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.
Merrick Garland Suggests that Getting Rid of Lawsuit Protections is Not a Second Amendment Violation
Garland as AG will be a disaster for the right to bear arms.
If Merrick Garland is nominated as Attorney General, the Second Amendment is in big trouble.
Based on his comments at a Senate hearing on February 22, 2021, Garland made a suggestion that the repeal of lawsuit protections for gun manufacturers is not unconstitutional.
AWR Hawkins of Breitbart News reminded his readers that President Joe Biden campaigned on a platform of repealing the Protection of Lawful Commerce in Arms Act (PLCAA), which shielded lawful gun manufacturers from lawsuits.
In a previous Breitbart News report, Biden spoke at an MSNBC forum in 2019 alongside gun control organizations such as March for Our Lives where he expressed his support for gun manufacturers to be subject to lawsuits.
At the speech, Biden suggested that the PLCC be repealed. He declared, “No other outfit in history has gotten this kind of protection” and asserted that the legal actions would bring about “change overnight.”
In a subsequent occasion on February 7, 2020, Breitbart News covered Biden’s remarks to a New Hampshire crowd, in which he stated that it was a “mistake” to shield firearms manufacturers from lawsuits. He continued, “The first thing I’m going to do as president is work to get rid of that.”
Later that month, Breitbart News recalled how Biden called out gun manufacturers at a South Carolina rally and boasted, “I’m going to take you down.”
According to a report by The Salt Lake Tribune, Utah Senator Mike Lee asked Garland about his views on removing protections for gun manufacturers. Garland responded, “I have not thought myself deeply about this. I don’t think it raises a Second Amendment issue.”
When he was questioned if he is in favor of Biden’s plans to ban so-called “assault weapons”, Garland responded, “Where there is room under the law for the president’s policies to be pursued, then I think the president is entitled to pursue them.”
Biden’s track record as a gun control proponent is well-documented. From his support of gun-free zones at schools to the 1994 Assault Weapons Ban, Biden is Gun Control Inc.’s guy. With Democrats in control of the House and the Senate, there will most certainly be attempts to ram gun control down our throats. If they can’t beat us legislatively, they will most certainly use the courts to undermine the Second Amendment. Pro-gun organizations should be ready to lawyer up and use whatever means possible to keep courts from destroying our rights.
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