Over 50% of households in major cities struggling financially… PEW: Share of young adults living with parents higher now than Great Depression.

Over 50% of households in major cities struggling financially…

There’s no question the coronavirus pandemic has forced many Americans into financial hardship, but a new NPR/Harvard T.H. Chan School of Public Health/Robert Wood Johnson Foundation survey provided a clearer picture of the extent of the struggles in the United States’ four largest cities.

At least half of all households in those cities — 53 percent in New York City, 56 percent in Los Angeles, 50 percent in Chicago, and 63 percent in Houston — reported facing serious financial problems, including depleted savings, problems paying credit card bills, and affording medical bills.

PEW: Share of young adults living with parents higher now than Great Depression.

More young adults are living with at least one parent than at any point in documented American history, including the end of the Great Depression, according to a new poll from the Pew Research Center.

The share of 18-to-29-year-olds living at home has increased from 47% in February, before the COVID-19 pandemic, to 52% in July, the poll found. In those five months, 2.6 million young Americans have moved back in with mom and dad.

The five percentage-point bounce in five months of 2020 is equal to the increase seen in the decade that spanned most of the Great Depression. From 1930 to 1940, the share increased from 43% to 48%, according to Pew’s analysis of the decennial census, a mark not matched until the coronavirus-induced economic crisis of 2020. (It does not capture any data points during the Great Depression, only at the beginning and end, via the census surveys of 1930 and 1940.)

The number had been slowly increasing for decades prior to the pandemic, from a low of 29% in 1960 to 38% in 2000 and 44% in 2010.

 

Millennials to redistribute wealth in ‘age of disorder’…

It probably won’t take a great deal of persuasion to convince investors that there’s an “age of disorder.”

That’s the title of a new Deutsche Bank research note, which says the world is entering its sixth distinct era of modern times.

So say goodbye to the “era of globalization” and brace yourself for the “age of disorder” where millennials, firmly established as the generation of ‘have nots’, take their revenge and redistribute wealth from the old to young. Millennials are usually defined as those between the ages of 22 and 38 years old in 2019, according to Nielsen Media Research .

The note by strategist Jim Reid warns the discussion of inequality within and between countries will not be limited to wealth and income.

“In fact, an issue that is quickly emerging as a political force is the intergenerational gap,” the report says. “Assuming life does not become more economically favourable for Millennials as they age (many find house prices increasingly out of reach), this could be a potential turning point for society and start to change election results and thus change policy.”

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