The U-bend of life | Fast-Rising Credit Card Losses Post-Financial Crisis | The Grandparent Era Dawns | China's Nuclear Dominance vs. U.S. Comeback Efforts

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The U-bend of life - The Economist

This article is part of our Summer reads series. Visit the full collection for book lists, guest essays and more seasonal distractions. ASK people how they feel about getting older, and they will probably reply in the same vein as Maurice Chevalier: “Old age isn't so bad when you consider the alternative.” Stiffening joints, weakening muscles, fading eyesight and the clouding of memory, coupled with the modern world's careless contempt for the old, seem a fearful prospect—better than death, perhaps, but not much. Yet mankind is wrong to dread ageing. Life is not a long slow decline from sunlit uplands towards the valley of death. It is, rather, a U-bend.

When people start out on adult life, they are, on average, pretty cheerful. Things go downhill from youth to middle age until they reach a nadir commonly known as the mid-life crisis. So far, so familiar. The surprising part happens after that. Although as people move towards old age they lose things they treasure—vitality, mental sharpness and looks—they also gain what people spend their lives pursuing: happiness.

This curious finding has emerged from a new branch of economics that seeks a more satisfactory measure than money of human well-being. Conventional economics uses money as a proxy for utility—the dismal way in which the discipline talks about happiness. But some economists, unconvinced that there is a direct relationship between money and well-being, have decided to go to the nub of the matter and measure happiness itself.

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Credit card losses are rising at the fastest pace since the Great Financial Crisis - CNBC

Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs.

Credit card losses bottomed in September 2021, and while initial increases were likely reversals from stimulus, they have been rapidly rising since the first quarter of 2022. Since that time, it's an increasing rate of losses only seen in recent history during the recession of 2008.

Losses currently stand at 3.63%, up 1.5 percentage points from the bottom, and Goldman sees them rising another 1.3 percentage points to 4.93%. This comes at a time when Americans owe more than $1 trillion on credit cards, a record high, according to the Federal Reserve Bank of New York.

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The age of the grandparent has arrived - The Economist

The most saccharine song of 1980 was “There’s No One Quite Like Grandma”, performed by the St Winifred’s School choir from Stockport, England. It shot to the top of the British charts as kids everywhere gave it to granny for Christmas. “Grandma, we love you,” they sang. “Grandma, we do. Though you may be far away, we think of you.”

Today, as the once-cherubic choristers start to become grandmas and grandpas themselves, grandparenting has changed dramatically. Two big demographic trends are making nana and gramps more important. First, people are living longer. Global life expectancy has risen from 51 to 72 since 1960. Second, families are shrinking. Over the same period, the number of babies a woman can expect to have in her lifetime has fallen by half, from 5 to 2.4. That means the ratio of living grandparents to children is steadily rising.

Surprisingly little research has been done into this. The Economist could not find reliable figures for how many living grandparents there are, so we asked Diego Alburez-Gutiérrez of the Max Planck Institute for Demographic Research in Germany to produce some estimates by crunching UN age and population data with models of kinship structures in each country.

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How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback - CNBC

China has 21 nuclear reactors under construction which will have a capacity for generating more than 21 gigawatts of electricity, according to the International Atomic Energy Agency. That is two and a half times more nuclear reactors under construction than any other country.

India has the second largest nuclear buildout right now, with eight reactors under construction that will be able to generate more than six gigawatts of electricity. Third place Turkey has four nuclear reactors under construction with a presumed capacity of 4.5 gigawatts.

The United States currently has one nuclear reactor under construction, the fourth reactor at the Vogtle power plant in Georgia, which will be able to generate just over 1 gigawatt. (For the sake of comparison, a gigawatt is about enough to power a mid-sized city.)

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