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Trump Surges Ahead of Biden by 11 Points in Economic Leadership Poll

In a recent poll by the Financial Times, Former President Donald Trump has taken an 11-point lead over President Joe Biden regarding who is more trusted to manage the U.S. economy. Trump garnered support from 42% of respondents, while Biden was chosen by 31%, with the rest undecided or favoring neither.

Despite President Biden overseeing a period of low unemployment and a thriving stock market, the poll reflects challenges in convincing voters of his economic leadership. Although there's a slight improvement in public sentiment about the economy—with 27% rating it as "excellent" or "good", up from 21%—this has not boosted Biden's approval ratings on economic issues, which remain at 36%.

The Trump campaign has criticized Biden over inflation rates, which, despite being a significant concern in the early years of his presidency, have started to decrease, with consumer prices rising at a slower pace recently. The Federal Reserve plans to maintain high-interest rates to continue addressing inflation.

Amid these economic debates, Treasury Secretary Janet Yellen highlighted the "historic recovery" of the U.S. economy under the Biden administration, citing strong GDP growth, declining inflation, and a robust labor market as indicators of economic progress. Read More.

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Retirement Savings Tapped by Parents to Cover Adult Children’s Expenses: The Changing Economy

A Pew Research study reveals that three-fifths of parents with adult children have financially supported them in the past year, underscoring the evolving nature of parenting beyond the age of 18. This assistance ranges from helping with household bills to covering significant expenses like rent or education. The trend reflects a broader shift towards "snowplow" parenting, where parents actively remove obstacles to ease their adult children's paths. This approach is facilitated by digital payment methods, contrasting with previous generations' predominantly mail-based bill payments.

Notably, less than half of young adults consider themselves financially independent from their parents, with a third still relying on parental support past the age of 30. The study, which surveyed over 4,500 participants, suggests that while some parental contributions are minor, such as shared family phone plans or vacation costs, the impact on parents' finances can be significant. Financial planners warn that continuous financial support can jeopardize parents' retirement savings, advising that parental aid should be balanced with ensuring financial security for the future.

The changing economic landscape has prompted many parents to view supporting their adult children as an essential aspect of parenting, driven by the belief that achieving financial independence is more challenging today than in previous generations. However, experts caution that prolonged financial dependence can hinder young adults' ability to become self-sufficient, emphasizing the importance of fostering independence while providing necessary support. Read Now.