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With help from Myah Ward
TRUMP PROMISES ACTION — In a press conference tonight from his club in Bedminster, N.J., President Donald Trump said he would take executive action if negotiations with congressional Democrats did not yield results, possibly by the end of the week. "If Democrats continue to hold this critical relief hostage, I will act under my authority as president to get Americans the relief they need," Trump said.
YOUNG AND THE RESTLESS — If the American Dream is the ability to build a family in which the next generation is better off than one’s own, the wheels are now truly starting to come off, after being badly shaken by the 2008 financial crisis.
The coronavirus pandemic has led to an economic swoon of historic proportions, leaving millions of Americans — particularly young adults — feeling like they are losing their ability to plan for the future. That’s not a new feeling for young people in many parts of the globe, but Covid-19 has spread the economic anxiety to a far broader swath of Generation Z.
The International Labor Organization says 1-in-6 people between the ages of 18 and 29 have stopped working since the beginning of the pandemic. Those still working saw their hours fall by 23 percent.
In the United States, youth unemployment shot up from 8 percent to 25 percent thanks to Covid-19 lockdowns. While official youth unemployment numbers actually fell in Italy, it appears to be because many simply gave up looking for work and dropped out of the labor market. Taken together, that’s leading to a generational split starker than any previous recession, according to Italian economist Tito Boeri. Long-term problems may run deepest in Africa: 1-in-3 Africans today are aged 15 to 34, and the median age is 19, compared to 38 in America.
Economists agree that the newest members of the labor market tend to be hardest hit by recessions. Those lucky enough to keep or score jobs suffer, too: Salaries are cut just as competition for them spikes, setting an individual back a financial rung, with implications that can last for their whole career.
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