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/
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
...
The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
