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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

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: Fully at-home rapid COVID test to move forward.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."

Trump's legacy is shaped by his narrow interests

Illustration: Annelise Capossela/Axios

President Trump's policy legacy is as much defined by what he's ignored as by what he's involved himself in.

The big picture: Over the past four years, Trump has interested himself in only a slim slice of the government he leads. Outside of trade, immigration, a personal war against the "Deep State" and the hot foreign policy issue of the moment, Trump has left many of his Cabinet secretaries to work without interruption, let alone direction.

Bryan Walsh, author of Future
5 hours ago - Technology

AI and automation are creating a hybrid workforce

Illustration: Annelise Capossela/Axios

AI and automation are receiving a boost during the coronavirus pandemic that in the short term is creating a new hybrid workforce rather than destroying jobs outright.

The big picture: While the forces of automation and AI will eliminate some jobs and create some new ones, the vast majority will remain but be dramatically changed. The challenge for employers will be ensuring workforces are ready for the effects of technology.

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