Young Generations Are Now Poorer Than Their Parents And It's Changing Our Economies
For the first time since the Industrial Revolution, younger generations are not becoming wealthier than their parents. This is happening despite the world being richer than ever before. One reason for this is that older generations, like the Baby Boomers, were a very large group and used their voting power to create policies that benefited them, such as free education and low taxes on wealth. When they were young, they voted for policies that helped them get ahead, and as they got older, they voted for policies that protected their wealth, like removing wealth taxes. Another big issue is housing. Houses used to be much cheaper compared to incomes, and it was easier to save for a deposit because interest rates on savings were high. Now, houses are very expensive, and it takes a lot longer to pay them off. This makes it hard for young people to buy homes, which also makes it harder for them to move for better jobs. While wealth will eventually be passed down, it often happens when the children are already old, which means the money doesn't help younger people start businesses or buy homes when they need it most. It's not just the older generation's fault, as they voted for policies that helped them, and they also benefited from a time of global peace and economic growth.
Key Vocabulary
To reach the highest point or level; to be at the maximum or most intense stage.
Examples:
- The athlete's performance was at its peek during the final race of the season.
- Interest in the new product reached its peek shortly after the advertising campaign launched.
- The city's tourism industry is expected to be at its peek during the summer months.
A state of great activity, effort, or energy; working at a very high capacity.
Examples:
- The marketing team went into overdrive to prepare for the product launch.
- After the new manager took over, the entire department shifted into overdrive.
- The factory's production line was in overdrive to meet the unexpected demand for its goods.
Extremely small; tiny.
Examples:
- The chances of winning the lottery are miniscule, yet many people still play.
- Compared to the vastness of the ocean, a single drop of water is miniscule.
- The budget allocated for the project was miniscule, making it difficult to achieve significant results.
A shortened term for cryptocurrency, a digital or virtual currency that is secured by cryptography, making it nearly impossible to counterfeit or double-spend.
Examples:
- Many investors are exploring crypto as an alternative to traditional financial assets.
- The volatility of crypto markets can be a significant risk for new traders.
- Some online retailers have started accepting crypto as a form of payment for goods and services.
In a way that is characteristic of one particular person, thing, or group and not like anything else.
Examples:
- The artist's style was uniquely recognizable among his contemporaries.
- This software is uniquely designed to solve a very specific set of problems.
- The city's architecture is uniquely a blend of historical and modern influences.
Money spent; expenditures.
Examples:
- Careful budgeting is essential to keep track of monthly outgoings.
- The company had to reduce its outgoings to remain profitable during the economic downturn.
- Unexpected medical bills significantly increased their outgoings for the year.
A group of people banded together or treated as a group.
Examples:
- The study followed a cohort of students from their first year of college through graduation.
- The company's new employee cohort underwent extensive training together.
- Researchers observed significant differences between the two age cohorts in their consumer habits.
Characterized by or appealing to an abnormal and unhealthy interest in disturbing and unpleasant subjects, especially death and disease.
Examples:
- She had a morbid fascination with true crime documentaries.
- His humor often leaned towards the morbid, which not everyone appreciated.
- The old house had a morbid atmosphere, with its creaking floors and dusty furniture.
Leaves out or excludes (someone or something), either intentionally or forgetfully.
Examples:
- The revised report omits several key details from the original draft.
- When writing the summary, be careful not to omit any crucial information.
- The recipe omits the use of sugar, making it suitable for those on a strict diet.
A small mass or grouping of something, often with an irregular shape.
Examples:
- A small clump of trees provided shade in the middle of the field.
- She noticed a clump of mud on her shoes after walking through the garden.
- There was a clump of papers scattered across his desk.
To make something uneven or to distort it; to give a bias to or to distort an interpretation or understanding of something.
Examples:
- The small sample size risked skewing the results of the survey.
- His personal biases were skewing his judgment on the matter.
- The sudden increase in demand is skewing the market prices for these goods.
Pushed roughly or carelessly.
Examples:
- He shoved the books onto the shelf, not caring if they were neatly arranged.
- The old car was shoved into a corner of the garage to make space for the new one.
- She quickly shoved her belongings into her backpack before leaving.
Not operating properly or normally; unable to function in a healthy or effective way.
Examples:
- The old machine became increasingly dysfunctional, causing frequent delays in production.
- A dysfunctional team struggles to achieve its goals due to internal conflicts.
- Years of neglect led to a dysfunctional system that required a complete overhaul.
A person with assets worth at least one billion units of currency (e.g., dollars, euros, pounds).
Examples:
- The tech entrepreneur became a billionaire after his company went public.
- Philanthropic efforts by billionaires often have a significant global impact.
- The magazine publishes an annual list of the world's wealthiest billionaires.
Influence or control.
Examples:
- The speaker's passionate argument began to sway the audience's opinion.
- It was difficult to sway his decision once he had made up his mind.
- Public opinion can significantly sway the outcome of an election.
An example that opposes or disproves a general statement or theory.
Examples:
- Although the rule generally holds true, there are several counterexamples that challenge its universality.
- The scientist presented a compelling counterexample to the prevailing hypothesis.
- Finding a single counterexample is enough to invalidate a universal claim.
A faint or wavering light; also, a faint or small sign of something good or hopeful.
Examples:
- After days of searching, they finally saw a glimmer of light through the dense fog.
- Despite the difficulties, there was a glimmer of hope that the project would succeed.
- She saw a glimmer of understanding in his eyes as she explained the complex concept.
In a way that causes someone to believe that something is true or valid.
Examples:
- The lawyer argued his case so convincingly that the jury delivered a quick verdict.
- She presented her ideas convincingly, earning the support of her colleagues.
- The team won the championship game convincingly, dominating their opponents from start to finish.
Unable to be attacked, questioned, or defeated.
Examples:
- His reputation for integrity remained unassailable throughout his long career.
- The company's financial position was considered unassailable, even during the economic downturn.
- The fortress was thought to be unassailable due to its strategic location and strong defenses.
A person who studies demographics, which are the statistical characteristics of human populations (such as size, growth, density, distribution, and vital statistics).
Examples:
- The demographer analyzed the trends in birth rates and their potential impact on future labor markets.
- A demographer's research often informs government policies related to education and healthcare.
- According to the demographer, the city's population is expected to increase significantly over the next decade.