🧭 The Weekly Scoop

Hey Insiders - THIS IS IT! This is our last Weekly Scoop email ever. We’ll have three days of daily scoop emails next week, and then we’re moving completely to the Scoops app!

We’re finalizing a Weekend Scoop feature for the app right now, and it’s pretty awesome. It’s a way better experience than this email. I can’t wait for you to see it.

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Here’s what you need to know this week:

The two things that caught my attention this week were how much investors care about President Trump’s cabinet picks and how much millennials keep falling deeper into a generational financial crisis.

Concerns about the disruptive impact of many of President Trump’s non-traditional cabinet picks have played a measurable role in tempering the enthusiasm for potential tax cuts and deregulation that kicked off the post-election stock market rally. Markets rose on Thursday after one of President Trump's most controversial cabinet picks dropped out under immense pressure from the Senate. Disruption can be good for many things, but investors hate uncertainty.

Are millennials cursed? Over the past week, a couple of new reports have highlighted steeper inequalities affecting this generation and pushing the American Dream further out of reach.

American’s home, auto, and credit card debt is at record highs, but overall, it’s as manageable as ever. According to the NY Fed, debt is low relative to income, and delinquencies are pretty low relative to history. Not for millennials, though. The number of people under 40 falling behind on their credit card and auto loan delinquencies is surging far faster than normal. The strain is growing clear. The good news? Wages are catching up to the elevated cost of living. Wages have grown faster than inflation over the past year, but there’s still a ways to go to make life more affordable.

Homeownership is a luxury now in America. A recent report from the National Association of Realtors depicted just how far out of reach it has become for young Americans to own a home. First-time homebuyers represented the smallest ever share of purchasers over the past year, while wealthy buyers paying in cash reached the highest proportion ever. The average age of a first-time homebuyer rose to 38 years old. That’s up from 35 just last year and 28 years old for our parents. More purchasers than ever are buying homes that fit multiple generations, nearly all for affordability issues around elderly care or adult children who moved back in or never left.

How do we build back the American Dream? Transparency, accountability, and financial literacy.

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