Connect with us

Top News

Millennials face economic disaster once in a generation

Published

on

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  Gyms will never be the same after COVID-19

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  Examine why Gary Sanchez is a polarized Yankee

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  Black nurses fight the twin pandemics of racism and coronavirus

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

Portugal beat Switzerland with Gonçalo Ramos hat-trick to play Morocco in World Cup quarter-finals – Observer

Published

on

Portugal beat Switzerland with Gonçalo Ramos hat-trick to play Morocco in World Cup quarter-finals - Observer

Absence of Ronaldo, favorite song and game with Morocco. Gonzalo Ramos sums up a (beautiful) night he never dreamed of

Goncalo Ramos’ debut as a starter at the World Cup saw him score three goals and have a great night. Although there was talk before the game about the absence of CR7 in the starting lineup, the Benfica player said that it was different in the dressing room: “Honestly, in our dressing room, no one talked about it. Cristiano as our captain did what he does in every game. He helped us, motivated us and gave me a word of encouragement both for himself and for everyone else.”

After explaining at a press conference that he only had time to call his parents and best friends, Gonçalo Ramos turned to the next game, in which Portugal would “come out with everything”. “The game against Morocco will start 0-0. Today’s score doesn’t matter anymore.”

When asked about today’s performance, the Benfica player said that even in his wildest dreams he never thought of making his debut in the starting lineup in the World Cup playoffs with a hat-trick. “In relation to exemplary players, Ronaldo is an idol for many. I also like Lewandowski and Ibrahimovic.”

In a more relaxed moment, journalists asked Ramos what his favorite song is and what song he would like to hear when he scores goals. “This song contains profanity. Maybe it’s better not to mention it. Another? The music when we score is good. This can continue.”

After the press conference, Gonzalo Ramos went to receive the Man of the Match trophy. Upon receiving the award, he was asked which of his teammates he would give it to if he could choose: “I would give it to the whole team, because without the whole team it’s impossible to win games.”

See also  Mastermind Brian Henson hanged Hollywood Hills villa for rent
Continue Reading

Top News

Turismo Centro de Portugal promotes discussion on the importance of the Portuguese route to Santiago for the region : Gazeta Rural

Published

on

Turismo Centro de Portugal promotes discussion on the importance of the Portuguese route to Santiago for the region : Gazeta Rural

BUT Tourism in Central Portugal organizes on December 19 and 20 two conferences on the importance of Caminhos de Santiago tourism product in Central Portugal.

The colloquium will take place in melkhada you Covilhã and offer a reflection on Structuring, Knowing, Experience and Dynamizing different layouts portuguese way santiago, with a focus on the importance of this tourism product for the local economy.

The first action, on the 19th, will take place at the Cineeatro Messias, in Mealhada, a municipality that is on the Caminho Português Central route. The next day, the stage will be the Hall of the Municipal Assembly of Covilhã, the city where the Caminho Português Nascente takes place.

Registration is free and mandatory via the following links:
Colloquium in Mealhada, December 19 – https://bit.ly/caminhosMealhada
Colloquium in Covilhã, 20/12 – https://bit.ly/caminhosCovilha

Work will take place in the morning, from 10:00 to 13:00. In the afternoon (15:00 – 16:30) there will be a practical part with a short walk along the section of the Portuguese route to Santiago, so it is advisable that the participants be prepared for this purpose.

The initiative is aimed at the community, as well as local and regional public and private organizations. It will bring together speakers and participants from the fields of culture, spirituality, tourism and heritage, who will conduct a dialogue on these topics and their prospects for future development in the central region of Portugal.

The colloquium is held as part of a cross-border project “Kaminos – the Jacobin trails of the western peninsula” (POCTEP Interreg) and enjoy the support of the municipalities of Mealhada and Covilhã.

See also  Mastermind Brian Henson hanged Hollywood Hills villa for rent

The Portuguese way is becoming more and more popular

The Camino de Santiago is of great interest to visitors and the number of pilgrims arriving in Santiago de Compostela is increasing. According to the Pilgrims’ Office, the increase in the number of pilgrims along the Portuguese Way has been notorious, which has affected the local economy, namely the accommodation and catering sectors. Turismo Centro de Portugal aims to improve this cultural and religious route.

The cross-border project Caminos – Rede Transborderiça de Caminhos Jacobeus do Oeste Peninsular includes 10 Spanish partners and 3 Portuguese partners and has as its main mission the dissemination of the various routes of the Camino de Santiago, as well as the promotion of its natural and cultural values ​​and its potential tourist.

It also seeks to ensure closer contact between territorial agents in order to create synergies with all social and economic agents associated with the Way, improve equipment, signaling and ICT application on the routes in order to provide them with the necessary infrastructure, thereby increasing the cross-border cultural offer.

It also intends to create conditions for increasing the number of travelers and pilgrims on the various Jacobin routes in the west of the peninsula, promoting the economic development of both territories through tourism-related resources, increasing the competitiveness of the area, increasing employment in the tourism sector and improving the quality of cross-border tourism products and services. .

Continue Reading

Top News

The Portuguese still hasn’t scored in the playoffs of the World Cup

Published

on

The Portuguese still hasn't scored in the playoffs of the World Cup

It was not enough to fight for the title in Portugal., Cristiano Ronaldo often subjected to pressure Lionel Messi at the 2022 World Cup. Guaranteed in the quarterfinals, the Argentine star is finally scored his first knockout goal at the World Cup, in a victory over Australia, in the 1/8 finals. The Portuguese remains empty in the decisive stages of the competition.

Also participating in his fifth and probably the last Cup in his winning career.In total, Ronaldo has scored eight goals in World Cups. All were noted at the group stages (one in Germany-2006, one in South Africa-2010, one in Brazil-2014, four in Russia-2018 and so far one in Qatar-2022).

At the age of 37, CR7 scored in an edition on Qatari soil only in his debut. He scored a penalty goal that paved the way for a long-suffering 3-2 victory over Ghana. Then, in matches against Uruguay and South Korea, he collected missed opportunities, got offside several times and, above all, became the object of even more contestation. from the critics.

Even against the Uruguayans, the No. 7 Portuguese finished the match believing he had scored the first goal in a 2-0 win. and backstage – who touched the ball with his head (or hair) on a cross by Bruno Fernandez, who at the time, and also after a FIFA reassessment, was confirmed as the author.

Is free ball marketbecause the contract was terminated by mutual agreement Manchester United, Ronaldo has only five finishes in the 2022 Cup so far: two correct and three incorrect. Today with nine goals at the world championships, Lionel Messimeanwhile, has 12 shots (eight correct and four incorrect) – only in the group stage.

See also  Examine why Gary Sanchez is a polarized Yankee

Even after several controversies in England, the veteran striker could not avoid controversy in the national team. The latter came in the defeat against South Korea, in the last round of group H. He could have been spared, like a large part of the team, but he was kept in the starting lineup, mainly because he wants, among other goals, score nine goals in World Cups and equal his historical compatriot Eusebio And now too Messi.

Despite such determination, CR7 proved to be the team’s worst player in a 2-0 loss. To make matters worse, when he was substituted 20 minutes into the second half, he left complaining about the bench: He said these words: “you s… hurry to get me out”🇧🇷 The flash did not find a response in the technical commission, to the point that coach Fernando Santos publicly says he “didn’t like anything” from what he saw.

Between criticism and controversial cases, Cristiano Ronaldo is unlikely to be taken out of the starting XI, especially in the decisive phase. Despite the problems, he remains a big attacking hope for Portugal, who will face Switzerland this Tuesday (6th) at the Lusail Stadium in the round of 16.

Continue Reading

Trending