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AP: US Launches ‘virtual’ Embassy For Iran

From the article: “More than three decades after the bricks-and-mortar U.S. embassy in Tehran was shuttered and diplomatic relations with Iran were severed following the Islamic revolution and hostage crisis, the Obama administration has opened a virtual embassy for Iran to encourage dialogue with the Iranian people.”

Federal Reserve Board: Polarization, Immigration, Education: What’s Behind The Dramatic Decline in Youth Employment?

From the abstract: “This paper presents updated trends in teen employment and participation across multiple demographic characteristics, and argues that, in addition to immigration, occupational polarization in the U.S. adult labor market has resulted in increased competition for jobs that teens traditionally hold. Testing various supply and demand explanations for the decline since the mid-1980s, I find that demand factors can explain at least half of the decline unexplained by the business cycle, and that supply factors can explain much of the remaining decline.”

PewResearch: Old Prosper Relative to Young With 47:1 Age-Based Wealth Gap

According to the report: “As a result of these divergent trends, in 2009 the typical household headed by the older adult had $170,494 in net worth, compared with just $3,662 for the typical household headed by the younger adult. People generally accumulate wealth as they age, so it is not unusual to find large age-based gaps on this measure. However, the current gap is unprecedented. In 1984, the age-based wealth gap had been 10:1. By 2009, it had ballooned to 47:1.”

TPMIdeaLab: FTC To Monitor Google’s Privacy Practices For Next 20 Years

From the article: “The U.S. Federal Trade Commission on Monday finalized a landmark settlement with Google in which the company has agreed to be audited for its privacy practices for the next 20 years … The commission charged that Google engaged in unfair and deceptive practices in 2010 when it launched Google Buzz by leading users of its Gmail system to believe that they could easily opt-out of the social network. The controls that would enable them to do that were ineffective, the FTC charged at the time. Also the tools that Google created to enable users to limit the sharing of users’ personal information were confusing and difficult to find, the agency alleged.”

AP: Census Data Shows Recession Takes Big Toll on Young Adults

From the article: “Young adults are the recession’s lost generation. In record numbers, they’re struggling to find work, shunning long-distance moves to live with mom and dad, delaying marriage and raising kids out of wedlock, if they’re becoming parents at all. The unemployment rate for them is the highest since World War II, and they risk living in poverty more than others – nearly 1 in 5.”

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