Insider Finance - Business - Gen Z’s finances are tanking

Nicholas Carlson, November 23, 2022

Hello, Insiders. Young Americans always get crushed by economic downturns. The Great Recession, for example, hit millennials with a tough job market, wage stagnation, and rising costs of living. Some are still reeling.

Now, as inflation takes its toll, young Americans are once again feeling the squeeze. They’re still spending, but their savings are going down and their debt is going up. The rate of delinquency on credit card bills and car loans is rising faster than it has since the 2008 financial crisis.

If you’re a Gen Z or millennial with a growing credit card balance or the inability to pay your bills, and willing to share your story, please let us know at insidertoday@insider.com.

And a quick programming note: Tomorrow is Thanksgiving! We’ll still be in your inbox with a shorter edition, and back with our regular newsletter on Friday. Hope you have a great holiday.

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The big story

Insider composite of AP and Getty Images

If Gov. Ron DeSantis doesn’t get his 2024 decision right, he risks peaking too soon — or wasting his time.

DeSantis often gets compared to ex-President Donald Trump. But as he faces a decision over whether to run in 2024, he shares far more similarities with two other ex-GOP frontrunners: Former Govs. Scott Walker of Wisconsin and Chris Christie of New Jersey.

Both once seemed inevitable for the White House. Walker seized the moment, while Christie let his moment pass. They both lost.

Walker was a darling of the right when Barack Obama was president. But his campaign crashed so badly, he never even made it to the voting stage. As for Christie, he was brash, populist, and had a big personality. If he had run in 2012, maybe he would have been sitting in the Oval Office. But he got dragged down by Bridgegate in 2013.

DeSantis could trip up early in a 2024 contest, or he could lose momentum if he waits until 2028. Per top GOP strategists, both approaches carry risks that could torpedo his chances.

Read the full story here.

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Today’s sound bite

“Workers at an iPhone plant in China are fighting back — literally — against unpaid wages and COVID concerns.”

Hear the latest headlines on The Refresh from Insider.

Watch this

The Macy's Thanksgiving Day Parade follows a 2.5-mile route, with thousands of performers, including musicians, Broadway actors, and the Rockettes. Here’s a look at the parade’s history.

Today's team

This edition was curated by Nicholas Carlson, and edited by Lisa Ryan and Shona Ghosh. Get in touch: insidertoday@insider.com. 

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