Economic Update: Millennials, German Elections and the Shanghai Cooperation Organization
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The US Congress Is Getting Younger But There the Baby Boomers Are Still In Control.
Back in January, the Pew Research Center revealed some interesting news : That said, Baby Boomers are still around and still control the Senate and a number of Congressional Chairs (as leadership is tied to seniority). In other words: the future of this country is still be determined by those who will not be around to see the short or long-term consequences of their decisions.
A Generational Wealth Transfer Is Coming, But It's Not Going to Help The Poor & Working Class.
From CNN : Many millennials are currently grasping in frustration at long-held American Dreams like homeownership, a steady job and an affordable cost of living. However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further . Between now and 2044 in the US, the Silent Generation and Baby Boomers are expected to hand over the reins of their significant wealth to Millennials, according to The Wealth Report, a periodic report from global property consultant Knight Frank. But whether you’re a Millennial on the receiving end of that wealth transfer is largely a lottery of birth. Ultimately, this wealth shift is a result of inheritance from prior generations, largely involving property but also other assets . It will bring “seismic” changes to how wealth is put to use, said Liam Bailey, global head of re...
Young American Voters Are Not Fond of Joe Biden.
Not good news considering he needed them to win his election: (CNN)Just 41% of young Americans approve of President Joe Biden's job performance, according to a new Harvard Institute of Politics poll of adults ages 18-29 released on Monday. That's down from 46% in fall 2021 and a 59% majority last spring -- a trend also seen in other recent surveys. By comparison, according to past Harvard IOP polling, only 25% of young Americans approved of then-President Donald Trump heading into the 2018 midterm cycle. Twelve years ago, however, 56% approved of then-President Barack Obama ahead of the first midterm cycle of his presidency, when Democrats went on to lose the House in 2010. "Overall, Biden voters who now disapprove of his performance rate him more harshly on the economy," John Della Volpe, Harvard IOP's polling director, writes in the survey's release. "(T)hey see the current political system as ineffectual; they view the President as putting the intere...