For most young people, the ever-increasing costs of housing, food, healthcare, child care and more are unsustainable. According to new poll According to Rasmussen Reports and The Heartland Institute, nearly three in four likely voters under age 39 believe housing costs are at “crisis levels,” and only 22 percent believe their economic future will be better than that of their parents.
It's a startling statistic that shows just how deep the sense of economic hopelessness is among millions of young Americans.
In some places, such as New York and Seattle, young voters have recently elected socialist mayors to address the cost of living crisis that is particularly acute in these urban enclaves. Unfortunately, as history has shown time and time again, socialist policies will make the situation worse, not better.
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It is important to remember that the United States is not a monolithic economy. Thanks to the principle of federalism, it is more accurate to say that there are 50 micro-economies in the United States.
For example, the economic landscape in California is very different from Florida.
If you compare apples to apples, living in the Sunshine State is much more affordable than living in the Golden State.
Overall the cost of living in Florida is about 15 percent cheaper than California.. In particular, restaurant food – by 5.7 percent less, groceries – by 7.7 percent, transport – by 14.1 percent, housing – by 12.9 percent, child care – by 39.4 percent, entertainment and sports – by 20.8 percent, clothing – by 4.8 percent.
How about New York and Texas? The cost of living in the Lone Star State is 12.6 percent lower than the Empire State. In Texas, restaurant meals cost 1.6 percent less, groceries cost 18.7 percent less, transportation cost 15.4 percent less, housing cost 7.4 percent less, child care cost 26.9 percent less, and entertainment and sports cost 20.2 percent less.
cost of living New Jersey is 16.5 percent more expensive than Tennessee. If you choose to live in Virginia, you pay 20.9 percent higher cost of living than in South Dakota. Essential items are 10.9 percent more expensive in Massachusetts than in Wyoming.
No matter how you slice it, red states tend to be more affordable than blue states, strictly in terms of cost of living. But that's only part of the story.
In blue states like California, New York, New Jersey and many others, residents pay high income tax rates.
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California's top marginal income tax rate is 13.3 percent. In New York it is 10.9 percent. In New Jersey it is 10.75 percent.
On the other hand, red states such as Florida, South Dakota, Texas, Tennessee and Wyoming have no state income tax. This is a huge benefit to the residents of these states, who do not pay a penny in state income taxes.
If you earn $100,000 in California, your income after taxes is: $73,409. In New York it's $73,784. In Oregon, it's only $70,540.
In states with no income tax, such as Florida, South Dakota, Texas, Tennessee or Wyoming, your after-tax income is nearly $5,000 higher ($78,736).
Finally, the cost of energy in terms of electricity And petrol tends to be significantly higher in blue states.
In Florida, the average cost of a gallon of gasoline is $2.92. In Texas it's only $2.68. In California it's $4.66. In Illinois it's $3.24.
While not everyone can instantly move to another state, it's certainly an idea worth exploring.
With remote work a viable option for many young people, the need to live close to an employer is no longer a requirement. IN 2024More than 25 percent of workers aged 25-54 worked remotely, including 43.6 percent with advanced degrees.
So, if you live in an expensive blue state and want a more affordable lifestyle, don't vote for a stupid socialist. Just go to a red state and laugh all the way to the bank.
Chris Talgo ([email protected]) is the editorial director of The Heartland Institute.
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