Morning Call: pick of the papers

The ten must-read comment pieces from this morning's papers.

1. Will Mitt Romney's defeat force a Tory party rethink? No chance (Guardian)
Many Conservative MPs can see what's going wrong for the party, but their prescriptions are all for more of the same, writes Polly Toynbee.

2. A good day for David Cameron, but a rout for the Tory Right’s vision (Telegraph)
David Cameron and George Osborne must learn from Mitt Romney’s defeat and rethink Conservative election strategy for 2015, writes Peter Oborne.

3. Our dangerous illusion of tech progress (Financial Times) (£)
The actual landscape around us is almost identical to the 1960s. Our ability to do basic things such as protect ourselves from earthquakes and hurricanes, to travel and to extend our lifespans is barely increasing, write Garry Kasparov and Peter Thiel.

4. The venerable FT is too valuable to sell off (Times) (£)
The market isn’t infallible. The sale of certain businesses is against the national interest, writes William Rees-Mogg.

5. There's a chance of a deal with Iran. Is a re-elected President Obama brave enough to seize it? (Independent)
Ahmadinejad's regime is worried, and not just about the currency crisis, writes Adrian Hamilton.

6. World crowds in on Obama’s second term (Financial Times) (£)
Mr Obama’s re-election has changed the dynamics of American politics, writes Philip Stephens.

7. The Greek books are still being cooked (Telegraph)
This week saw yet more austerity measures voted by the Greek parliament for yet another bail-out that won’t be repaid, writes Jeremy Warner

8. Jordan: threatened by the drama next door (Guardian)
As long as King Abdullah's regime continues to block genuine reform its ability to resist contagion from Syria's turmoil will weaken, writes David Hirst

9. Not long a bishop? Perfectly qualified then (Times) (£)
Justin Welby has had success in non-churchy experience, so the real world is not alien to him, writes Diarmaid MacCulloch.

10. Drop this Great British fetish with childhood (Independent)
For all the outcry over deviant stars, most abuse is committed by someone known to the child, writes Mary Dejevsky.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”