A new Deloitte report indicates that the net worth of the average American aged 18-35 has plummeted 34 percent since 1996.
This new report found that millennials are paying more for education, food, transportation, and other basic needs, while their income remained steady.
This age cohort’s average net worth is now under $8,000, putting them in a stickier financial shape than previous generations.
Deloitte researchers informed The Washington Post that the study’s revelations “debunk many conventional wisdoms about the new-age consumer.”
Deloitte chief retail officer Kasey Lobaugh said “The narrative out there is that millennials are ruining everything, from breakfast cereal to weddings, but what matters to consumers today isn’t much different than it was 50 years ago.”
Lobaugh added, “Generally speaking, there have not been dramatic changes in how consumers spend their money.”
The Washington Post reports that education costs increased by 65 percent in the past decade, beating every other category.
However, discretionary spending, which includes eating out and alcohol, constitutes 11 percent of total income. This rate is the same as a decade ago.
Further, the study uncovered that “only 20 percent of consumers were meaningfully better off in 2017 than they were in 2007, with precious little income left to spend on discretionary retail.”
Americans in the age bracket of 18 to 35 put off making large purchases like homes and cars because of financial pressure and unstable sources of income.
A 2017 study shows that roughly one-third of millennials still live with their parents and are delaying marriage until they are older.
Many of these trends are not coincidences.
Millennials do live in an American political system that is over-taxed and over-bureaucratized. As a result, many young professionals have taken their talents to the sunbelt which is a more affordable region filled with more work opportunities, thus making it easier to earn a living and start a family.
As the U.S. Elections Approaches, Thousands of Immigrants are Gaining U.S. Citizenship
America’s foreign voter base continues to grow ahead of the 2020 presidential election.
John Binder of Breitbart News noted that this is “adding a bloc of first-time foreign-born voters to the electorate.”
The last few months has seen delays in naturalization ceremonies thanks to the Wuhan virus pandemic. As of June, the United States Citizenship and Immigration Services (USCIS) agency restarted ceremonies, with 2,000 immigrants being naturalized according to a report published by Camila DeChalus on June 10.
Other immigrants, who were expected to receive citizenship in 2020, are now pressing legal action against the federal government.
Prior to the crisis, USICS was naturalizing immigrants to the tune of 60,000 monthly.
Binder broke down the overall legal migration numbers:
Legal immigration levels — where 1.2 million immigrants secure Green Cards and nearly a million obtain naturalized citizenship annually — has driven up the nation’s foreign-born voting population to record levels.
The Breitbart writer highlighted another demographic trend that is taking place across America:
In February, Pew Research Center revealed that for the first time since 1970, one-in-ten U.S. voters will have been born outside the country in the 2020 election. High legal immigration levels have also ensured that Hispanic voters will replace black Americans as the largest voting minority for the first time in U.S. history.
According to research from The Atlantic, the New York Times, and Axios, Democrats tend to benefit from an increased foreign-born population.
Binder gave an overview about what these foreign voter numbers look like:
The Atlantic‘s Ronald Brownstein reveals nearly 90 percent of House congressional districts with a foreign-born population above the national average are won by Democrats. This means every congressional district with a foreign-born population exceeding 14 percent has a 90 percent chance of electing Democrats and only a ten percent chance of electing a Republican.
Exit polling data indicated that Trump won 49 percent of native-born Americans’ votes, whereas Clinton won 45 percent of the vote. As far as foreign voters were concerned, Clinton trounced Trump by raking in 64 percent of the immigrant vote, while Trump got only 31 percent.
At the moment, the Binder points out that the “U.S. is on track to import about 15 million new foreign-born voters in the next two decades due to existing legal immigration levels.”
Those 15 million new foreign-born voters include about eight million who will arrive through chain migration, where newly naturalized citizens can bring an unlimited number of foreign relatives to the country.
The U.S. is undergoing a massive demographic transformation thanks to public policy.
In previous eras, migration waves would at least be contained by legislative pauses that allowed for assimilation.
But now, elites are content by keeping the illegal and legal migration gravy train going without any pause in sight.
Given immigrant voting trends, many freedoms such as the right to bear arms and free speech could be in jeopardy thanks to Democrats gaining a new voting bloc that will help them stay in power for a long time.
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