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SOUTH MILWAUKEE, WISCONSIN, Jan 13, 2017: Baby boomers: your millennial children are falling behind you.
With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.
The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth that boomers had at their age. Their home ownership rate is lower, while their student debt is drastically higher.
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The generational gap is a central dilemma for the incoming presidency of Donald Trump, who essentially pledged a return to the prosperity of post-World War II America. The analysis also hints at the issues of culture and identity that divided many voters, showing that white millennials — who still earn much more than their black and Latino peers — have seen their incomes plummet the most relative to boomers.
Andrea Ledesma, 28, says her parents owned a house and were raising kids by her age.
“That’s not at all how life is now, that’s not something that people strive for and it’s not something that is even attainable, and I thought it would be at this point,” Ledesma said.
Ledesma graduated from college four years ago. After moving through a series of jobs, she now earns $18,000 making pizza at Classic Slice in Milwaukee, shares a two-bedroom apartment with her boyfriend and has $33,000 in student debt.
Her mother Cheryl Romanowski, 55, was making about $10,000 a year at her age working at a bank without a college education. In today’s dollars, that income would be equal to roughly $19,500.
Romanowski said she envies the choices that her daughter has in life, but she acknowledged that her daughter has it harder than her.
“I think the opportunities have just been fading away,” she said.
Federal Reserve data
The analysis of the Fed data shows the extent of the decline. It compared 25- to 34-year-olds in 2013, the most recent year available, to the same age group in 1989 after adjusting for inflation.
Education does help boost incomes. But the median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989.
The home ownership rate for this age group dipped to 43 percent from 46 percent in 1989, although the rate has improved for millennials with a college degree relative to boomers.
The median net worth of millennials is $10,090, 56 percent less than it was for boomers.
Whites still earn dramatically more than Blacks and Latinos, reflecting the legacy of discrimination for jobs, education and housing.
White millennials slip most
Yet compared to white baby boomers, some white millennials appear stuck in a pattern of downward mobility. This group has seen their median income tumble more than 21 percent to $47,688.
Median income for black millennials has fallen just 1.4 percent to $27,892. Latino millennials earn nearly 29 percent more than their boomer predecessors to $30,436.
The analysis fits into a broader pattern of diminished opportunity. Research last year by economists led by Stanford University’s Raj Chetty found that people born in 1950 had a 79 percent chance of making more money than their parents. That figure steadily slipped over the past several decades, such that those born in 1980 had just a 50 percent chance of out-earning their parents.
This decline has occurred even though younger Americans are increasingly college-educated. The proportion of 25- to 29-year-olds with a college degree has risen to 35.6 percent in 2015 from 23.2 percent in 1990, a report this month by the Brookings Institution noted.
Millennials impact boomers
The declining fortunes of millennials could impact boomers who are retired or on the cusp of retirement. Payroll taxes from millennials helps to finance the Social Security and Medicare benefits that many boomers receive — programs that Trump has said won’t be subject to spending cuts. And those same boomers will need younger generations to buy their homes and invest in the financial markets to protect their own savings.
“The challenges that young adults face today could forecast the challenges that we see down the road,” said Tom Allison, deputy policy and research director at Young Invincibles. (VOA)
Singer Rihanna was honoured by Prime Minister Mia Mottley at an event which marked Barbados's new status as a republic, which was attended by Prince Charles. Addressing the pop star by her real name, the PM said: "Robyn Rihanna Fenty tomorrow morning shall have conferred upon her the order of national hero of Barbados."
Rihanna was then summoned from her seat to accept the honor, with the Prime Minister managing to rouse a laugh from the singer when she referenced her 2012 hit 'Diamonds', reports femalefirst.co.uk. She added: "On behalf of a grateful nation, but an even prouder people, we therefore present to you, the designee, for the national hero of Barbados." "And to accept on behalf of a grateful nation - you can come my dear - ambassador Robyn Rihanna Fenty, may you continue to shine like a diamond and bring honor to your nation." Rihanna, who was born in the St Michael parish of Barbados, found fame in 2005 after being spotted by a record producer and has since gone on to become one of the most successful female artists of all time with sales of over 250 million and recently reached billionaire status through her Fenty beauty brand.
The Prime Minister continued in her speech: "Commanding the imagination of the world through the pursuit of excellence, her creativity, her discipline, and above all else, her extraordinary commitment to the land of her birth. "Having satisfied that, Ambassador Robyn Rihanna Fenty has given service to Barbados which has been exemplified by visionary and pioneering leadership, extraordinary achievement and the attaining of the highest excellence to the Government of Barbados." It comes after a historic move for Barbados, which has become a republic after almost 400 years and welcomes its first president, Sandra Mason, after removing Queen Elizabeth as head of state. (IANS/ MBI)
(Keywords: National hero of Barbados, Robyn Rihanna Fenty, Prince Charles, Barbado, Mia Mottley, Prime Minister, Rihanna)
By Manav Bhatia
It's that time of the year when there are festivities galore and entertaining comes to the fore. Manav Bhatia, Founder Trunkin shares some tablescapes for the season
Christmas Tablescapes: Whether it's cherry red tablecloths or plush green napkin rings, there's something for everyone. Red and green are synonymous with colour themes this time of year.
Red and green are synonymous with colour themes this time of year. | Photo by Libby Penner on Unsplash
Finish it off with Royalty: Jewelled napkin rings are an essential table accessory. Jewelled beads in the centre of a napkin ring surrounded by metal carving can be combined in a variety of forms and sizes and gives a touch of glamour.
Jewelled napkin rings are an essential table accessory. | Photo by Jonathan Borba on Unsplash
Touch of Smoke: Winter is the season when evening decor is especially important for parties, get-togethers, and bonfires. Colours in grey and ivory combine night with the day. Embroidered tablecloths, paired with lit glass votives, adds refinement to the evening.
Embroidered tablecloths, paired with lit glass votives, adds refinement to the evening. | Pxhere
Smearing of Wood: Nature's finish using ferns and drift wood for decor instead of flowers add to the winter feels.
Wall Hangings: Embroidered and beaded hangings add a touch of elegance and are traditional accessories for Christmas. (IANS/ MBI)
(Keywords: Wall Hangings, Wood, Winter, Smoke, Royalty, Christmas, Festivities, Perfect Setting)
Have you ever faced eye redness? Or have witnessed blurry or foggy vision? Or experiencing halos around lights? Or nausea and vomiting are very common for you. You may well be suffering from Glaucoma which needs immediate attention.
Glaucoma is the second most common causes of blindness worldwide, according to a report by World Health Organisation (WHO). Typically, it occurs in people with over the age of 60 however it can occur at any age. It is also estimated that globally 79.6 million people are affected with glaucoma, half of them being Asian population. While in India, around 11.9 million people suffer vision impairment and out of which 1.2 million cases are due to Glaucoma. It is a growing concern for the population in India. Even after these high numbers, the enormous majority remains undiagnosed, and untreated. More than 90 percent of cases of Glaucoma remain undiagnosed.
Glaucoma is the second most common causes of blindness worldwide, according to a report by World Health Organisation (WHO). | Wikimedia Commons
Glaucoma is a condition that damages the nerve of the eye. The increased pressure in the eye, which is known as intraocular pressure, can damage the optic nerve which is responsible for sending images to the brain. If the damage worsens, glaucoma can cause permanent vision loss or even total blindness within a few years. According to WHO, there are different kinds of glaucoma, though, the two most common are, primary open-angle glaucoma (POAG), having a slow and slow and asymptomatic onset, and angle-closure glaucoma (ACG), which is less common, yet more acute. Hence, it is important for everybody over the age of 40 years to have a regular eye check-up.
The eye disorder may be treated with the help of eye drops prescribed by Ophthalmologist. There are various options available to lower intraocular pressure to the desired level. Depending upon the need of the patient, doctor may recommend combinations of eye drops, but it is of utmost importance to use the drops on a regular basis. However, consulting a specialist should be the first priority if diagnosed with glaucoma, but most of the population will first opt for home remedies then will consult chemists' shops for medicines and if the issue is still not resolved then will they think of a specialist. There is a need to modify the mindset of the people and when it comes to sensory organs zero negligence rule should be followed.
The eye disorder may be treated with the help of eye drops prescribed by Ophthalmologist. | Photo by CDC on Unsplash
Awareness is the key to managing Glaucoma better. The need of the hour is to include eye care as part of the health check-up. Timely detection of Glaucoma will lead to proper medication and diagnosis by an Ophthalmologist. Talking about prevention, early detection will help in managing glaucoma before significant damage occurs. Glaucoma can be because of genetics as well hence knowing the family's eye history is important. Regular and moderate exercise may help prevent glaucoma by reducing eye pressure also eye drops can significantly reduce the risk that high pressure will progress to glaucoma.
Also, there are few home remedies that anyone can follow to avoid glaucoma. Consuming healthy food, using eyewear, avoiding head-down position, keeping oral hygienic, and protecting eyes from sunlight are a few of such remedies. One should be mindful of the fact that Glaucoma is irreversible blindness and awareness can help us in fighting it. Depending on the condition an Ophthalmologist may prescribe an oral medication or may suggest therapies. In severe conditions, doctors can also recommend surgeries like Laser therapy, Filtering surgery, Drainage tubes, minimally invasive glaucoma surgery (MIGS). (IANS/ MBI)
Keywords: eye disorder, eye, India, World Health Organisation, blindness , foggy vision, eye redness, Glaucoma, Ophthalmologist