Debt levels are a big worry, with both presidential candidates adding trillions to the national deficit during their first terms in office.
Wednesday, July 3, 2024
3 In 4 Americans Say They're Not Financially Secure, New Report Shows
by Jen Krausz via The Epoch Times,
According to a new Bankrate report, three in four Americans say they are not financially secure, and feel they need to make more money to attain an acceptable level of financial security.
In the study by YouGov, Americans said they needed to make $186,000 on average to feel financially secure - more than twice the $79,209 the Census Bureau reported the average full-time worker made in 2022.
Of the 75 percent who said they weren’t financially secure, 45 percent said they believed they would reach financial security one day, while 30 percent said they never expect to be financially secure.
The report said that older generations believed themselves less financially secure than younger generations.
Forty-two percent of baby boomers aged 60 to 78 and 37 percent of Gen Xers aged 44 to 59 said they were not financially secure—and didn’t think they ever would be. This compares to 21 percent of millennials aged 28 to 43 and 13 percent of Gen Z aged 18 to 27.
Younger generations were more likely to say they were not financially secure, but that they would be one day—including 64 percent of Gen Z, 53 percent of millennials, 48 percent of Gen Xers, and 26 percent of baby boomers.
“Life always seems like it’d be better with just a little bit more money to spare,” Bankrate analyst Sarah Foster said of the report’s findings.
“That’s even more true when the items Americans both need and want have been climbing in price. In the four years since the pandemic, comfort is no longer a commodity but a financial privilege, appearing to only be afforded to those wealthy enough to ‘eat’ the impact of inflation.”
Six percent of survey respondents said they currently earn the annual income they need to feel financially secure, while 37 percent said they were likely to earn a large enough salary to feel financially secure in their lifetime.
Of those earning more than $100,000 a year, 49 percent said they were optimistic they would be financially secure one day, while only 34 percent of those who made less than $50,000 were similarly optimistic.
Furthermore, Americans said they would need to make $520,000 to feel rich and financially free in the new report—up 8 percent from last year’s $483,000.
Inflation has impacted these numbers: Americans see prices rising, and know they need more income to cover basic expenses. The Bureau of Labor Statistics calculates that inflation has caused a price increase of 21 percent since 2020, while the USDA says food prices have risen 25 percent, and U.S. government data shows a 41 percent increase in gas prices.
“Making more money is the secret to weathering inflation, but it’s also true that being a higher-income earner won’t automatically translate to being better at personal finance,” Ms. Foster said.
“Someone with a traditional middle-class salary who always tries to save for the future, no matter how small, is destined for financial success more than an ultra-wealthy earner who lives and spends beyond his or her means.”
Even so, the report shows that Americans are feeling squeezed financially by inflation, and that income gains have not kept up with rising prices.
“Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains, and a feeling that their hopes and dreams are out of touch with their financial capabilities,” Bankrate senior economic analyst Mark Hamrick said.
Identification With Democrats Plummets In The US
Identification with the Democratic Party has plummeted in the U.S. to the lowest recorded levels, according to a Gallup database.
As Statista's Katharina Buchholz reports, even before the first presidential debate featuring both current President Joe Biden and his challenger in the 2024 elections, Donald Trump, only 23 percent of U.S. respondents surveyed by the organization said in June that they identified as Democrats.
This is fewer than ever since continuous records of the question started at the organization in 2004.
Identification with the Republican Party was not much higher in June of this year at only 25 percent (while identifying as an Independent became much more popular).
However, a look at Gallup’s records for previous years shows that Democrats mostly had a leg up when it comes to party identification. This applied both in June 2016, the year of Donald Trump’s election, and throughout his presidency.
Only as recently as 2022, while Biden was already in office, did Republicans catch up and the finally overtake Democrats in some months, for example June 2024.
However, the low support for established parties and the heightened will to identify as an Independent still speaks to a level of resignation with both established U.S. parties.
Identification with Republicans reached its lowest point over the last 20 years in October 2013 at just 20 percent and also hit 22 percent during the Trump administration in January 2018.
Meanwhile, the lowest Democratic party affiliation had ever dropped before was 24 percent in September 2022 and September 2023, both under Biden.
While Biden’s approval hit 38 percent in June, this is not so far removed from Trump’s 39 percent in June 2020 at the same time in his presidency that Biden is at now - though that was in the middle of the COVID lockdowns.
Biden has received heavy criticism for his performance at the debate on Thursday – including from inside his own party – for speaking at times incoherently and rambling.
https://www.zerohedge.com/political/identification-democrats-plummets-us
Constellation plans restart of Three Mile Island nuclear plant
Constellation Energy is in discussions with the US state of Pennsylvania governor’s office and state legislators regarding funding for a potential restart of a unit at the Three Mile Island power facility, Reuters has reported.
The ongoing talks have been described as “beyond preliminary” by two sources.
The move indicates that Constellation is moving forward with plans to bring back part of the nuclear generation site in southern Pennsylvania, which was operational from 1974 until its closure in 2019.
The unit at Three Mile Island that may be restarted is distinct from the facility’s unit 2, which suffered a partial meltdown in 1979 – the most notorious nuclear accident in US history.
The move would be the first re-opening of a US nuclear power plant following a shutdown.
Despite the anticipated high costs, logistical hurdles and potential public and political resistance due to safety and environmental concerns, nuclear energy is gaining renewed interest as the US sees an increase in power demand, particularly from the technology sector.
https://www.power-technology.com/news/constellation-three-mile-island-pennsylvania/
Pacira stock downgraded amid eVenus approval concerns - Barclays
On Wednesday, Barclays shifted its stance on Pacira Pharmaceuticals (NASDAQ:PCRX) stock, downgrading from Overweight to Equalweight and slashing the price target to $25 from $38.
The move follows the recent approval of eVenus, which poses a significant risk to the sales trajectory of Pacira's leading product, Exparel. Exparel is a substantial revenue generator for Pacira, accounting for 78% of the company's revenues according to Barclays' 2024 estimates.
The approval of eVenus could lead to the launch of a generic version of Exparel by eVenus and its partner Fresenius Kabi. Although there is ongoing litigation surrounding the 495 Patent, the expiration of the 30-month stay could allow for an At-Risk Launch, which Barclays sees as a low-probability event. Nevertheless, the potential for this launch creates uncertainty for Pacira.
Barclays notes that while there are additional patents in place to safeguard Exparel, it is likely that these too will be challenged in time. This prospect introduces the risk of persistent negative news that could affect the stock's performance. Despite this, there is some near-term upside anticipated from the implementation of NOPAIN in 2025, which is expected to benefit the company.
The NOPAIN Act is a legislative initiative aimed at reducing opioid use by increasing access to non-opioid pain management therapies. The implementation of NOPAIN could provide a boost to Exparel sales, as it is a non-opioid pain relief drug. However, the overshadowing patent concerns seem to be a primary factor in Barclays' reassessment of Pacira's stock outlook.
Biden to award posthumous Medal of Honor to two Civil War train thieves
U.S. President Joe Biden on Wednesday will award the Medal of Honor posthumously to two U.S. Army privates who were part of a daring Union Army contingent that stole a Confederate train during the Civil War, the White House said.
Philip Shadrach and George Wilson, will receive the medals during a White House ceremony that will recognize their "gallantry and intrepidity" during what become known as the Great Locomotive Chase, one of the earliest special operations in U.S. Army history, the White House said.
The operation, which took place 200 miles (322 km) behind Confederate lines on April 12, 1862, saw Union Soldiers dressed as civilians hijack a train in Georgia and drive it north into Tennessee for 87 miles, placing explosives on the track behind them as they headed north to destroy Confederate infrastructure.
Six of those participants became the Army's first recipients of the then-newly created Medal of Honor. Over the next two decades, another 13 members were recognized for their role in mission, but Shadrach and Wilson, who were both hanged for their actions after being captured, were never recognized until now.
The White House ceremony offers Biden a brief respite from mounting criticism from some of his fellow Democrats after his shaky and halting performance in last week's presidential debate against Republican former President Donald Trump.
The mission saw 24 men infiltrate the South in small groups, rendezvousing north of Atlanta at Marietta, Georgia. On the day the operation was executed, 22 of the men commandeered a locomotive known as "The General" and proceeded north, tearing up railroad tracks and cutting telegraph wires as they went.
Shadrach, a native Pennsylvanian orphaned at an early age, was only 21 years old when he volunteered for the dangerous mission. Wilson, born in Ohio, was a journeyman shoemaker who enlisted in the Union Army in August 1861.
The White House said it was not clear why Shadrach and Wilson were not originally recommended for the Medal of Honor.
The Medal of Honor is awarded to members of the armed forces who show great personal bravery or self-sacrifice and distinguish themselves at the risk of their own lives while engaged in military actions.
Saudi Producer Sentenced To 13 Years In Prison Over Animated Netflix Series
Saudi writer and producer Abdul Aziz al-Muzaini has been sentenced to 13 years in prison and 13 years of travel ban, on charges of promoting terrorism and homosexuality through his Netflix show and old tweets.
In a video posted on YouTube and X (formerly Twitter) addressed to Saudi Crown Prince Mohammed Bin Salman, al-Muzaini said that a committee in Saudi Arabia’s audiovisual commission brought up to 30 charges against him in connection with his popular animated series Masameer in 2021, shortly after it premiered on Netflix.
Al-Muzaini says he was questioned by Saad al-Suhaimi, the chairman of the committee, who first questioned his choice of partnering with Netflix instead of working with MBC, a Saudi network.
Al-Muzaini told his interrogator that he had already spoken to Israa Osseiri, head of the General Authority for Audio-visual Media, to make sure his show does not violate any laws. This prompted al-Suhaimi to message Osseiri, ordering her to stay away from the case.
According to a Royal Court letter released during the time of late Saudi King Abdullah, al-Suhaimi’s committee enjoys independence from the general audio-visual authorities.
Al-Muzaini says his interrogator told him "not to think that this is it, that there is entertainment now, there is the Riyadh season," alluding to the recent developments in the Saudi entertainment industry and the loosening of restrictions. "It seems he has found, through me, a person he can exert his authority over,” al-Muzaini said in the video.
Middle East Eye has contacted the Saudi government and Netflix for comment. The accusations brought against al-Muzaini include the use of language in his series, where sentences such as “may God curse you” and “you donkey” amounted to a crime.
The final and most serious charge accuses al-Muzaini and his company, Myrcott, of supporting terrorism and homosexuality through their series Masameer. According to al-Muzaini, his accusers interpreted the first episode of his show, which mocks Islamic State, as an implicit endorsement of the group.
Al-Suhaimi then brought forward a series of tweets made by al-Muzaini between 2010 and 2014 which were used to bring other charges against him.
Saudi Arabia’s Public Prosecution service had initially requested a 25-year imprisonment followed by a 25-year travel ban, which were reduced to 13 years each by the country’s Terrorism Court last month.
Al-Muzaini said that prior to the ruling, he was reassured by informed people that the case was unworthy and only needed to be solved through bureaucracy. He was also told that al-Suhaimi, along with everyone who signed the accusations against him, were fired, when al-Suhaimi was simply reassigned to another committee.
The writer and producer deleted his video a few hours after posting it and shared a post on X quoting Bin Salman saying he will hold the corrupt accountable.
He then shared a post praising the head of Saudi Arabia’s General Entertainment Authority, Turki al-Sheikh. Al-Muzaini’s case comes as Saudi Arabia faces criticism from many human rights organizations over its alleged use of the entertainment sector to try to lessen its reputation as an authoritarian regime.
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