May 30 2013
President Obama’s “War on Youth”
Vicki E. Alger
President Obama told graduating Morehouse College seniors that their “generation is uniquely poised for success” during a commencement address earlier this month. But Real Clear Markets’ Diana Furchtgott-Roth has a much different take on the rising generation’s prospects thanks in large part to Obama’s policies.
[Y]oung Americans who campaigned for Obama, voted for Obama, and turned out their friends for Obama are graduating from college with substantial debt, few job prospects, and the requirement to buy expensive health insurance. They might be poised for success, but most have not yet seen it.
Nor are they likely to see it anytime soon, says Furchtgott-Roth, who calls Obama’s policies “the war on youth.” Specifically:
- As overall unemployed declined during the past year, unemployment among the young stayed flat at around 13 percent.
- By the end of 2012, nearly 40 million student borrowers owed about $1 trillion, and 40 percent of 25-year olds had student debt.
- Fully 44 percent of 2011 and 2012 graduates were living at home, compared to just 36 percent in 2005.
- Thanks to ObamaCare young, healthy males will likely see a 180 percent insurance premium increase.
Fewer jobs and higher bills. That’s the Obama legacy thus far. As Furchtgott-Roth concludes, “The economic woes of young adults have been compounding during President Obama’s term of office. Today’s graduates are paying the price.”