CP NewsAlert: Pope Francis leaves Edmonton church

WASHINGTON (AP) — Bolstered by steady gains in the stock market, families headed by someone aged 75 or older are now America's wealthiest, while the youngest families saw their wealth decline in the past three years, a government report released Friday said.

The finding from the Federal Reserve's Survey of Consumer Finances underscores how robust stock market gains have made wealthier American families even richer since the survey, conducted every three years, was last completed in 2022. The median net worth of the richest one-tenth of American families soared 31% to $3.6 million from 2022 to 2025, the survey found. The median is the midpoint between the richest and poorest families.

For the oldest families aged 75 and over, median net worth jumped to nearly $505,000, up from just over $367,000 in 2022. Three years ago, families aged 65 to 74 were the richest. All the figures are adjusted for inflation.

Average wealth for the oldest age group rose 10% to $1.96 million. The higher average, compared with the median, reflects the fact that wealthier Americans pulled up the average relative to the median.

The powers that be in Winnipeg have pushed for cheap property taxes for decades. As a result, the city doesn’t have enough money to balance the books, let alone maintain infrastructure, deliver services and respond to challenges like homelessness and the toxic drug crisis.

Winnipeg’s fiscal problem stems from decades of keeping property-tax increases below inflation and relying on inadequate revenues to fund a growing city. The result? Today, Winnipeg spends less money per person on city services than it did in 2001.

A look at the books at city hall is stark. Winnipeg has run a deficit almost every year since the COVID-19 pandemic because of climate-change-driven heavy ice and snowstorms, higher fuel costs and increased policing overtime. During this time, city council tried to cut and freeze public service spending where it could; as a result, community services have been cut to the bone.

Departments responsible for what makes a city a good place to live have been squeezed. Since 1999, community services — responsible for libraries, recreation, swimming lessons and aspects of Winnipeg’s poverty-reduction work — has 149 fewer staff positions, an 18 per cent reduction, even as the city’s population has grown 35 per cent, or by 220,000 people.