Star Tribune
Have millennials finally caught up economically with earlier generations?
Millennials, born from 1981 to 1996, are doing better than expected these days. The trick now, though, is for them to take advantage of their improved economic prospects to create a financial margin of safety against bad times and sufficient savings to fund calculated risks when opportunities emerge.
Millennials have been called the “unluckiest generation” and the “lost generation.” They entered the labor market during a series of tough economic moments, including the bursting of the housing market bubble, the 2008-09 recession and a long period of stagnant wages. They were burdened by unprecedented levels of student loans. Homeownership seemed out of reach for many.
Millennials were widely predicted to be the first generation to be worse off than their parents.
What a difference a few years can make.
A recent report by three scholars at the Center for Retirement Research at Boston College notes that “virtually all the earlier shortfall between millennials and earlier cohorts in labor market activity, marriage, and homeownership has disappeared.”
A similar story unfolds with wealth. Millennials ages 28 to 31 in 2019 were substantially behind the wealth accumulation of previous cohorts. The Center for Retirement Research study — ”Is the Retirement Picture for Millennials Looking Better?” — highlights that three years later, when this group was 31 to 41 years old, millennials had pulled far ahead of earlier cohorts, mostly thanks to the combination of homeownership and retirement savings plans.
Specifically, homeownership amounted to 63% of the gain in median net worth. The strong stock market also helped since some 60% of millennials own equities (mainly in retirement accounts), a much larger share than the 48% of Gen Xers and 37% of late boomers at the same age.
Air raid warnings blared for hours as Russia targeted eight regions of Ukraine on Wednesday, firing six ballistic and cruise missiles and 90 drones, the Ukrainian air force said.
Air defenses downed four missiles and 37 drones, and another 47 drones were stopped by electronic jamming, the statement said. The damage was being assessed.
Meanwhile, most of the more than 10,000 North Korean troops sent by Pyongyang to help Moscow in the war are engaged in combat in Russia’s Kursk border region, State Department spokesman Vedant Patel told reporters Tuesday. A Ukrainian army incursion into Kursk three months ago has succeeded in holding a broad area of land and has embarrassed the Kremlin.
Russia’s military has trained the North Korean soldiers in artillery, drone skills and basic infantry operations, including trench clearing, Patel said. The cooperation faces challenges, including how to achieve military interoperability and overcoming the language barrier, he said.
Kyiv officials say that Russia has deployed around 50,000 troops to Kursk in a bid to dislodge the Ukrainians.
Russia has in recent months been assembling forces for a counteroffensive in Kursk, according to the Institute for the Study of War think tank, though the timescale of the operation isn’t known.
Star Tribune
Special counsel Smith asks court to pause appeal seeking to revive Trump’s classified documents case
WASHINGTON — Special counsel Jack Smith asked a court Wednesday to pause prosecutors’ appeal seeking to revive the classified documents case against President-elect Donald Trump in light of the Republican’s presidential victory.
Smith’s team has been evaluating how to wind down the classified documents and the federal 2020 election interference case in Washington before Trump takes office because of longstanding Justice Department policy that says sitting presidents cannot be prosecuted.
The case accusing Trump of hoarding classified documents at his Mar-a-Lago estate had been seen as the most legally clear-cut of the four indictments against Trump, given the breadth of evidence that prosecutors say they had accumulated. That included the testimony of close aides and former lawyers, and because the conduct at issue occurred after Trump left the White House in 2021 and lost the powers of the presidency.
But U.S. District Judge Aileen Cannon dismissed the case in July, ruling that Smith was illegally appointed by the Justice Department. Smith had appealed her ruling to the 11th U.S. Circuit Court of Appeals before Trump’s presidential win last week over Vice President Kamala Harris.
Prosecutors asked the 11th Circuit in a court filing Wednesday to pause the appeal to ”afford the Government time to assess this unprecedented circumstance and determine the appropriate course going forward consistent with Department of Justice policy.” Smith’s team said it would ”inform the Court of the result of its deliberations” no later than Dec. 2.
The judge overseeing the federal case in Washington accusing Trump of conspiring to overturn the 2020 election canceled all upcoming deadlines in the case last week after Smith’s team made a similar request.
Smith is expected to leave his post before Trump takes office, but special counsels are expected to produce reports on their work that historically are made public, and it remains unclear when such a document might be released.
First, they must live in St. Paul. Then, their incomes must be no more than 400% of current Federal Poverty Guidelines — about $120,000/year for a family of four — or their medical debt must be 5% or more of their annual income. Also, only debt owed to participating providers like hospitals will qualify for the program.
“Health is not only about buildings, hospitals, or clinics — health care is about meeting the needs of patients where they are and doing whatever we can to improve health outcomes and decrease cost,” Fairview Health Services President and CEO James Hereford said in a statement.
Undue Medical Debt CEO and President Allison Sesso also issued a statement, which read, in part: “Medical debt is a psychological burden, in addition to a financial one, that can cause patients to avoid necessary care.”
She added: “Simply having medical debt creates stress which undermines people’s health.”
Officials said national medical debt has reached about $220 billion and affects more than 100 million Americans. About 54% of insured adults carry medical debt, officials said, while 41% of people without insurance face even greater challenges, often delaying necessary care in order to pay for food and housing.
In Minnesota, the Medical Debt Fairness Act that recently went into effect bans medical debt from being reported to credit reporting agencies. It also ensures medical providers cannot withhold medical care despite unpaid debt. St. Paul and Undue Medical Debt officials said they hope to partner with the Minnesota Attorney General’s Office to explore ways to build on the Debt Fairness Act.
