Young Americans Getting Worst of Obama's Economy

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Kaslin

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May 30, 2012
 

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Young Americans Getting Worst of Obama's Economy
Townhall.com ^| May 30, 2012 | Bob Beauprez

"While we have rescued our economy from catastrophe, we have also begun to build a new foundation for growth." -Barack Obama from the White House, August 7, 2009

In 2008, Obama inspired legions of young Americans who bought into his "Change you can believe in" campaign message. According to the Pew Research Center, voters under the age of 30 supported Obama over John McCain 66:31 by far the largest disparity between young voters and other age groups in any presidential election since exit polling began in 1972. In addition to the critical vote totals, Obama attracted thousands of high energy campaign volunteers that brought unbridled enthusiasm to his campaign of Hope-and-Change.

Sadly, three years later, it is more like Hopeless Change that millions of young Americans face. In exchange for that 2:1 vote of confidence they gave Obama in 2008, the 18-29 year-olds are feeling the brunt of the economic stagnation often by twice the degree of all other age groups. According to the Wall Street Journal, "The U.S. labor market is in a malaise, but young adults are in crisis."

Maybe you hadn't noticed, but the recession supposedly ended almost three years ago. According to the National Bureau of Economic Research, NBER, the economic downturn that began in December 2007, lasted 18 months and officially ended in June, 2009. NBER defines a recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Economists declare the end of a recession when the declining trend is reversed.

The point at which the economy begins to create more new jobs than it sheds each month is crucial in making a determination of when a recovery begins. The following graph analyzes job loss through the eleven U.S. recessions since the end of World War II. Clearly this has been the deepest recession in terms of job loss and it has also been by far the slowest to recover to pre-recession employment levels. Note the rapid recovery to normal employment in all the previous recessions. It will take nearly 6 million more new jobs before the current labor force resembles employment numbers in late 2007 when this recession began.
Kaslin

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May 30, 2012
 

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When economists declared the recession over and the beginning of a period of recovery, the President was quick to react. Not being one to miss a chance to spike-the-football, Barack Obama took full credit with a speech outside the Oval Office in the summer of 2009. Notice the "we have rescued" reference in the above statement from the President. But, the pain of the economic "catastrophe" he claimed to have ended drags on with no real end in sight. And, whatever " new foundation for growth" he was talking about must have been built out of Jell-O.
So, for 35 of the 40 months that he's been in office, Barack Obama has been the beneficiary of an economy technically in expansive, recovery mode on the way up. That deep into an economic recovery usually means good things are happening like significant GDP growth, new job creation, wages and salaries on the rise except none of that has happened with this recovery, even though that was the promise of The One as he campaigned for the job and during the honeymoon period of his first term. Now, he says he just needs more time. The American people just need to practice patience. And, of course, it is still George W. Bush's fault.
In his "American Promise" speech in Denver on August 27, 2008, Obama promised an America beyond the "broken politics in Washington and the failed policies of George W. Bush." He used the word "promise" 32 times, so this time he must have really meant it or, maybe he just thought we didn't hear it the other 31 times.
Unfortunately, what has happened is persistent unemployment, particularly long-term unemployment, depressed wages and purchasing power, massive depreciation of home values, doubling of gas prices, rapid increase in food and health care costs, and nearly stagnant economic growth. Virtually everyone and every sector have been negatively impacted, but young Americans just entering the workforce are suffering the most.
A new economic report by Gallup says 32% of 18-29 year-olds in the U.S. workforce were underemployed in April. That number is greater than the previous month of March (30.1%) and also higher than a year ago (30.7%), so nearly three years after the recovery supposedly began the trend is still worsening. Unemployment among this age group (13.6%) is nearly twice as high as any other age group, according to Gallup. Another 18.4% are working part-time, "but wanting to work full time." This trend is also worse than in March as well as April, 2011.
"Today's slow economic growth is a disaster for those unemployed and underemployed as they look for jobs when so few new jobs are being created. For younger Americans as a group, this is a particularly acute issue," summarized Gallup.
According to newly released research by the John J. Heldrich Center for Workforce Development at Rutgers University, only 49% of college graduates from the classes of 2009-2010-and 2011 had found a full-time job within a year of graduation, compared with 73% for students who graduated in the prior three years. Meanwhile, the cost of that college degree for the job they can't find continues to increase. Average student loan debt for the class of 2010 (the latest available data) was $25,250; a 5% increase over 2009.
Kaslin

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May 30, 2012
 

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Among young people entering the workforce with lower education levels, the prospects are even worse. For young workers with only a high school degree, unemployment is "astonishingly high" according to the Economic Policy Institute. EPI reports that the unemployment rate for young high school graduates jumped from 17.5 percent in 2007 to 32.7 percent in 2010, "dwarfing the increases in prior recessions," and remains above 31% still today. A staggering one-out-of-two black high school graduates (49.1%) are unemployed. For Hispanics, it is 33.8%.
If fortunate enough to find a job, new graduates likely have to settle for less than their predecessors, too. According to EPI, the starting hourly wages had declined for both young men (7.6%) and women (6%) as compared to 2000, and wages are barely above 1989 levels when adjusted to 2011 dollars.
Obama ravaged the economic record of his predecessor pointing out that during Bill Clinton's two terms in office, "the average American family saw its income go up $7,500 instead of down $2,000 like it has under George Bush." But, under Obama first 39 months, median household income has declined $4.300 -$2,900 since June 2009 when the recovery supposedly began.
Nearly four years into Obama's "American Promise" young people are finding they have to compete with more than 20 million other unemployed or underemployed Americans. Degree in hand and ready to claim their place in America's great "middle class" they discover that 95% of the net job losses during the recession were in the middle-skill occupations like office workers, sales associates, bank tellers, and machine operators. And, thus far, those mid-level jobs haven't started coming back.
According to the Pew Research Center, since 2010 the share of young adults 18-24 years old currently employed (54%) has been the lowest since the government began collecting data in 1948. Additionally, the gap in employment between the young and all working-age adults is the widest in recorded history about 15%.
For all of the soaring rhetoric in that laced Obama's 2008 American Promise speech, young Americans are hard pressed to see much fulfillment of his litany of promises. According to Pew, by huge margins, Americans of all ages believe reaching some basic financial goals is harder for today's young adults than it was for their parents. Whether the objective is finding a job (82%), saving for the future (75%), paying for college (71%), or buying a home (69%), Americans believe that today's younger generation has a tougher row-to-hoe. The prolonged bad economy has affected the personal lives of young Americans, too, and the nation's culture and future as a result; 31% say they have postponed getting married or having a baby. Nationally, the birthrate has fallen every year since 2007. Pew also found that 24% of young adults moved back in with their parents for economic reasons after living on their own.
Kaslin

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May 30, 2012
 

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As with all other age groups, the economy is the number one issue on the minds of young adult voters, too, and they are not happy. A newly released survey showed just 34% of 18-to-24 year olds are "satisfied" with Obama, while 51% said they were "disappointed," "worried" or "angry." The survey by the Public Religion Research Institute and Georgetown University's Berkeley Center sampled 2000 young adults and found Obama held a narrow 48:41 lead over a "generic" Republican candidate a dramatic shift from the 66:31 advantage he enjoyed over McCain with young voters in 2008.
A day can change a lot in politics. A week is like forever, and the election is still 25 weeks away. The landscape could change, but "Things are very, very bleak and very different than four or five years ago," according to Cliff Zukin, a political science professor at Rutgers University's Heldrich Center for Workforce Development, of the economic situation facing young adults. "These guys are in trouble and they know it," says Zukin.
In 2008, young people voted for the candidate most like them; he liked to have a good time, didn't have much in the way of experience, but talked a really good game. He seemed more like a cool older brother than their grandfather.
But, this time it is more like, "Fool me once, shame on you. Fool me twice, shame on me." It is clear that Obama was all talk, or "big hat, no cows." Instead of some new American Promise when they get out of school ready to take on the world, today's young Americans face the lowest employment-to-population ratio since 1948. "Their employment prospects are dim, their debt is high, their lives are on hold and a stunning number are living with their parents, even into their 30s," even the blindly liberal MSNBC admitted.
Mitt Romney may resemble a wise, successful, experienced, and staid older uncle rather than the try-anything, live-for-today big brother with his hair on fire, but a little more composure, dignity, and a strait-laced sense of propriety might be the "Change" that voters are looking for in 2012.
Rather than just somebody that might be fun to hang out with, Romney gives voters an option of a President with vastly more experience, a steady hand who has successfully steered large, complex, troubled enterprises public as well as private through very difficult circumstances. In the end, Romney may not entirely erase the 2:1 edge Obama held with young voters in 2008, but I'll bet he gets pretty close, and in the critical swing states like my Colorado, that "change" for 2008 might make all the difference.

Since: Dec 11

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May 30, 2012
 

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Topix plants a seed???? I'm not watering it. lol
ideas

Maringouin, LA

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Jun 4, 2012
 

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It's no wonder that private contractors are falling by the thousands throughout our country since our current leader has allowed the billions in federal contracting dollars to be funnelled thru a very select group of hand selected contractors.The independent contractors have been very effectively blocked from bidding these government contracts by a government program called matoc.This program allows,as in louisiana's 500,000,000$ to be funneled to 12 companies and has destryed the freemarket bidding by all other contractors.Therefore,the many companies that are blocked from these bidding these projects and all the money is AWARDED to the select few.One of these companies that was selected was putting refridgerators and debris into levees and was only outed by a private video to the news and after making millions for several years is now shutting down with very little coverage on the state news and none nationally.How can the private sector survive and create and keep jobs for the young in our state and others when they are blocked from competetively bidding projects and the taxpayer is funding these set-asides.When our leader is talking about his support for small business he doesn't mention that he's talking about the s.b.a. program for SELECT small business's,not all small business.It's the epitome of graft run wild.Also,he toughts infrastructure improvement to spur the economy,these projects would also not available for free market bidding but inside the corrupt program.I wonder how many foriegn owned companies are included in this select few as the program is also including projects overseas.Clinton,who many seem to love,allowed our manufactoring segment to be dismantled and sent overseas , now we are supprised that we have no manufacoring base to support u.s. workers.Look to gibson guitars and see how they were FORCED to outsource overseas,even if the product they recieved was inferior,they were invaded by federal agents like they were a drug cartel.Its evident if our leader would have not sent a couple of billion to brazil and wasted many more on failed select business we could have had the funds to CREATE jobs from the infrastructure jobs and fixed our aging bridges.We need to stop the bleeding of our wealth to support third world countries overseas as now we are on the brink of qualifying ourselves for the funds.Show us the real unemployment numbers and don't add making hamburgers to the manufactoring jobs list.All the numbers we see on the news are contrived for political reasons and have no base in reality.

Since: Jul 10

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#8
Jun 4, 2012
 

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Young Americans have time on their side. They can adjust and restructure. They'll see several more presidents in their lifetime.

Although the situation is nearing the "panic point" in most areas of the nation and for most Americans, I completely disagree with the statement that the young are " getting the worst" or bearing an unfair share of the burden.
The opposite side of the spectrum seems more realistic to me.

Many elderly citizens are bearing great hardships with ecomomic, financial and medical decisions. The choice between food or medicine is very realistic for many, many of our elderly.

These people made our great nation what is today by hardships, sacrifice and serving in our armed forces. I don't like the way they are being treated. They should not have to make sacrifices again so late in life.
rage

Erwinville, LA

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Jun 5, 2012
 

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Let the young college grads. reep what they planted. Ninety percent voted for the idiot, maybe this time they will think twice but I think they will probably vote for him again. This is what our liberal universities have taught them.
ideas

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Jun 6, 2012
 

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The young college grads. are facing a new world.They believed in hope and change and didn't really look at our currents leaders real background as did many older voters.We have been programmed by the media to believe housing prices never fall,you can't loose money on real estate and what they see in the media is real life.Just loook at the reality shows so many are addicted to,even though they know intellectually that it is not.Their world is grim right now and i know some college grads. doing work that was toughted to be only filled by illegals as no american would demean themselves by doing it.Its a real reality check for us all.We are wasting the educated youth by having no jobs available for them and no job security.Some of us older folks started at the bottom and had a chance thru hard work to rise in our salaries and prospects.I don't see that available now for most new grads.How does a tax break for companies help the vets help when there are no opportunities for small business to increase sales,therefore have the money to hire vets.Our leaders wife was pretty much supporting her husband and family while he did community organizing so he has never been in the real job market,he was just being prepped for politics.The rasing of retirement age never shows the percentage that will be dead bedfore 65 or the numbers that will be unable to work because of disabling illness.I'm sure the age of 70 will be shown to reflect that 50% will be dead so that will definitely guarantee thet the government will pay out less social security dollars to those that have paid in for 30-40 years.We are stuck with an insurance system that doesn't allow cross state competetion and allows no competetion between companies and allows them to have a cartel in each state therefore we are having our rates raised every year.No congress people are pushing to have insurance companies to have to compete by offering us a real choice or competetion between companies.There is no free market competetion at all.We are punishing our youth who did educate themselves and those who have just high school by filling jobs with illegals or sending the jobs for the better educated overseas.The 2 billion to brazil to help create business there was a slap to us all and was the billions spent on the solar companies when china was already producing panels undepricing u.s. companies.There is no reality in the numbers or the news from government agencies and they are so entrenched in graft they don't even get fired for incompetence.Look to federal regulators and see how many were fired for not doing their jobs.
Pothead Hater

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Jun 12, 2012
 

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Serves them right. They have to learn one away or another that voting for a Communist or Communism is not a good idea. Since the evils of Communism are no longer taught in schools, these young Americans are having to learn the hard way.
no

Baton Rouge, LA

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#13
Jun 13, 2012
 

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Yeah, instead they should listen to people that have no idea what communism is.
wondering

Maringouin, LA

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Jun 13, 2012
 

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Pointe coupee parish established private schools at the time of integration to protect THEIR childrens education and had interest in keeping the poor uneducated as it provided a low cost workforce.When these private schools took funds from parents they also lessened the monies available from the feds. for public education.Therefore we got less of our tax dollars returned to the parish for public education.We also got parents of low education running the public system where they themselves had recieved a poor education.I hear many private school parents moving out of here because the private schools are also not getting passing grades on their educational standard.They keep raising tuition to the point entire families are contributing to keep the kids enrolled at a price that could finance college educations at a later date.Many other states with few private schools ,kept all the fed. money and improved their public schools.I have a problem supporting a religious school that has been bleeding millions to cover child abuse and is now exploting parents for more and more financing while paying their teachers meager salaries at best.Therefore,drawing only previously retired teachers or those scared of our public school system where they feel scared to go to work.Its like a rock falling downhill,people are using the bridge to move to st. francisville where the PUBLIC taxdollars pay for free schooling at a great school.I wonder what would happen if all the private school children were moved into public schools and parents took an active stance to improve the system with more tax dollars and involvement in improving the system and drawing better teachers and removing the troubled students to a designated school so they could read and be under strict control that their parents would be forced to participate in? This system is so ingrained here and the religous sector puts undo pressure on their parishioners to support their school while being unconcerned at the financial stess they constantly put on parents.They may find their students moving across the bridge for a free education and be suprised at the loss of revenue which will force them to be in the condition of our public schools.We pay dearly into the public education system and are then paying so much in fees that the church school will face what the public schools here have been facing,survivial with less money,fewer good teachers and resentment from their parisheners who are in financial difficulty trying to pay tuition.

Since: Jul 10

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#15
Jun 13, 2012
 

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wondering wrote:
Pointe coupee parish established private schools at the time of integration to protect THEIR childrens education and had interest in keeping the poor uneducated as it provided a low cost workforce.When these private schools took funds from parents they also lessened the monies available from the feds. for public education.Therefore we got less of our tax dollars returned to the parish for public education.We also got parents of low education running the public system where they themselves had recieved a poor education.I hear many private school parents moving out of here because the private schools are also not getting passing grades on their educational standard.They keep raising tuition to
the point entire families are contributing to keep the kids enrolled at a price
that could finance college educations at a later date.Many other states with
few private schools ,kept all the fed. money and improved their public
schools.I have a problem supporting a religious school that has been
bleeding millions to cover child abuse and is now exploting parents for more
and more financing while paying their teachers meager salaries at
best.Therefore,drawing only previously retired teachers or those scared of
our public school system where they feel scared to go to work.Its like a rock
falling downhill,people are using the bridge to move to st. francisville where
the PUBLIC taxdollars pay for free schooling at a great school.I wonder
what would happen if all the private school children were moved into public
schools and parents took an active stance to improve the system with more
tax dollars and involvement in improving the system and drawing better
teachers and removing the troubled students to a designated school so they
could read and be under strict control that their parents would be forced to
participate in? This system is so ingrained here and the religous sector
puts undo pressure on their parishioners to support their school while being
unconcerned at the financial stess they constantly put on parents.They may
find their students moving across the bridge for a free education and be
suprised at the loss of revenue which will force them to be in the condition
of our public schools.We pay dearly into the public education system and
are then paying so much in fees that the church school will face what the
public schools here have been facing,survivial with less money,fewer good
teachers and resentment from their parisheners who are in financial difficulty
trying to pay tuition.
This is one of better, more infomative, well thought out post I've read in a long time.
The wheels are already turning in terms of education. Everything you stated is already occuring. Not en masse, yet.

When people figure out they can buy or rent a camp and make it their primary residence in west feliciana, they will make that investment.
An investment not so much in real estate but in their childrens future. I find no fault or guilt associated with that, given the existing state of all education in PC parish.

The private/ parochial system will be the ultimate losers.
It's ashamed, even with the given demographics, that the PCP school board is banking on LHS to save the public school system.
... If you ever read Livonia topix, one thing is sure. They don't teach English or spelling there!! As the whole forum is high school kids!
And li'l bado, of course! Lol!...
rage

Erwinville, LA

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#16
Jun 14, 2012
 

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Woodsman_1 wrote:
<quoted text>
This is one of better, more infomative, well thought out post I've read in a long time.
The wheels are already turning in terms of education. Everything you stated is already occuring. Not en masse, yet.
When people figure out they can buy or rent a camp and make it their primary residence in west feliciana, they will make that investment.
An investment not so much in real estate but in their childrens future. I find no fault or guilt associated with that, given the existing state of all education in PC parish.
The private/ parochial system will be the ultimate losers.
It's ashamed, even with the given demographics, that the PCP school board is banking on LHS to save the public school system.
... If you ever read Livonia topix, one thing is sure. They don't teach English or spelling there!! As the whole forum is high school kids!
And li'l bado, of course! Lol!...
Now that you are done ripping CHSPC and FRA. Whats does this have to do with young Americans coming out of colege not being able to find a job in Obama's economy?

Since: Jul 10

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#17
Jun 14, 2012
 

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rage wrote:
<quoted text>Now that you are done ripping CHSPC and FRA. Whats does this have to do with young Americans coming out of colege not being able to find a job in Obama's economy?
Read carefully, my friend. No ripping of chspc(my Alma mater) or FRA.
The conseqences of having an open gateway to educational oppurtunity in WFP will be lower enrollment and higher tuition costs in the private sector.

I could definately "rip" a new one in the PCP Public School Board for not being responsible enough to do their jobs or trying any new approach, even if it were a failure!
Taxpayers here will never agree to raise millages in the public system given the current state of education.

Being prepared for the real work world starts at this level and continues throughout life, well after graduation.

You know and I know things are much worse in this country than our president would have us believe. Everyone is struggling.
As i stated earlier, I don't believe young people are bearing an unfair burden in relation to other Americans.
Personally, I believe the "American Dream" has turned into a nightmare.
sad but true

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#19
Jun 17, 2012
 

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I agree that the older americans are having a hard time now when its estimated that 50% of college grads are living wih their parents who may also be supporting their parents.I find it distressing that some college grads. don't want to demean themselves with manual labor or jobs that require you to work yourself to a higher position,but want a high paying job when their resumes contain no REAL world experience.They have no problem with their mates or parents being wage slaves,their term,as long as they have a cush,no responsibility,show up when you want job.I feel bad for the many retiree's or mates funding the lazy,spoiled kids they paid to educate and can't understand why they don't push them out of their comfortable crib into the world.We had many roommates,crappy cars and not so nice residences,but we survived and prospered.Require these lazy excuse ridden ADULTS to support themselves and their children with two jobs if they have to.They need a big wakeup call.Edu cation does not equal high wages without hard work and starting at the bottom and working up to have a real resume'.There is a difference in having worked to deserve a good job and receiving a no-work ,make you LOOK like a boss job at others expense.What happened to pride and knowing you deserve the job? On the other side,i do see many of this same generation doing the right thing by their families and working hard to succeed.The do nothings need to LEARN from their peers and recognise real successes in their generation and buck up and become the adults that will rebuild this country.

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