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☆ ‘I don’t have a budget’: Why people are going into debt to travel
▼ + stars: | 2024-07-29 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

The majority of those going into debt do so by charging travel expenses on a credit card, with 20% of respondents saying they would rather skip a credit card payment and put the money toward a vacation. The mindset is “‘I can’t buy a house, I’m not sure I can afford college or grad school, so I might as well go to Spain and backpack. ”They think (credit card debt) is not as risky as it is. They don’t care so much about not getting into debt.”King adds that social media has changed the way many people think about travel. “Eventually, if I’m going to get a house, I’ll get a house.

Persons: CNN — “, ”, Lisa Fraser, “, Elizabeth Currid, Halkett, Tim Gurner, something’s, I’m, ’ ” Alex King, they’re, Fraser, FOMO, King, It’s, I’ll Organizations: CNN, University of Southern, United Locations: Taipei, Budapest, New York, University of Southern California, Spain, Hong Kong

☆ Frontier Airlines CEO says the pandemic made workers 'lazy' and less productive: 'People are still allowing people to work from home, all this silliness, right?'
▼ + stars: | 2023-09-15 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +6 min

Frontier Airlines CEO Barry Biffle criticized remote work, saying the pandemic made people lazy. Biffle joins a growing list of execs critical of remote work, including Elon Musk and David Solomon. Frontier Airlines CEO Barry Biffle criticized working from home while speaking at Morgan Stanley's Laguna Conference this week, saying the pandemic made people lazy and that workers have gotten less productive as a result. AdvertisementAdvertisement"This is not ideal for us, and it's not a new normal," Solomon said at a conference in February 2021 regarding remote work, Bloomberg reported. AdvertisementAdvertisementAs the debate over working from home continues, there have been conflicting conclusions from studies on whether remote work is conducive to productivity.

Persons: Barry Biffle, Biffle, Elon Musk, David Solomon, they're, We're, Biffle isn't, Elon, Tim Gurner, Alexandria Ocasio, COVID, Gurner, Goldman Sachs, it's, Solomon, Mark Zuckerberg, Meta, Zuckerberg, Brian Chesky, Airbnb, Prithwiraj Choudhury Organizations: Frontier, Elon, Service, America . Frontier Airlines, Morgan, Laguna Conference, Frontier Airlines, Meta, Apple, Google, CNBC, Millionaire, Bloomberg, Engineers, Harvard Business School, Companies, Street Journal, Research Locations: Wall, Silicon, America, Cortez, Australia, Airbnbs, India

☆ Australian jobs surge as productivity debate heats up
▼ + stars: | 2023-09-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

"Headline indicators report a very strong employment report, but the bias towards predominantly part-time employment should temper exuberance," said Dwyfor Evans, head of APAC macro strategy at State Street Global Markets. Markets maintained bets that the Reserve Bank of Australia (RBA) would keep rates steady next month, with an about 40% chance of one final hike early next year. WAGES, PRODUCTIVITYThe strong figures showed Australia's jobs market is still extremely tight more than and a year-and-a-half after the economy shook off its COVID-era border restrictions. loadingTreasurer Jim Chalmers on Thursday welcomed the strong jobs report, but warned that the labour market could slow from here, a consensus view among economists. Adam Boyton, head of Australian research at ANZ, is already seeing signs of slackening in the labour market, with underemployment rate creeping up and hours worked falling.

Persons: Barista Claudio Chimisso, Loren Elliott, Dwyfor Evans, Tim Gurner, Alexandria Ocasio, Cortez, Jim Chalmers, Chalmers, Adam Boyton, Boyton, Stella Qiu, Kim Coghill, Sam Holmes Organizations: REUTERS, Rights, Australian Bureau, Statistics, Street Global, Reserve Bank, Australian, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia, China

☆ A millionaire CEO is rooting for higher unemployment, saying it's time to 'remind people that they work for the employer, not the other way around'
▼ + stars: | 2023-09-14 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

A millionaire real estate CEO is being dragged online for saying he wants unemployment to increase. "We need to remind people that they work for the employer, not the other way around," Tim Gurner said. In 2017, Gurner infamously said buying avocado toast was preventing people from becoming homeowners. We need to remind people that they work for the employer, not the other way around." In 2017, he suggested buying avocado toast was the impediment to millennials becoming homeowners, seemingly ignoring problems like massive student debt burdens or stagnant wages.

Persons: Tim Gurner, Gurner, There's, We've, Alexandria Ocasio, Cortez Organizations: Service, Gurner, Australian, AFL, CIO, Forbes, Australian Financial Locations: Wall, Silicon, COVID, Forbes Australia

☆ Millionaire CEO who called for high unemployment to remind workers who's in charge apologizes for 'deeply insensitive' remarks after viral backlash
▼ + stars: | 2023-09-14 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

A millionaire CEO has apologized for calling for higher unemployment to remind workers who's in charge. Tim Gurner said Thursday his remarks calling for "pain in the economy" were "deeply insensitive." He'd gotten backlash for saying workers have become "arrogant" and it's time to "kill that attitude." "At the AFR Property Summit this week I made some remarks about unemployment and productivity in Australia that I deeply regret and were wrong," he wrote. At the summit, Gurner went on to say: "There's been a systematic change where employees feel the employer is extremely lucky to have them, as opposed to the other way around.

Persons: Tim Gurner, He'd, Gurner, We've Organizations: Service, Gurner, AFR, Australian, Prevention Locations: Wall, Silicon, Australia

☆ Meet the typical Australian millennial: They're delaying marriage and kids, have $16,000 in student debt, and their housing woes sparked political change.
▼ + stars: | 2023-07-09 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

Delaying kids and priced out of homes, the typical Australian millennial looks similar to Americans. Student debt averages $16,000, and the government doesn't collect until you reach a certain income. Australian millennials have also empowered a political party, the Greens, with their housing woes. In 2017, 60 Minutes Australia asked Melbourne real-estate mogul Tim Gurner if Australian millennials were forever locked out of the housing market. Also frustratingly locked out of the housing market, Australian millennial voters have pushed a third-party, the Greens, into a seat at the table.

Persons: Tim Gurner, —, doesn't, frustratingly Organizations: Greens, Service, Australia, Melbourne, Census Bureau Locations: Wall, Silicon, Australia, United States

Solari wasn't the only American to veer wildly between frugality and all-out spending sprees during the pandemic. In particular, younger people — Gen Z and millennials — have seen the early parts of their careers and critical years of their financial lives defined by the shifting sands of the pandemic economy. The strange pandemic-savings paradoxThe pandemic recession did not actually mean people had no money. The Fed found that the top quartile of earners added nearly $1.5 trillion to their savings through spending reductions, even as the pandemic consumed millennials and Gen Z's savings. If the mantra of the pandemic recession was giving everyday Americans money, the reaction is now to yank that back.

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