in terms of employment status or income, studies show. More than a dozen wrote about their struggles to get well-paid jobs, manage their student loans and buy houses. Some feel the high cost of living prevents them from starting their own families.

The long shadow of the 2008 financial crisis

Many millennials came at their worst – when the economy collapsed after the 2008 financial crisis. The decline has trailed the older millennia for years, making them the only age group to fall below expectations for income and wealth in 2010 and then dropped even further in 2016, according to research from Fed St. Louis.

The average millennial family born in the 1980s has collected a average net worth only $ 23,200 in 2016, 34% lower than expected, and an average income of $ 51,200, 3% below projections, researchers at the St. Louis Fed Household Financial Stability Center found.

Those who do not have a college degree are even worse. Their income is 9% below expectations and their wealth is 44% lower. Likewise, black and Hispanic millennials usually have less wealth and income than their white counterparts.

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More recent Federal Reserve data from 2019 show that the average wealth of the millennium never reaches Generation X levels at the same age, said William Emmons, the center’s main economist, even though their income and retirement savings rates have risen.

Student loans are part of this problem. Young families had $ 1,415 in education debt, on average, in 1989, according to Federal Institute calculations from Federal Reserve data, which showed that they were aged 18 to 29 years. The burden jumped to $ 13,039 in 2016.

Another reason why millennials are less wealthy than previous generations of their age is that they have lower levels of home ownership, which is often the key to building net worth.

Only 43% of millennial households own a home in 2016, compared to 51% of Generation X of the same age and 49% of Baby Boomers, according to a Federal Reserve Government Accountability Study. data published in December.

The corona virus pandemic, which caused the loss of more than 20 million jobs in April alone when states required residents to stay at home and businesses that were not essential to be shut down, threatened to make the millennium return even more.

“Young families will get a lot of pressure through this experience,” said Reid Cramer, a senior fellow in New America who leads the Millennials Initiative of the think tank.

New hit from Coronavirus

Brianna Garcia hopes to get a better-paying job this spring, but the position she applied for disappeared after the coronavirus arrived in the US. While he still works as an administrative assistant in a medical clinic and his hometown in San Antonio, Texas, apparently not being economically hit, the 26-year-old worries that he will face more competition once more businesses open again.

“There is already too much to fight under normal circumstances, on top of this additional pressure from the pandemic and the economy and the shakiness,” said Garcia, who was the first in his family to graduate from college but unable to get out of his parents’ home. “I don’t really know what will happen to me.”

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Those who have good jobs want to make sure they keep it. The prospect of a deeper decline and a slow recovery pushed the new round of layoffs beyond initial cuts in restaurants, bars, hotels and entertainment venues.

Even though he’s telecommuting now, Scott Larsen adds time and is involved in additional projects at his job as a marketing manager for a health and beauty company. He tried to make himself as vital as possible for his employer, who traditionally did not allow staff to work remotely.

Scott Larsen thinks this pandemic further delays him from achieving his life goal.

However, he felt the economic turmoil caused by this pandemic increasingly delayed him in pursuing career advancement, saving for the future and buying a home. This contrasts sharply with his parents, with whom he lives in Payson, Utah. Even though they are retired, they continue to feel financially secure.

“I’m not in the ideal place to start and now I’m just going to step on water,” said Larsen, 29. “Now is not the time to ask for a raise.”

Good news

However, Millennials have several factors that benefit them. They are better educated than the previous generation and still have time to build wealth and income, as did Gen X after the Great Recession.

Those born in the 1970s are now on the right track in terms of income, and while their net worth has remained below expectations, it has increased rapidly in the years following the financial crisis.

“They were lucky because they were young enough to really redouble their efforts and try to recover,” Emmons said.

For Sarah Clinton, a coronavirus outbreak means new opportunities. A social worker, Clinton has long thought about taking some private patients but is usually too tired after driving up to four hours a day for her main work advising homeless people.

The shift to telecommunications might enable Sarah Clinton to buy homes in more affordable areas.

However, now, residents of Waltham, Massachusetts, work from home and have extra time on their hands. Plus, there has been more need for therapists lately because so many Americans are grappling with depression and anxiety in the midst of a pandemic. So he joined the practice and will meet several clients a week via telehealth.

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The big shift to telecommuting that was triggered by coronaviruses could lead to greater changes in Clinton’s life. She and her husband want to buy a house but cannot afford to buy a house in an area that is close enough to their work. Now that both of them are working from home, they realize that they might be able to explore a cheaper environment that is further away.

“Maybe staying in the middle of nowhere is okay, maybe we can telework,” said Clinton, 35. “I feel like we can dream a little more. There are more possibilities.”

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Pedro Pichardo: “I would like to be the best Portuguese athlete of all time” – Atletismo

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Pedro Pichardo: "I would like to be the best Portuguese athlete of all time" - Atletismo

Olympic triple jump champion Pedro Pablo Pichardo of Portugal said this Thursday that he could break the world record of 18.29 meters this year and even surpass the biggest jump with wind by 18.43 meters.

An Olympic and European champion, but with a daunting simplicity and ambition, the Cuban-born Portuguese was the guest of the first of a series of conferences organized by the Setubal City Council, in the restored Forte de Albarquel, in which, in addition to showing that he intends to set a “triple” world record , and also wants to become “the most medal-winning Portuguese athlete ever”.

“Obviously it’s never easy to break a record, but I’m just talking about the parameters that I achieve in training. I think I should be able to do it. [bater o recorde do mundo do triplo salto] this year,” said Pedro Pablo Pichardo at the Olympic Gold – Travel Story conference.

Perhaps the achievements of Pedro Pablo Pichardo do not stop there, because the athlete demonstrates unshakable confidence and the desire to win many more medals for the country that welcomed him.

“I would like to become the best Portuguese athlete ever. I don’t want anyone to get upset. Obviously, I respect all athletes who are always working to be the best. Personally, I work to be the best athlete in history. “, – he said.

Pichardo admits that he has “learned a bit about the history of Portuguese sports, obviously athletics” and says he knows that Fernanda Ribeiro is the most medalist with 12 medals.

“I already started with two, there are 11 left, because one of my goals is to become the most awarded medal in Portugal,” he stressed.

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The Benfica athlete, who lives and trains in Setúbal, considers it “an honor to be part of Portuguese sport” and to have his name next to other gold medalists in a designated area for them in Jamora, where he began training in 2017.

“Every time I looked there, I said to my father: “One day I would like to be there too,” admitted Pedro Pablo Pichardo, who spent about an hour talking to RTP and Antena 1 journalist Paulo Sergio in front of dozens of guests.

To achieve the goal of becoming the most medal-winning Portuguese ever, Pichardo wants to win this year’s indoor (Serbia) and outdoor (USA) and European outdoor (Germany) titles, convinced that he is able to achieve these goals as long as his health or some kind of injury does not give him away.

In a very calm and casual tone, Pedro Pablo Pichardo admitted that he enjoys living in the Setubal region and that he already loves fish – salmon, sea bass and sea bream, especially the latter – and even learned to like cod. He has yet to appreciate the famous fried cuttlefish from Setúbal, unlike his father, who has already fallen in love with this gastronomic dish from Setúbal.

At a conference in Forte de Albarquel, the new Portuguese Olympic champion also revealed that during his big triumph in Tokyo, his first thought was of his parents.

“I thought about my dad and mom because we went through a lot to get here. Obviously these days I jump by myself because I like to jump, but one of the things that I like the most is when I jump is to win so that my father and mother are happy. Because they did a lot for me to become who I am now,” he said.

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Pedro Pablo Pichardo put it clearly: “Whenever I win a title or recognition, I always think of them more than myself.”

An athlete from Benfica won Olympic gold with a score of 17.98 meters, which was a new national record, and on May 28, 2015 in Cuba, he jumped 18.08, which is 21 centimeters less than the world record set by Briton Jonathan Edwards (18, 29). from 1995.

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Portuguese cinema returns to the Italian commercial network this year | Cinema

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Portuguese cinema returns to the Italian commercial network this year |  Cinema

Five Portuguese films, including mosquito e Variations, will be shown in Italy in the coming months, ending “several years without commercial premieres” of Portuguese cinema in that country, distributor Risi Film said. The intention is to make the Portuguese production visible in other territories, in particular in Italy, which “has shown interest in Portuguese cinema over the years,” Risi Film said in a statement.

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Professor UMinho leads a Portuguese engineering consortium

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Professor UMinho leads a Portuguese engineering consortium

Consortium of Schools of Engineering (CEE), bringing together colleagues from the Universities of Minho (EEUM), Porto (FEUP), Aveiro (UA), Coimbra (FCTUC), Lisbon (Técnico-UL) and Nova de Lisbon (FCT). Nova) – in the 2022/24 biennium, the executive leadership of Pedro Areces, President of the EEUM, will be exercised. The person in charge replaces the FEUP colleague, Joao Falcao and Cunha. The decision was made at the last meeting of the consortium in Coimbra.

The meeting also reviewed larger projects, namely the protocol with the Science and Technology Foundation for twenty annual doctoral grants under the UNESCO Science Action Center, the short-term launch of the Open Online Course and Massive (MOCC) in Information Systems and Software Engineering, and the recent an agreement with idD – Portugal Defense and its Aviation Academy of Portugal, whose partners will include CEE.

Given these projects and the “high commitment” of all CEE participants, Pedro Areses believes that the expectations for this biennium are very promising. “It is in this forum for exchange between schools that we will find comprehensive and balanced solutions to promote learning and, not least, research and innovation in various fields of technology,” he says. “It is in the exchange and search for a common understanding, despite the differences between the members of the consortium, that the answer that the Schools offer to the challenges will be more balanced and balanced. Therefore, I hope that the consortium can remain dynamic and attentive to the challenges we face while actively promoting engineering at home and abroad,” he adds.

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CEE was established in July 2019 and brings together the six main Portuguese engineering schools, promoting joint activities in the field of higher education, research and innovation in engineering in Portugal, Portuguese-speaking countries and other territories of the world, promoting the progress of the field of mechanical engineering in its various aspects, and also for the national and international recognition of the Portuguese engineering industry. Official site www.cee.pt.

Pedro Arezes, born in Barcelos and based in Guimarães, holds a PhD in Manufacturing and Systems Engineering and has worked on his PhD at Delft University of Technology (Netherlands), MIT and Harvard University (both in the USA). Professor and President of EEUM coordinates the Ergonomics and Human Factors group at Centro Algoritmi and is also the Program Director of MIT Portugal.

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