Youth Find Themselves Indebted by the Obama Economy

May 11, 2012

After Three Years of Failed Democrat Policies, America’s Youngest Voters Face a Horrific Job Market, Mountains of Debt and Bleak Prospects

A new study out from Rutgers University shows young voters are pessimistic about the future and suffering under a crushing debt burden and limited job opportunities in the Obama economy.
Recent surveys on youth unemployment confirm these trends with Gallup numbers out this week showing that a shocking one-in-three young adults under 30 are underemployed.
Despite these and other sobering facts, Democrats stubbornly refuse to abandon failed policies even though America’s youth are suffering the consequences.

A new study out from Rutgers University shows young voters are pessimistic about the future and suffering under a crushing debt burden and limited job opportunities in the Obama economy:

RUTGERS STUDY: ONLY HALF OF COLLEGE GRADS BETWEEN 2006 AND 2011 ARE EMPLOYED; MAJORITY STARTING WITH LESS PAY THAN EXPECTED DESPITE HUGE STUDENT DEBT: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

NEARLY 60% THINK “THEY’LL END UP LESS FINANCIALLY SUCCESSFUL THAN THEIR ELDERS”: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

COLLEGE GRADS IN THE OBAMA ERA MAKE $3K LESS THAN GRADUATES BEFORE: Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

40% OF RECENT COLLEGE GRADS TOOK WORK “JUST TO GET BY”: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

WAR ON WOMEN? FEMALE GRADS EARNED LESS $2K LESS THAN MEN:(Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

IN THE OBAMA ECONOMY, MANY EMPLOYERS CAN’T AFFORD TO OFFER NEW EMPLOYEES HEALTH BENEFITS: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

40% OF OBAMA-ERA COLLEGE GRADS HAVE BEEN UNABLE TO BEGIN PAYING OFF STUDENT LOANS: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

A THIRD OF RECENT COLLEGE GRADS LIVE AT HOME: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

25% RELY ON FAMILY FOR FOOD AND HEALTHCARE EXPENSES: (Tiffany Hsu, “Half of College Grads Working Full Time, With Less Pay, Deep Debt,” Los Angeles Times, 5/10/2012)

Recent surveys on youth unemployment confirm these trends with Gallup numbers out this week showing that a shocking one-in-three young adults under 30 are underemployed:

GALLUP: ONE IN THREE YOUNG WORKERS ARE UNDEREMPLOYED: (Dennis Jacobe, “One in Three Young U.S. Workers Are Underemployed,” Gallup, 5/9/2012)

MORE: 13.6% OF YOUTH ARE UNEMPLOYED: (Dennis Jacobe, “One in Three Young U.S. Workers Are Underemployed,” Gallup, 5/9/2012)

18.4% WORKING PART-TIME BUT WANT FULL-TIME WORK: (Dennis Jacobe, “One in Three Young U.S. Workers Are Underemployed,” Gallup, 5/9/2012)

Despite these and other sobering facts, Democrats stubbornly refuse to abandon failed policies even though America’s youth are suffering the consequences:

DEBT BURDEN LOOMS FOR YOUTH: “Two-thirds of students from the class of 2010, the latest figures available, graduated with student loans, with an average tab of $25,250—up 5% from the previous year—according to The Institute for College Access & Success, an independent group that promotes higher education affordability.” (Lauren Weber and Melissa Korn, “For Most Graduates, Grueling Job Hunt Awaits,” The Wall Street Journal, 5/7/2012)

COLLEGE-EDUCATED YOUNG ADULTS EARN 6-8% LESS THAN THEY DID IN 2000: “According to the Economic Policy Institute, a left-leaning think tank, entry-level, college-educated men age 23-29 earned an average $21.68 an hour in 2011, a 7.6% decline from 2000. For women, the corresponding figure fell 6%, to $18.80. Men and women both now earn just a bit more than they did in 1989, when measured in 2011 dollars.” (Lauren Weber and Melissa Korn, “For Most Graduates, Grueling Job Hunt Awaits,” The Wall Street Journal, 5/7/2012)

FEDERAL STUDENT LOAN DEFAULT RATE IS 8.8% AND PROJECTED TO RISE:(Scott Gerber, “34 Depressing Facts About the Job Market for College Grads,” Business Insider, 5/1/2012)

52% OF YOUTH 18-29 FEEL THE U.S. IS HEADED IN THE WRONG DIRECTION:(“Young, Underemployed and Optimistic: Coming of Age, Slowly, in a Tough Economy,” Pew Research Center, 2/9/2012)

ONLY 18% OF TEENS EXPECT TO BE FINANCIALLY INDEPENDENT WHEN THEY TURN 20, A DROP FROM 44% IN 2011: (Scott Gerber, “34 Depressing Facts About the Job Market for College Grads,” Business Insider, 5/1/2012)

87% OF HOUSE DEMS VOTE TO PROTECT OBAMACARE SLUSH FUNDS OVER PROTECTING STUDENT LOANS: (Roll Call 195, Clerk of the U.S. House, 4/27/2012)

PELOSI WHIPPED VOTES AGGRESSIVELY TO PRESERVE OBAMACARE SLUSH FUNDS, EVEN IF STUDENTS SUFFER AS A RESULT: “Pelosi says she’s whipping against GOP student loan bill. Taking a very hard-line against it.” (Tweet from Jake Sherman, Politico, 4/26/2012)

DEMOCRATS RANSACKED STUDENT LOAN PROGRAM FOR $9 BILLION TO FUND OBAMACARE: “In addition, $9 billion of the savings would be used to offset the costs of the health care overhaul proposed by the Democrats – an amount that lets the health care proposal meet requirements for the package to go through the budget-reconciliation process.” (Tamar Lewin, “Bill Proposes Increased Aid To the Needy For College,” The New York Times, 3/19/2010)