Illustration: Aïda Amer/Axios

The American dream is on hold.

By the numbers: Millennial homeownership is 8 percentage points lower than previous generations at this age. Student debt is at $1.5 trillion, with defaults rising. Just 37% of Americans under 35 owned stocks last year, vs. 55% in 2001.

The big picture: "The net worth of your average Millennial household is 40 percent lower than for Gen X households in 2001 and 20 percent lower than for Baby Boomers’ households at the end of the 1980s," notes Annie Lowrey in The Atlantic.

Between the lines: "The generation unlucky enough to enter the labor market in a recession suffers 'significant' earnings losses that take years and years to rebound," Lowrey reports.

  • "As of 2014, Millennial men were earning no more than Gen X men were when they were the same age, and 10 percent less than Baby Boomers."
  • "Millennial women were earning less than Gen X women."

Why it matters: The human costs are huge, leading to delayed family formation and more people living a paycheck away from disaster.

  • The parents of millennials — the boomers — are hurtling into retirement with children who may be less financially able to help.
  • The children of millennials — Generation Alpha — will almost certainly face the prospect of taking on even more student debt, with parents less able to help, absent a major public policy shift.
  • And millennials themselves are often stuck living in high-cost cities to get jobs that pay enough to tackle their loans.

The bottom line: All this is during a booming economy!

Go deeper: The global fear of too few young people

Go deeper

Trump issues order banning TikTok if not sold within 45 days

Illustration: Aïda Amer/Axios

Americans and U.S. companies will be banned from making transactions with ByteDance, the Chinese owner of TikTok, in 45 days, according to a new executive order President Trump issued Thursday evening.

The big picture: Last week Trump announced his intention to ban TikTok but said he'd leave a 45-day period for Microsoft or other U.S.-based suitors to try to close a deal to acquire the popular video-sharing app.

Bill Hagerty wins Republican Senate nomination in Tennessee primary

Former U.S. Ambassador to Japan Bill Hagerty speaking at CPAC in 2019. Photo: Mandel Ngan/AFP via Getty Images

Former U.S. Ambassador to Japan Bill Hagerty won the Tennessee Republican Senate primary on Thursday evening, beating out surgeon Manny Sethi for GOP Sen. Lamar Alexander's seat, who announced his retirement in late 2018, AP reports.

Why it matters: Though the race narrowed in July, Hagerty — who received President Trump's endorsement in 2019 — stuck close to the president's messaging and touted his Tennessee roots.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 18,982,658 — Total deaths: 712,266— Total recoveries — 11,477,642Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 4,873,747 — Total deaths: 159,931 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quicklyFauci says task force will examine aerosolized spread.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.