Young Americans Struggling In Obama Economy

Today in Washington, D.C. - April 24, 2012:
The Senate reconvened resumed consideration of the motion to proceed to S. 1925, the bill reauthorizing the Violence Against Women Act and the motion to proceed to S.J. Res. 36, the resolution of disapproval for the NLRB Ambush Elections Rule. Around 2:15 pm, the Senate will vote on the motion to proceed to S.J. Res. 36. The motion requires a simple majority.

If the motion to proceed is not agreed to, the Senate will resume consideration of S. 1789, the postal reform bill and begin a series of votes on up to 39 amendments to the Lieberman-Collins substitute amendment for the bill. All amendments will require 60 votes for approval. Once all amendments are disposed of (via a vote or unanimous consent agreement), the Lieberman-Collins amendment will be agreed to and the Senate will vote on final passage of S. 1789, with 60 votes required for passage.

Yesterday the Senate voted 92-1 to confirm Brian C. Wimes to be District Judge for the Eastern and Western Districts of Missouri.

The House reconvened and is expected to address SJ Res 36 — NLRB Union Ambush Elections Rule - discusses yesterday on ARRA News and S 1789 — Postal reform. During the remainder of the week and subject to change the following are bills are expected to be taken up:
Tuesday: Three national forests bills and HR 2947 — Minnesota airport
Wednesday: HR 3336 — Swap dealer rules; HR 2146 — Government transparency
Thursday and during the week: HR 2096 — Cybersecurity; HR 3834— IT research and development; HR 4257 — Federal information security; and HR 3523 — Cyberthreat information.

If you are not upset with the way things are going, Public Notice has provided the following:
ECONOMIC SNAPSHOT
Current Deficit: $779 billion
Current National Debt: $15.66 trillion
Debt Per Household: $137,091
Debt Per Individual: $49,970.86
Unemployment Rate: 8.2%
Consecutive Months of Budget Deficit: 42

The Hill reports today, “President Obama is making a concerted effort to recapture the support of young voters who have grown skeptical of his administration. Obama will visit three college campuses in swing states this week, where he’ll try to appeal to young voters by urging Congress to pass legislation to prevent interest rates on subsidized student loans from doubling to 6.8 percent this summer. He’ll appear at the University of North Carolina at Chapel Hill, the University of Colorado at Boulder and the University of Iowa, where he’ll make his student loan pitch before large audiences of the country’s youngest voters.”

Of course young people have reason to be skeptical of President Obama, as Senate Republican Leader Mitch McConnell pointed out this morning: “[T]oday, the President will bring his latest poll-tested message to the students at UNC. And I’m sure he’ll give a very rousing speech, full of straw men and villains who stand in the way of their dreams.  I’m sure he’ll also express his strong support for things that all of us agree on. But what he won’t talk about is the extent to which the decisions he’s made are limiting their opportunities in the years ahead,” he said.

Congressman Jim Jordan, Chairman, Republican Study Committee responded, "Four years after being promised hope and change, young Americans are feeling the real effects of the Obama Economy. In a nutshell: half of new college graduates are jobless or underemployed and young adults are living with their parents at the highest rate since 1950.Why? Because the policies pursued by Democrats over the last few years have bred the weakest recovery since the Great Depression. . . . Instead of facing and dealing with their record, liberals are latching onto one distraction after another in a desperate attempt to talk about anything other than the economy. For the latest and silliest, see the recent campaign debate about who did what to which dog. Conservatives in the House of Representatives have pushed for tax reform so simple you could file on a postcard. We know our economy needs more energy production, repeal of ObamaCare, less wasteful government spending, and a timeout on red tape. Unless Senate Democrats and the Obama administration get on board, it will remain a hard road ahead for jobseekers young and old."

Just yesterday, the AP reported, “The college class of 2012 is in for a rude welcome to the world of work. A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge. . . . About 1.5 million, or 53.6 percent, of bachelor's degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. . . . Out of the 1.5 million who languished in the job market, about half were underemployed, an increase from the previous year.”

Late last year, MSNBC wrote, “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. They are young adults, 18 to 34, struggling to begin their adult lives during the worst economy since the Great Depression . . . .”

According to a February TIME story, “[n]early 25 million adults live at home with their parents because they're unemployed or underemployed” and a recent Pew survey found, “Roughly a quarter of adults ages 18 to 34 (24%) say that, due to economic conditions, they have moved back in with their parents in recent years after living on their own. Among those ages 25 to 29, the share moving back home rises to 34%.”

The same Pew study found “[y]oung adults hit hard by the recession… [T]he gap in employment between the young and all working-age adults—roughly 15 percentage points—is the widest in recorded history. In addition, young adults employed full time have experienced a greater drop in weekly earnings (down 6%) than any other age group over the past five years.”

No wonder - the  ABC News reported on Friday, “A survey released Thursday showed that only 34 percent of 18-to-24-year-olds are 'satisfied' with the Obama presidency. More than half - 51 percent – said they were either 'disappointed,' 'worried' or 'angry,' according to the survey from the Public Religion Research Institute and Georgetown University's Berkeley Center.”

As Leader McConnell said, “. . . most of these students [President Obama will be speaking to] are sharp enough to put this President’s rhetoric up against his record and to conclude that it just doesn’t add up. As the promises of this President’s campaign collide with real life, I think young people across the country will realize they got sold a bill of goods. And that next time they’re promised change, they’ll know enough to kick the tires first.”

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