Millennials face largest wealth gap in generations

Millennials wealth gap

A 2017 analysis by Credit Suisse suggests that millennials in several advanced economies are likely going to face the worst income inequality of any generation in recent memory.  Millennials are generally saddled with more student debt, less inherited money, and stricter mortgages than previous generations. At the same time, a lucky few are set to become spectacularly wealthy, widening the already large gap between rich and poor. Why?

This year’s report focuses in on Millennials and their wealth accumulation prospects. Overall the data point to a “Millennial disadvantage”, comprising among others tighter mortgage rules, growing house prices, increased income inequality and lower income mobility, which holds back wealth accumulation by young workers and savers in many countries. However, bright spots remain, with a recent upsurge in the number of Forbes billionaires below the age of 30 and a more positive picture in China and other emerging markets.

Millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of well- being assessed in this report. While Millennials are more educated than preceding generations…we expect only a minority of high achievers and those in high- effectively overcome the ‘millennial disadvantage.’”

2017 Credit Suisse Global Wealth Report

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James Stout Attorney Irvine

James Stout Irvine Attorney 2017

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Big wave surfers head to Portugal

Big waves

“It was here that Andrew Cotton, a professional big-wave surfer from Devon, made headlines in 2014 by almost riding out of the biggest wave ever surfed. On November 8th Mr Cotton broke his back attempting a similar feat. Fear of injury, even death, explains why regular surfers have tended to avoid Praia do Norte. Indeed Nazaré, the local town, used to be better known for its custard-filled pastries than for extreme sports according to the Economist”

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How old should a woman have to be to legally marry with her parents’ consent?

Young Marriage

Gallup posed this question to Americans in one of its earliest polls, in 1937. At the time, 53% thought “girls” should be 18 years old to legally marry with parental agreement. The rest had opposing views: 25% said girls should have to be 19 or older, while nearly as many, 22%, said they could be younger than 18.

Although most states now set 18 as the minimum age a girl can freely marry without her parents’ blessing, every state allows exceptions in certain cases, such as with parental consent or when she is pregnant.

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Worker fired for flipping the bird at Trump has case against her boss for First Amendment violation

flipping off

Flipping the bird is protected by the First Amendment and is Free Speech.

A marketing analyst for a company that oversees government contractors says she was fired for flipping the bird at a Trump motorcade.

News coverage of Juli Briskman’s plight has legal experts considering whether she has a case against Akima, the company that fired her, the National Law Journal (sub. req.) reports. Briskman has contacted the American Civil Liberties Union about the incident, the Washington Post reports.

News photographers caught Briskman’s gesture as she was riding her bike alongside the motorcade in Sterling, Virginia, and Briskman posted the photos on Facebook and Twitter, the New York Times reports. She also alerted a human resources official at Akima that she was the cyclist in the photo.

Briskman’s social media accounts did not identify Akima as her employer. And she is not wearing anything linking herself to Akima in the photo.

But Briskman was fired soon afterward. She was told she had violated company policy banning obscene content on social media and because of a fear the photo could hurt business, according to her account.

Briskman says she was fired even though another Akima employee who posted objectionable content is still with the company. According to Briskman, an Akima senior director posted the comment during an employee discussion about Black Lives Matter.

“You’re a f—— Libtard a——,” the director reportedly said, using a profile “that clearly and repeatedly identifies himself as an employee of the firm,” the Post says.

Briskman’s duties included monitoring employees on social media, and she reported the exchange to senior management, according to the Post.

Arthur Spitzer, legal director at the American Civil Liberties Union of the District of Columbia, tells the National Law Journal that the First Amendment limits the government’s ability to punish people for their speech. But the amendment doesn’t restrict a private company. If the government pressured a company to fire an employee, however, the First Amendment would come into play, he said.

Saundra Riley, an employment attorney at Fenwick & West, said employees need to make sure they are applying their social media policies in an equitable way based on gender, race, national origin and religion. “It’s key for an employer to have a consistent approach to enforcing its policies, no matter what the particular policy is,” Riley told the National Law Journal.

Also protected is social media content that concerns conditions of employment, the National Law Journal says. State laws may offer more protection for such speech than federal law.

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James R. Stout, Attorney at Law

James Stout Irvine Attorney 2017

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2017 Martindale-Hubbell Award James R. Stout Attorney at Law

Martin Dale Hubbel 2017 Award

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Americans in best Christmas shopping mood in years.

Grinch who stole christmas

  • According to Pew
  • Americans plan to spend $906 on gifts, the most since 2007
  • Middle- and lower-income households fueling the rise
  • Record-low percentage plan to spend less than last year
  • More specifically, 34% of Americans plan to spend at least $1,000 on Christmas gifts this year, 23% say they will spend between $500 and $999, 28% expect to spend between $100 and $499, and 3% will spend less than $100. Six percent of U.S. adults report that they won’t spend anything on Christmas gifts, which includes those who say they don’t celebrate the holiday.
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Fewer Americans have a partner or spouse.

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In the past 10 years, the share of U.S. adults living without a spouse or partner has climbed to 42%, up from 39% in 2007, when the Census Bureau began collecting detailed data on cohabitation according to a Pew article.

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Airlines are trying to cram ever-more seats onto planes

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“AIRLINES use all sorts of clever tricks to make more money from passengers. They charge extra for bags, for food and for selecting where you sit. Now they are embracing another strategy: packing more seats onto each plane. Last month American Airlines announced that it will insert 12 more seats, or two rows, into its economy class on its Boeing 737-800 fleet and an extra nine seats into its Airbus A321s. Similarly, JetBlue recently said it will cram 12 additional seats into its A320s”, according to The Economist.

Passengers already are tired of being packed into airplanes.

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