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How living in your mom’s basement has replaced the American dream

US college graduates cannot afford the glorious consumerism that has come to define the nation

Once upon a time, achieving the American dream required a bit of consumerism, like owning a home and an automobile. Today, however, an increasing number of youth, confronted as they are with deep economic uncertainty, have stepped back from chasing the seductive illusion.

In what has become something of an American rite of passage, millions of young people each year leave the family nest and head off for university, which is typically followed by starting a career and family of their own. Yet the decades-old tradition has suffered a setback of late as many graduates are scampering back home once they get a taste of the harsh economic realities beyond the sheltered college campus, like affording their own home or apartment.

Not since the aftermath of the Great Depression has the US witnessed anything like it: 45% of all Americans ages 18 to 29 – about 23 million young men and women – are still living with their parents, according to a survey conducted by Harris Polls on behalf of Bloomberg News.

The newfound preference for life in the familial basement is no surprise considering that mortgage rates currently stand at a 22-year high (7.23% on a 30-year fixed-rate mortgage), while house prices have gone through the proverbial roof. For the second quarter of 2023, the average sales price of homes sold in the United States was $495,100, just $60,000 below the record average price set at the end of 2022. Since the beginning of 2019, the cost of buying a home has risen by more than a hundred thousand dollars. Not surprisingly, mortgage demand has recently sunk to a 28-year low, with applications down 44% from last year.....more below
https://www.rt.com/news/585391-us-college-lack-consumer-income/

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Chinese President Xi Jinping said Tuesday that China and Central Asian countries have explored and formed the China-Central Asia Spirit, which features mutual respect, mutual trust, mutual benefit, mutual assistance, and the pursuit of common modernization through high-quality development.

Xi made the remarks in his speech at the second China-Central Asia Summit in the Kazakh capital of Astana.

Xi said that the Chinese side has decided to establish three cooperation centers and a trade facilitation platform within the China-Central Asia cooperation mechanism.

When addressing the summit, Xi said these institutions include the China-Central Asia poverty reduction cooperation center, the China-Central Asia education exchange cooperation center, the China-Central Asia desertification control cooperation center, as well as the China-Central Asia trade facilitation cooperation....more below

https://www.globaltimes.cn/page/202506/1336391.shtml

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