Latest news with #MiddleClass
Washington Post
11 hours ago
- Politics
- Washington Post
Ignore New York. Democrats are voting for strong candidates.
James Carville and Stanley B. Greenberg are co-founders of Democratic pollster Democracy Corps and co-authors of 'It's the Middle Class, Stupid!' Zohran Mamdani's expected victory in the Democratic primary for mayor of New York City is sure to advance the conventional wisdom that the Democratic Party faces two very difficult years ahead.
Telegraph
2 days ago
- Business
- Telegraph
New York's surging new Leftist tide is a chilling warning to the West
A red anti-Israel activist as next mayor of New York? In the cradle of capitalism and the largest diaspora city in the world? It may still be unlikely but the meteoric rise of New York assemblyman, 33-year-old Zohran Mamdani, tells us much about the potential of the redistributionist Left not only in America but across the West. Many pundits, both Right and Left, express dismay about the surge of Right-wing populists, not only in America but across much of Europe and, now, under Nigel Farage, in the UK as well. Yet rather than a powerful, inexorable shift to the Right, we could just as likely be at the beginning of a new surging red tide. To be sure, as long as the Left clings to issues like transgender sports, slavery reparations, racial quotas and the defunding of police support, the Right seems likely to prevail. But in a host of key economic and demographic areas, we could see a shift not to the mild Clinton or Blair centre-Left, but to something far more radical, and openly anti-capitalist. The reason for this shift lies in economics. Even as neo-liberalism has delivered brilliantly for the elite classes, and the highly educated middle classes, it has never worked well for the aspirations of most middle and working class Westerners. Across the 36 wealthier countries of the Organisation for Economic Cooperation and Development (OECD), the middle class 'looks increasingly like a boat in rocky waters', according to a report by that organisation. Critically, home ownership, the ultimate symbol of middle class respectability, is fading out of sight for many. In the United States, the chance of middle-class earners moving up to the top rungs of the earnings ladder has dropped by approximately 20 per cent since the early 1980s, while life expectancy in the US has been declining. So even as the vast majority of Americans reject the Left's cultural agenda, they also, by roughly four-to-one, favour higher taxes on the rich and government-imposed reductions on drug prices. Indeed a strong majority of people in 28 countries, according to an Edelman survey, believe capitalism does more harm than good. More than four in five worry about job losses, most particularly from automation. Inequality and general fear of downward mobility naturally lead to a rise in support for expanded government and greater re-distribution of wealth. Current economic changes, notably artificial intelligence, seem likely to boost the ranks of the downwardly mobile educated classes. In the US, some 40 per cent of recent graduates are underemployed, working in jobs where their college credentials are essentially worthless. In the UK, roughly a third of young people doubt that they will reach their career goals. In the US, close to half of adults under 30 still live with their parents. Low unemployment numbers hide the growing percentage of young working class people who now remain outside the labour pool entirely. In Europe, up to a fifth of the population under 30 is neither in school or a job, most resoundingly in Italy, the EU's third largest economy. In the UK, one out of seven aged under 25 is on the economic sidelines, the highest level in a decade. This younger, economically marginalised new proletariat – sometimes called the precariat – constitutes the base of Mamdani's drive. His positions resonate here, notably frozen apartment rents, free buses and childcare – all paid by a rise in taxes on the wealthy. New York may be the most alluring city in America for the wealthy with elite degrees, but it faces very high levels of inequality. Job growth has been weak and concentrated in low wage sectors like hospitality and tourism. And as incomes for most stagnate, housing costs have not done the same, rising to record levels this year. But rising proletarianisation is not just a New York phenomenon. Radical redistributionism describes the policies of one potential future Democratic presidential candidate, Alexandria Ocasio-Cortez (AOC). AOC, a House representative, is also the person cited as the true face of the Democratic Party in some polling. Ocasio-Cortez, also considering a run to dethrone Charles Schumer, the Senate Minority Leader, recently endorsed Mamdani, with whom she shares not only a political base but radical economic, anti-Israel and extreme green views. The other beacon for the new Left lies in California. Home to the most billionaires as well as the highest levels of poverty in the nation, the Golden State has become a field of dreams for socialist groups like the Democratic Socialists of America. This openly Marxist group now has several seats on the LA City Council and seems on the verge of becoming a dominant force in California's largest city. Due to its more proletarian population, LA has replaced more prosperous and professional San Francisco as the centre of California economic radicalism. Similar phenomena can be seen in Europe, where an alliance of Leftist activists and Muslims made Trotskyite Jean-Luc Melenchon a favourite among younger voters. German working class voters have embraced the hard-right AfD, with almost 40 per cent, but also Die Linke, which is thought to have won a quarter of the youth votes in the latest elections, more than the Social Democrats and Greens combined. Others embraced the Sahra Wagenknecht Alliance, which mixes socialism with a strong anti-immigrant twist. In the end, New York will likely not elect Mamdani, in large part due to fear of crime, economic dislocation, as well as the opposition of the city's still large Jewish population, roughly one in seven Gothamites. But Mamdani is only in his early 30s, and his rise suggests the potency of a coalition of young people, immigrants, and lower wage workers favourable to the radical redistribution of wealth and stomping out capitalism. Unless proponents of capitalism awaken to these dangers, and address these concerns, the Left may yet rise again to the shock and consternation of those who so blithely celebrate its current demise.
Yahoo
10-05-2025
- Business
- Yahoo
A 32-Year-Old Husband Wonders If Homeownership Is Filled With Regrets: 'We See A Lot Of Our Friends And Family Starting To Buy Homes'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Buying a home is a core part of living the American Dream. However, homeownership doesn't guarantee that you have made it. Buying a home can create a host of new problems, and one Redditor wanted clarity. A 32-year-old husband posted in the Middle Class Finance subreddit hoping to discover if buying a home is the right move. The couple has two young kids and lives in an area with a very high cost of living. "We see a lot of our friends and family starting to buy homes," the husband stated. Don't Miss: Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The couple's friends and family have been moving to areas with lower living costs, but is that the right move for them? Redditors debated the value of buying a house vs. renting, but some of the top comments seemed to side with renting. The Reddit post is filled with comments where people discuss buying vs. renting, but the top comment came from someone who told the husband not to compare himself with others. While avoiding comparisons is always a good idea, it's especially true for big financial decisions like homeownership. What's good for the couple's family and friends may not be good for them. Some people buy homes when they want to raise families. The couple has two children, but that doesn't mean they have to stop renting. The children may like the area, and if it works for the couple's finances, then they may want to stay put. Trending: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. If the couple's needs change in a significant way, then homeownership may be the proper route. However, the top commenter's reply resonated with many in the community because it felt like the husband was looking at his family and friends when assessing if buying a home was worth it. One of the biggest benefits of owning a home is that you can build equity with each monthly mortgage payment. You can eventually become debt-free and pay a lot less for your property than a lifelong renter. However, most people in the Middle Class Finance community shared the downsides of owning a home. When you buy a home, you are committed to one location, which offers a lot less flexibility. In addition, you become responsible for maintaining your home, and that comes with additional expenses and effort. It's much easier to move out of an apartment than it is to sell a home and buy another home. Renting is more convenient while owning a home allows you to build commenter took issue with the notion that renting is the equivalent of throwing money away. "I'll never understand people screaming here renting is throwing away money. Do they not realize it's either index funds or home value appreciation? Except with index funds, I don't have [to] waste time and stress dealing with broken toilets or fences," the commenter stated. While the rent payments can be going toward mortgage payments, you also don't have to worry about a down payment. Instead of saving a lot of money for a down payment, renters can put the money into the stock market and watch their money compound. Homeowners don't have the same flexibility with a down payment. Their house can gain value over time, but it is riskier from an investment standpoint to put all of your money into a house instead of diversifying into an index fund. Read Next: Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — Don't repeat history— This Jeff Bezos-backed startup will allow you to . Image: Shutterstock Send To MSN: 0 This article A 32-Year-Old Husband Wonders If Homeownership Is Filled With Regrets: 'We See A Lot Of Our Friends And Family Starting To Buy Homes' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
