Wellington Mayor Andrew Little’s financial backers revealed, electoral officer queries Ray Chung’s funding

The Maritime Union, Amalgamated Workers Union, E Tū Union, and Dairy Workers Union each…
#NewsBeep #News #Headlines #Andrew #backers #been #capitals #chungs #councillors #electoral #figures #financial #funding #have #influential #lineup #littles #mayor #most #NewZealand #NZ #officer #queries #ray #revealed #showing #some #wealthiest #wellington #wellingtons
https://www.newsbeep.com/302645/

Why baby boomers are the wealthiest generation – The Washington Post

How baby boomers got so rich and why their kids are unlikely to catch up

The wealthiest generation holds more than $85 trillion in assets thanks to economic conditions Gen X, millennials and others would be hard-pressed to replicate.

November 18, 2025 at 5:00 a.m. EST, Yesterday at 5:00 a.m. EST, 7 min

By Shannon Najmabadi and Federica Cocco

Get a curated selection of 10 of our best stories in your inbox every weekend.

The reasons come down to timing and time: Americans 75 and older bought homes and invested in stocks well before such assets exploded in value, according to Edward Wolff, an economics professor at New York University. In a working paper for the National Bureau of Economic Research, he examined the four decades between 1983 and 2022 when those older boomers saw their wealth climb and their younger peers recorded relative declines.

“It’s astonishing how their relative wealth has taken off in the last 30-plus years,” Wolff said. “They started out as among the poorest groups in terms of wealth back in 1983.”

The wealth of baby boomers — especially those in retirement —is a reflection of the uniquely favorable economic conditions that occurred during their working lives, Wolff and other economists said. So much so that it would be difficult for younger generations to emulate, especially as they are more likely to be weighed down by debt or child care costs.

Housing costs also factor into the widening divide between baby boomers (born from 1946 to 1964) and everyone else, experts say. Generation X (1965 to 1980), millennials (1981 to 1996) and their successors increasingly dedicate a bigger portion of their budgets to mortgage or rent.

People might assume boomers’ wealth reflects superior financial decision-making, if they don’t consider the historical context that allowed boomers to build their wealth over decades, said Olivia Mitchell, professor of business economics and public policy at the University of Pennsylvania’s Wharton School.

Editor’s Note: Read the rest of the story, at the below link.

Continue/Read Original Article Here: Why baby boomers are the wealthiest generation – The Washington Post

#babyBoom #babyBoomers #boomerKids #boughtHomes #childrenOfBoomers #economicConditions #economy #federicaCocco #generation #housingCosts #nationalBureauOfEconomicResearch #rich #shannonNajmabadi #stockInvestments #wealth #wealthiest #workingLives

New Zealand ranks among world’s top five wealthiest countries per capita in rich list report

New Zealand sits in fifth place on the list and Singapore fourth. The majority of Kiwis and Australians’…
#NewsBeep #News #Headlines #among #Australia #beating #been #behind #Canada #capita #countries #Denmark #five #Global #in #list #named #neighbours #new #NewZealand #NZ #per #ranked #ranks #Report #rich #Sweden #top #transtasman #wealthiest #worlds #zealand
https://www.newsbeep.com/197219/

What Auckland’s wealthiest are contributing to the council’s $3.49b rates bill

Meanwhile, billionaire Graeme Hart, who has an estimated wealth of $12.1 billion, will need to fork out $224,549…
#NewsBeep #News #Headlines #300 #349 #349b #are #auckland #aucklands #bill #billion #contributing #councils #deeper #digging #from #into #last #million #nearly #NewZealand #NZ #pockets #rates #residents #share #take #the #their #to #wealthiest #what #year
https://www.newsbeep.com/50557/

#OnThisDay Vasco da Gama started his journey on the first direct European voyage to India (1497).

First issue of Wall Street Journal was published (1889).

Birth Anniversary of John D. Rockefeller (1839) - widely considered the #Wealthiest American of all time, and the richest person in modern history.

https://knowledgezone.co.in/news

The #wealthiest #generation thinks they have it harder

https://www.youtube.com/watch?v=wT043cRj3QY

Thousands in #Midwestern #GOP Districts Attend #Sanders' First Stops on Tour to Fight #Oligarchy

"It's like there's only one person who is actually able to sidestep the demoralization and frustration," said one observer.

Julia Conley, Feb 22, 2025

"After addressing more than 3,400 #Nebraska residents in Omaha Friday evening, U.S. Sen. Bernie Sanders on Saturday made his second stop on his National Tour to Fight Oligarchy—telling Iowa City, #Iowa residents that '#Trumpism will not be defeated by politicians inside the #DCBeltway.'

"'For better or worse, that is not going to happen,' said the Vermont Independent senator, whose broadly popular policy proposals have long been dismissed by Democratic leaders as unrealistic and radical while President Donald Trump has increasingly captured the attention of the #WorkingClass Americans who would benefit most from Sanders' ideas.

"'It will only be defeated by millions of Americans in Iowa, in #Vermont, in Nebraska, in every state in this country, who come together in a strong #grassroots movement and say no to oligarchy, no to #authoritarianism, no to #kleptocracy, no to massive cuts to programs that #LowIncome and working Americans desperately need, no to huge #TaxBreaks for the #wealthiest people in this country,' said Sanders.

"The senator announced his tour earlier this month as #ElonMusk, the head of the Trump-created Department of Government Efficiency ( #DOGE) who poured $277 million on the president's campaign, swept through numerous agencies, with DOGE staffers setting up illegal servers, seizing control of data, shutting federal employees out of offices, and working to shut down operations across the government.

"Since Trump took office for his second term just over a month ago, roughly 30,000 federal employees have been fired or laid off—part of Musk's push to cut $2 trillion in federal spending in order to fill the $4.6 trillion hole that Trump's extension of the 2017 tax cuts would blow in the deficit.

"#Republican lawmakers have also pushed to include cuts to #Medicaid, and Trump this week signaled he would back #Medicare cuts after repeatedly insisting he would not slash the popular healthcare program used by more than 65 million Americans, in order to save money while handing out tax cuts to the same #corporations and #ultrawealthy households that benefited from the 2017 tax law.

"'Today in America we are rapidly moving toward an #oligarchic form of society where a handful of #multibillionaires not only have extraordinary wealth, but unprecedented economic, media, and political power,' said Sanders in Iowa City, which like Omaha is represented by a Republican U.S. House member who narrowly won reelection last November and has faced pressure to reject the GOP budget plan. 'Brothers and sisters, that is not the democracy that men and women fought and died to defend.'"

Read more:
https://www.commondreams.org/news/bernie-sanders-donald-trump
#Oligarchy #OligarchyTour #StillSanders #BernieSanders #USPol #CorporateInterests #Corporatocracy #CorporateColonialism

How #America’s #wealth map has changed

The #wealthiest cities in the #US. are almost seven times #richer than the #poorest regions, a disparity that has nearly doubled since 1960.

https://www.fastcompany.com/91262157/americas-wealth-map-changed