Friday, December 23, 2016

Harvard professor says there are 'grave concerns' about Donald Trump's mental stability - Independent


'An apparent inability to distinguish between fantasy and reality leads us to question his fitness for the immense responsibilities of the office'
Three leading professors of psychiatry have written to Barack Obama to express their “grave concern” over Donald Trump’s mental stability.
In the letter addressed to the US president, doctors from Harvard Medical School and the University of California have urged him to order a “full medical and neuropsychiatric evaluation” before the President-elect takes office in January.
The group said it could not speculate on a diagnosis, but Mr Trump’s “grandiosity, impulsivity, hypersensitivity to criticism” led them to believe he was unfit for office.
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“Professional standards do not permit us to venture a diagnosis for a public figure whom we have not evaluated personally,” the letter signed by Judith Herman, Nanette Gartrell and Dee Mosbacher, and published by the Huffington Post, reads.
“Nevertheless, his widely reported symptoms of mental instability — including grandiosity, impulsivity, hypersensitivity to slights or criticism, and an apparent inability to distinguish between fantasy and reality — lead us to question his fitness for the immense responsibilities of the office.”
In August, President Obama questioned Mr Trump's judgement and temperament and called him “unfit to serve as president.”
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“I said so last week and he keeps on proving it. The notion that he would attack a Gold Star family that had made such extraordinary sacrifices on behalf of our country, the fact that he doesn’t appear to have basic knowledge around critical issues in Europe, in the Middle East, in Asia means that he’s woefully unprepared to do this job,” he said.
“There has to come a point at which you say somebody who makes those kinds of statements doesn’t have the judgment, the temperament, the understanding to occupy the most powerful position in the world because a lot of people depend on the White House getting stuff right.”
According to the American Psychiatric Association (APA), there are nine criteria for “Narcissistic Personality Disorder” - with a diagnosis being offered if an individual has five or more of the listed qualities.
The APA summarise the condition as: “A pervasive pattern of grandiosity (in fantasy or behavior), need for admiration, and lack of empathy, beginning by early adulthood and present in a variety of contexts.”
This is not the first time mental health professionals have weighed in on Mr Trump’s suitability for office.
In June, Atlantic published a psychologist’s findings that Mr Trump suffered from "narcissism, disagreeableness, grandiosity".
Mr Trump's well-documented "no-holds-barred" approach to the US presidency has led many to question his diplomatic suitability.
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The real-estate mogul regularly takes to Twitter to post provocative statements aimed at his rivals, often breaking with long-established foreign policy protocol.
On Saturday, he accused China of “stealing” in a tweet that caused an immediate backlash from Beijing.
Initially misspelling "unprecedented," Mr Trump tweeted: "China steals United States Navy research drone in international waters - rips it out of water and takes it to China in unpresidented act."
He later deleted and then reposted the tweet to correct the spelling.
China steals United States Navy research drone in international waters - rips it out of water and takes it to China in unprecedented act.
— Donald J. Trump (@realDonaldTrump) December 17, 2016
In response, China accused Washington of "hyping up" the issue.
APA protocol means medical professionals should not diagnose individuals they have not personally treated.
The so-called "Goldwater Rule" was brought in after Barry Goldwater, a Republican presidential candidate in the 1960’s sued Fact magazine for libel after it asked 12,000 psychiatrists whether he was “psychologically fit” to be president - 1,189 answered “no”.

Why Millennials Need to Save Twice as Much as Boomers Did - TIME


Posted: 21 Dec 2016 07:47 AM PST

Don’t be fooled by the stock market’s recent gains—or even its long impressive recovery from the financial crisis. We have been in a low-return environment since the Internet bubble popped at the turn of the century, and there is little reason to believe that will change anytime soon.
Retirement savers cannot count on the markets to do the heavy lifting for them. They must save more—a lot more, according to a report from BlackRock, an asset manager. The old rule was saving 10% to 15% of pay. But Millennials will need to save 25% of pay for 40 years to get the same result that was available to boomers saving half that much, BlackRock concludes.

“Our hope is that people take action now to get the benefit of compounding over time,” says Anne Ackerley, head of BlackRock’s U.S. and Canada defined contribution group. The BlackRock estimate echoes an analysis from Nerdwallet that found Millennials must save 22% of pay to afford a comfortable retirement.
These are big numbers. Young workers currently save about 6% of pay. Taking that up to 22% to 25%, including an employer match, is probably out of the question in the near future. Young people tend to have outsized housing costs and many student loans.
That’s okay, Ackerley says. The 25% isn’t set in stone; it’s just a math result that came from looking at past results and estimating future returns. These lofty required savings rates also spring from an assumption that there will be no Social Security, which probably is not the case. Still, the point is a good one: boomers lived through an unusually robust period for market gains that likely will not recur during Millennials’ saving years. Young adults need to save twice as much to get a similar result.
If you have a short memory you may wonder what the heck Blackrock is taking about. The Standard & Poor’s 500 is up 6% since the election and has more than tripled from the financial crisis low. But since the end of a long bull market in 2000 the S&P 500 including dividends is up just an average annual 4.3%, or 2.2% after inflation. BlackRock foresees those kinds of average returns as far as the eye can see.
Why? The working-age population is slowing in the developed world, which leads to less demand for things, BlackRock found. Economies around the world are slowing, which weighs on corporate profits. And technology is disrupting established industries, slowing expenditures on equipment, labor, real estate and tangible assets.
Since 1978, when boomers first started investing in 401(k) plans, a mix of 60% stocks and 40% bonds has risen 6.3% a year—a favorable period that allowed boomers who bothered to start saving (many did not) a golden opportunity to prepare for retirement. The 90-year average annual return has been just 5.1%, pointing up the favorable environment boomers enjoyed.
Here’s what young adults are up against: BlackRock estimates average annual portfolio growth of just 2.9% going forward. Inflation will also be lower, but not nearly low enough to offset the difficulty of building a nest egg in such an environment. One percentage point of additional returns each year would translate into 25% more total savings over 40 years for a typical Millennial, the firm found. A nest egg would be 58% larger at age 65 with an additional 2 percentage points of yearly return.
The projections underscore the need for young people to start saving early, take some risk with stocks, and escalate contributions every year until they are saving at least 15% of pay. Planning to work longer is also a good idea but isn’t always possible.
The findings also put pressure on plan administrators to make saving simpler to understand and more difficult for workers to avoid. Among plan changes BlackRock suggests: higher default rates for employee contributions, requiring employees to contribute more to get the full match, auto enrolling older workers in “catch-up” programs that allow them to save more tax deferred, and making loans and early withdrawals more difficult.