Historically, when people lose confidence about their finances, they'll pull back on spending. But, increasingly, younger generations are doing the opposite, figuring their financial futures are doomed no matter what. Higher student debt loads, an increased cost of living and shifts in the labor market have made it more difficult to achieve financial success.
As such, about 28% of Americans admit to "doom spending" to cope with concerns about the economy and foreign affairs, according to Credit Karma, a personal finance company. And the rates are even higher among Millennials and Gen Z, at 43% and 35%, respectively.
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,,Ms2zorm_S-8,UChirEOpgFCupRAk5etXqPaA, Politics,Society, channel_UChirEOpgFCupRAk5etXqPaA, video_Ms2zorm_S-8,President-elect Donald #Trump’s transition team is preparing to announce that he has selected Scott Bessent, who runs macro hedge fund Key Square Group, as the next #US #Treasury secretary, according to people familiar with the matter. #politics #news
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,1,President Joe Biden watched on as a fireworks display lit up the night sky in Washington on Thursday as part of July 4th celebrations. Biden was joined by his family, Vice President Kamala Harris and second gentleman Douglas Emhoff as they waved to crowds and watched the display from the balcony of the White House.
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,1,French President Emmanuel Macron’s centrist alliance and the left-wing New Popular Front are weighing whether to pull candidates from the second round of the legislative election on Sunday to keep the ascendant far right out of power.
Marine Le Pen’s National Rally and its allies dominated the first round of voting Sunday, locking up 33.2% of the vote, according to interior ministry figures. The New Popular Front got 28% and Macron’s coalition got 20.8%.
Le Pen’s margin of victory was smaller than some polls had indicated. That, together with the news that mainstream parties were exploring ways to lock her group out of power, drove an initial market rally before investor optimism about the outcome began to fade.
Read more: https://www.bloomberg.com/news/articles/2024-07-01/macron-and-french-left-wing-rivals-race-to-stop-far-right-rise?srnd=homepage-uk&sref=omvmmwIg
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,1,In the classic board game Catan, players are settlers racing to develop an uninhabited island. They compete to build settlements, roads and cities as quickly as possible in a universe where growth and building development are good and even necessary.
A new version of the game released this week puts players squarely in the 21st century, where that equation has become more complicated. In the world of Catan: New Energies, climate change is a known threat. Players build towns, cities and roads; trade commodities like steel and fabric; and erect power plants. The central decision facing them is whether to forge ahead with fossil fuels and urban growth, potentially precipitating disaster, or to invest in renewables, a slower and more expensive process that prolongs the game and offers other routes to victory.
Read more: https://www.bloomberg.com/news/articles/2024-06-14/catan-new-energies-pits-fossil-fuels-against-renewable-energy?srnd=undefined&sref=omvmmwIg
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,1,Russian President Vladimir Putin signaled his country is likely to resume the production of short and intermediate-range missiles in what he called a response to the US deployment of the nuclear-capable weapons in various regions of the world.
“We need to start producing these strike systems and then, based on the actual situation, make decisions about where they should be deployed if the security of our country demands it,” Putin said at a meeting of his Security Council.
The US pulled out of the 1987 Intermediate-Range Nuclear Forces Treaty with Russia in 2019 after it accused Moscow of not complying with the agreement. Putin said at the time that Washington’s withdrawal “created fundamental risks for everyone.”
The US has not only brought such weapons to Europe for exercises in Denmark, but also recently placed missiles in the Philippines, the Russian leader said Friday in remarks broadcast via the Kremlin’s Telegram channel.
Read more: https://www.bloomberg.com/news/articles/2024-06-28/russia-may-resume-production-of-intermediate-range-missiles?sref=omvmmwIg
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,1,Historically, when people lose confidence about their finances, they'll pull back on spending. But, increasingly, younger generations are doing the opposite, figuring their financial futures are doomed no matter what. Higher student debt loads, an increased cost of living and shifts in the labor market have made it more difficult to achieve financial success.
As such, about 28% of Americans admit to "doom spending" to cope with concerns about the economy and foreign affairs, according to Credit Karma, a personal finance company. And the rates are even higher among Millennials and Gen Z, at 43% and 35%, respectively.
--------
Subscribe to our YouTube channel: https://trib.al/KM4k5RA
Subscribe to Bloomberg Originals: https://trib.al/dJv9Uw8
Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
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