Connect with us

Top News

Millennials face economic disaster once in a generation



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.

See also  Trump blew up Facebook and Twitter to filter his posts

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.”

See also  Trump news dwell: Most recent 2020 election updates as as Facebook, Twitter and YouTube ban president's 'harmful' posts

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.

See also  Benfica (Jorge Jesus) beat Vitoria de Guimaraes with 2 from Yaremchuk and continued flawlessly

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.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

The beginning of Part 1 will arrive in Portuguese in MANGA Plus – JBox



Imagem: O próprio Chainsaw Man.

past too it’s a spade! From July 13 first 3 chapters from the first part Chainsaw will be available from translation into Portuguese No MANGAPlusfree app to read manga from Shueisha.

Apparently, not all 97 chapters of this first phase will be available, but only these first 3. The series will also not be split into two parts on the website/app. Even if it is a new phase, it will be published as usual. on the page of the man with the chainsawso the first chapter of part 2 will be #98.

Translation and editing work done comediansalso responsible for other platform projects with pt-br version (cases One piece, spy x family, Tokyo Ghoul Re e Jiu-Jitsu Kaisen). The information came from a project manager for a company in Brazil.

Unfortunately, the series is not among those that can be read completely free in english app — so even with the most recent readings, fans will have to resort to printed versions or alternative means to learn about the entire series. MANGA Plus does not allow, at least for now, subscriptions for fans in Brazil.

It is worth remembering that the second part of the manga, which will begin July 13, will also be available in Portuguese. Until the long-awaited sequel, Tatsuki Fujimoto launched one-shots on the Shueisha platform look back e Goodbye Eriin addition to working with mangaka Toda Oto (To take off the flash).

Story Chainsaw approaches Denji, a poor man capable of anything for money, even hunting demons with his dog, Honor. He is an ordinary boy mired in debt, but one day everything changes when he is betrayed by a man he trusted. Now possessing demonic powers, Denji becomes the Chainsaw Man (“The Chainsaw Man”).

See also  The NYC shoe repair shop that survived 9/11 beat COVID-19

Fujimoto first part in Shonen jump from 2018 to December 2020, 11 volumes have been compiled to date. OUR Panini publishes manga in Brazil – check out our review first volume.

The work will be adapted into anime by the MAPPA studio and will have watching and duplicating Crunchyroll.

Source: Robert Rodriguez

Continue Reading

Top News

Portuguese missionary denounces ‘daily persecution and massacre’ in Congo



Portuguese missionary denounces 'daily persecution and massacre' in Congo

“There are persecutions and massacres every day” in the Democratic Republic of the Congo (DRC), and the international community turns a blind eye to this, says Father Marcelo de Oliveira, a Portuguese missionary in the African country.

The chief administrator of Komboni Province Missionaries in the Democratic Republic of the Congo speaks in an interview Renaissancethat attacks are permanent in an area of ​​the country where “cobalt is a source of wealth.”

“There are persecutions and massacres every day, there are people who are tortured, people who are forced to leave their homes and forced to flee,” condemns a priest who has lived in the Democratic Republic of the Congo for 15 years.

The eastern provinces of the DRC, notably North Kivu and neighboring Ituri, have “lived for decades in a state of constant instability due to the presence of various armed groups.

Born in Mortagua, Viseu district, the missionary says that in the Congo “no one escapes persecution.” “Catholics, Protestants and sects are treated equally”, given that “the religious question does not affect the situation at all”.

The priest says that “the Church is being persecuted, but to be a Christian means to be persecuted.” “The Catholic Church, which has great weight in public life, which has a large number of Catholics, which, by vocation, denounces, tells the truth and strives to defend the rights of the people, of course, is not appreciated by the simple,” he emphasizes.

The world “crossed its arms” on the problems in Africa

The priest admits that the President of the Democratic Republic of the Congo, Felix Tshisekedi, is ready to fight corruption, but says that, on the one hand, the government is involved in the situation, and on the other hand, it is powerless to resolve it.

See also  UK refuses to search for Judge João Rendeiro - Observer

“The complicity is there to keep getting what they get from the stuff they sell and ship out of the country anyway,” he explains.

On the other hand, Marcelo’s father accuses the international community of doing nothing for the suffering people of the Congo and trying to “keep capitalizing on the wealth of the country” by sending “weapons to be able to keep up the unrest and thus keep on stealing easily” . .

“The Congo is a very rich country, and it is a bit strange that such a rich country is at the same time so poor. There is gold, diamonds, copper, cobalt, soil that could give twice a year, it’s hard to understand,” the missionary laments, and then accuses: “there are interests from outside (the international community) to be able to continue to benefit from everything rich, and so they keep sending weapons to keep the mess going and thus easily keep stealing.”

The missionary ensures that “when there is a problem in Africa, everyone folds their hands” and gives an example of the reluctance to find a cure for malaria, which “kills a huge number of people every day”, and now with Covid-19. 19 pandemic “the whole world plunged into disaster.”

The priest assures that “there are more people who die in Africa from malaria than those who die from Covid”, and rhetorically asks: “Who created a medicine to treat poor Africans? The problem of malaria after all this time?”

Marcelo’s father replies, “No one, it doesn’t matter, it doesn’t matter. Since we cannot profit from what we do, it is not important to make medicine, it is not important to help a country that will not repay us, ”he laments.

See also  The NYC shoe repair shop that survived 9/11 beat COVID-19

Pope ‘deeply wishes’ to visit Congo

In this interview with RenaissanceFather Marcelo Oliveira assures that “the population still expects that soon” the Pope will visit the Democratic Republic of the Congo.

He believes that “for people living in conditions of constant attacks, persecution, the visit of the Pope would be a moment of encouragement.”

First of all, because Francis planned a visit to the city of Goma in the eastern part of the country, “where he will be with some victims of violence, and, of course, these people may be a little disappointed.”

“However, the population continues to expect that he will be able to come to us soon,” he assures.

The priest confirms that the Pope “deeply desires to be and come” to the Congo to “know the reality” and acknowledges that “the celebration planned for this Sunday with the Congolese community at St. Parolina in Kinshasa “is a sign of such a will.”

“The Pope deeply desires to be and come, because I believe he has heard so much about the reality of the suffering of the Congolese people, and therefore he has a deep desire to be able to come,” he assures.

Francis’ trip to South Sudan and the Congo, scheduled for July 2-7, has been rescheduled for a new date to be fixed due to the Pope’s health.

Continue Reading

Top News

Wabi2b enters the Portuguese market to revolutionize commerce



Wabi2b enters the Portuguese market to revolutionize commerce

BUT Wabi2b, a digital ecosystem that helps digitize and modernize brick-and-mortar commerce, has entered the European market with Portugal. The goal is to “revolutionize traditional retail and the HORECA channel” by allowing distributors and Cash & Carries to sell directly to traditional retailers in Portugal.

The company’s statement explains that the Wabi2b online store allows retailers to access multiple suppliers in the same store, view their entire portfolio of products, compare prices, place all their orders at the same time, and use the platform. exclusive promotions and discounts.


From the supplier’s point of view, Wabi2b gives you the opportunity to choose the geographical area of ​​sales, the cost and minimum cost of delivery, the portfolio of products they represent, prices and deliveries, and the order payment procedure.

According to Wabi2b Portugal CEO Hugo Duarte, “The Wabi2b ecosystem is set to revolutionize traditional trading and business management practices. With this platform, consumer goods companies, suppliers and point of sale will connect for the first time in a single digital environment whose transactions will be carried out, which will reduce costs, waste, increase transparency, facilitate inventory control and better understand the business. performance”.


In this first phase, Wabi2b already has over 1,700 registered stores in Lisbon, and in June it also launched in Porto.


See also  What are the benefits of an Organic T-shirt?
Continue Reading