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“For Americans under the age of 40, the 21st century has resembled one long recession.
I realize that may sound like an exaggeration, given that the economy has now been growing for almost a decade. But the truth is that younger Americans have not benefited much.
Look at incomes, for starters. People between the ages of 25 and 34 were earning slightly less in 2017 than people in that same age group had been in 2000.
Why is this happening? The main reason is a lack of economic dynamism. Not as many new companies have been forming since 2000 — for reasons that experts don’t totally understand — and existing companies have been expanding at a slower rate. (The pace of job cuts has also fallen, which is why the unemployment rate has stayed low.) Rather than starting new projects, companies are sitting on big piles of cash or distributing it to their shareholders.
This loss of dynamism hurts millennials and the younger Generation Z, even as baby boomers are often doing O.K. Because the layoff rate has declined since 2000, most older workers have been able to hold on to their jobs. For those who are retired, their income — through a combination of Social Security and 401(k)’s — still outpaces inflation on average.
But many younger workers are struggling to launch themselves into good-paying careers. They then lack the money to buy a first home or begin investing in the stock market. Yes, older workers face their own challenges, like age discrimination. Over all, though, the generational gap in both income and wealth is growing.”
JJ Editor's Daily Picks
"Political leaders from all French parties, including former presidents Francois Hollande and Nicolas Sarkozy, joined Jews and non-Jews in Paris’s Place de la Republique to condemn antisemitic acts."
"Eighty years ago tonight, thousands of Americans gathered in New York to rally behind the Nazi Party and its ideals. An Oscar-nominated short documentary retrieves footage of the event, but leaves out the context that gives it meaning."
"The PM has persuaded the religious-Zionist Jewish Home to partner with the Kahanists of Otzma Yehudit. It makes cynical political sense for his interests, but what of Israel’s?"
"IFC’s series Documentary Now! began as an affectionately parodic tribute to the classics of nonfiction cinema. Its first episode, “Sandy Passage,” was a note-perfect evocation of the Maysles brothers’ Grey Gardens..."
"Making our choices count is, however, far from straightforward, and this is the subject of Martin Hägglund’s book This Life: Secular Faith and Spiritual Freedom."
"Teens in the United States are coming of age at a time when digital technology is truly ubiquitous, where smartphones are all of our “constant companions.”"
"...the Smollett story, if the “trajectory” leads to evidence of fakery, would actually reveal something else modern America is about: victimhood chic."
"Cool in the humanities isn’t that different from cool in other areas of cultural life, like planking, hotdog-legs photography, mason jar rehabilitation, and novels whose main character is a city."
"It’s true that high-octane, hardworking child-rearing has some pointless excesses, and it doesn’t spark joy for parents. But done right, it works for kids..."
"Cape Town in South Africa is a foodie destination. Some people in its renowned restaurant industry are trying to spread the food wealth citywide."
"...for many “space expansionists,” escaping Earth is about much more than dodging the bullet of extinction: it’s about realizing astronomical amounts of value by exploiting the universe’s vast resources to create something resembling utopia. "
"After facing persecution in the former Soviet Union and a new wave of antisemitism in the United States, Marya Zilberberg decides to put her Jewishness on display."