Good afternoon: Today's PM — edited by Justin Green — is 442 words, a 2 minute read.
1 big thing: Millennials aren't ready for recession
The American dream is on hold:
- 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.
- "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 in order 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
Bonus: Pic du jour
Taylor Swift takes selfies with fans as she arrives at the MTV Video Music Awards.
2. What you missed
- Former Google and Uber engineer Anthony Levandowski was charged on 33 counts of theft and attempted theft of trade secrets. Go deeper.
- Purdue Pharma and its owners, the Sackler family, have proposed a settlement in the nationwide opioids lawsuit that would be worth $10–$12 billion, NBC News reports.
- Brazil's President Jair Bolsonaro has said he will only accept a $20 million aid package from G7 nations to fight fires in the Amazon rainforest if French President Emmanuel Macron apologizes. Go deeper.
- Philip Morris International and Altria are in talks for an all-stock merger, the companies confirmed today.
- The College Board has called off plans to issue an adversity score to students who take the SAT. Go deeper.
3. 1 🏌️♀️ thing
Nissan has developed a golf ball that can sink itself, Bloomberg reports, part of an ongoing marketing campaign for its autonomous vehicle tech.
- "Nissan placed an overhead camera to detect the position of the ball and cup. When the ball moves, a monitoring system calculates the correct route and adjusts its trajectory."
- "Coupled with an internal electric motor, the golf ball stays on course until dropping into the cup, according to the carmaker."