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.
Leftists are Having a Meltdown Over Trump Potentially Winning Minnesota
Joshua Klein of Breitbart News reported on a leaked document that the conservative outlet obtained revealing a plan by radical leftist organizations to stoke up unrest in Minnesota after a potential Trump victory.
The group is gearing up for post-election disturbances and is planning to carry out “strategic disruption” on a large scale.
TakeAction Minnesota is leading the charge and is calling for leftists to get out on the streets according to a confidential document being passed around the group’s leadership. The document serves as an instruction manual for what leftists should do out on the streets in the next week.
“We believe that regardless of the strength of the Minnesota election system, mass mobilization will and must happen in Minnesota to defend democracy,” the leaked document stated.
“We expect that this mobilization will create space and opportunity for unrest, primarily in Minneapolis. In this context, the situation could rapidly spiral beyond control depending on the nature of the unrest and the State’s reaction.”
The group alluded to the right-wing, in addition to the Minneapolis Police Department (MPD), as potential actors who will incite or facilitate violence. In light of these facts, Minnesota leftist organizations must be ready for unrest according to the document’s advice.
“The possibility of right-wing violence is real, as is the possibility of MPD inciting or enabling violence,” the document declared. Further, it contended that the MPD is “either disengaged or instigating tension” since the “uprising” that kicked off in the aftermath of George Floyd.
TakeAction Minnesota was heavily involved in the mass movement after the death of George Floyd. They were one of the most vocal groups calling for the abolition of MPD and became a leader in the national push to “defund the police.” After the group made enough noise, a veto-proof majority of the Minneapolis City Council promised to dissolve the Police Department, while vowing to replace it with a new system of public safety.
Leftist groups in Minneapolis expect a wide range of possibilities on November 3 — unclear results, Trump refusing to accept the results, or a suspected case of election interference in the chance that Trump wins.
The document cites an alleged rise in “white nationalist organization and activity” which has generated “multiple nights of infiltrator terror that targeted Black and brown business corridors and nearby neighborhoods” during “the most recent uprisings.”
“It is possible Black churches may also become a target. St. Cloud and Duluth are also two cities to keep in mind given their proximity to large white nationalist geographies and demographic and ideological make-up,” the document cautioned. “Additionally, we know of white nationalist infiltration and organization at Greater Minnesota universities.”
One section titled “Theory of What Will Happen,” ends up predicting a contested election in Minnesota and other states. This section outlines the groups’ role to “support efforts by the State (led by the Governor, Attorney General and Secretary of State) to resolve the contest rapidly and to prevent right-wing vigilantes, with or without the support of local officials, from interfering with the certification of Minnesota’s electors by the ‘safe harbor’ date [December 8, the last day for states to resolve contested election results]” and “to prevent illegitimate Federal efforts to intervene on behalf of local right-wing groups.”
Should other states have disputed elections, the leftist organizations have vowed a swift response.
“Knowing that there may be energy to join nearby mass mobilizations, we may choose to host actions here to diminish the amount of out-of-state actors activating in that contest,” the document read. “For contests farther away, we will work to maintain public demand as asked to support their work and coordinated via national infrastructure.”
Election Day is quickly coming and Minnesota will be a key battleground state for people to watch. Trump barely lost it by 45,000 votes and as of now Biden is ahead by 48.0 to 43.3 on RealClearPolitics. Win or lose, Minnesota will remain a crucial state for a newly re-aligned GOP’s electoral strategy.
Trump must continue hammering away at his pro-law & order to ensure victory in this state and coast on to a resounding victory in the General Election.
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