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Generation: Disappointed

- December 5, 2011

Unable To Find Jobs, Youth Are Becoming Disilluionsed With Obama Who Has Nothing To Offer Them But More Of The Same Failed Policies

“President Obama Has Invited The Presidents Of About 10 Colleges And Universities To A Meeting At The White House On Monday To Discuss Affordability And Productivity In Higher Education.” (Libby Nelson, “Obama Invites College Presidents To White House Meeting,” USA Today, 12/2/11)

OBAMA’S HIGHER EDUCATION SPIEL IS CHOCK FULL OF EMPTY PROMISES

Obama Has Decided That Making College Affordable Will Be A Priority In His Re-election Campaign

Obama Will Make Student Debt And The Price Of College An Issue In His Re-Election. “Amid an increasing focus on student debt and college prices, the event seems to signal that the Obama administration will make the issue a focus going into the 2012 campaign. In a speech Monday, Education Secretary Arne Duncan called on colleges to address rising tuition prices "with much greater urgency." The House of Representatives held a subcommittee.” (Libby Nelson, “Obama Invites College Presidents To White House Meeting,” USA Today, 12/2/11)

But College Students Have Heard That Line Before, And Have Yet To See Any Positive Results

But Obama Has Already Fallen Short Of His 2008 Campaign Promise For A $4,000 A Year Tax Credit For College Tuition. “Congress granted additional tax benefits for students in the American Recovery and Reinvestment Act of 2009 it approved Feb. 13, 2009. Congress even gave the program the name Obama used during the campaign: the ‘American Opportunity Tax Credit.’ But it falls short of what Obama promised on the trail, which was a $4,000 a year tax credit for college students. The credit had been $1,800 under existing law and will now go to $2,500 thanks to the stimulus. But that's still well below the $4,000 Obama promised.” (Angie Drobnic Holan, “Tax Credit For College Not As Much As Obama Promised,” Politifact, 2/17/09)

  • The Cost Of College Is Currently At “An All Time High.” “Nationally, the cost of a full credit load has passed $8,000, an all-time high. Throw in room and board, and the average list price for a state school now runs more than $17,000 a year, according to the twin annual reports on college costs and student aid published Wednesday by the College Board.” (Justin Poe, “College Prices Up Again As States Slash Budgets,” The Associated Press, 10/26/11)

Obama Recently Announced A Consolidation Of Student Loans To Lower Interest Rates. “President Barack Obama will announce a plan to allow people holding two kinds of student loans to reduce their interest rates by consolidating their debts into one government loan, officials inside and outside the administration said Tuesday.” (Laura Meckler, “Obama Plan Would Cut Student-Loan Interest Rates,” The Wall Street Journal, 10/25/11)

  • The Plan Would Consolidate Government Backed Loans And Loans Issued By The Government. “The change could affect an estimated 5.8 million people who hold two types of student loans—government-backed loans issued by the private sector under the Federal Family Education Loan program and ‘direct loans’ issued by the government, an administration official said.” (Laura Meckler, “Obama Plan Would Cut Student-Loan Interest Rates,” The Wall Street Journal, 10/25/11)

HOWEVER HIS “NEW” LOAN PROGRAM WON’T AFFECT MOST GRADUATES AND ONLY TOUCHES THE “TIP OF THE ICEBERG”

Obama’s Student Loan Plan “Doesn’t Go Anywhere Near To Solving The Root Of The Problem.” “The student loan relief plan President Obama announced on Wednesday as part of his ‘we can’t wait’ for Congress to act tour, rings a lot like the refinancing plan he announced on Monday for underwater homeowners. It allows Obama to take credit for addressing an economic grievance of voters, but is a modest move that doesn't go anywhere near to solving the root of the problem.” (Stacy Kaper, “Obama Student Loan Relief Is Modest But Could Prove Politically Smart,” National Journal, 10/26/11)

  • It Is Just A “Patch” And Has “Many Limitations.” “Like the refinancing plan however, the student lending plan is essentially a patch that would be applicable to only a select slice of borrowers struggling with mounting debt, and it has many limitations. The success of both programs relies on their implementation and could have a tough time reaching as many as envisioned.” (Stacy Kaper, “Obama Student Loan Relief Is Modest But Could Prove Politically Smart,” National Journal, 10/26/11)

Obama’s Plan “Only Reaches The Tip Of The Iceberg” While Ignoring The Increasing Costs Of Tuition And Jobs For Graduates.  “Consumer advocates who focus on student lending praised the effort as a first step but were plain that the initiative only reaches the tip of the iceberg. It chips away at student loan bills but does nothing to address soaring tuition costs, and the scores of recent graduates struggling to find jobs even with advanced degrees.” (Stacy Kaper, “Obama Student Loan Relief Is Modest But Could Prove Politically Smart,” National Journal, 10/26/11)

  • Consolidation Of Student Loans Under Obama’s Plan Would  Provide Monthly Savings Of Less Than $10 For The Average Student. “Using these values as the high and low bounds of average student debt over the last ten years, the monthly savings for the average student loan borrower would be between $4.50 and $7.75 per month. Clearly, this isn't going to save the economy. While borrowers with bigger balances would save more, this is the average. And even someone with $100,000 in loans would only cut their monthly payments by $28.50.” (Daniel Indiviglio, “Obama’s Student-Loan Order Saves The Average Grad Less Than $10 A Mont,” The Atlantic, 10/26/11)

Obama’s Student Loan Forgiveness Program “Won’t Be Felt For Decades.” “Of all these parts of Obama's executive order, the loan forgiveness aspect will have the least impact. By moving the timeline from 25 to 20 years, it could be significant in the long run -- but it won't be felt for decades. Remember, 82% of the current student loan debt outstanding was accrued in just the past decade. So it will be at least another 10 years before any of those borrowers have hit the 20-year mark in their student loan payments.” (Daniel Indiviglio, “Obama’s Student-Loan Order Saves The Average Grad Less Than $10 A Mont,” The Atlantic, 10/26/11)

Many College Graduates Will Not Qualify For The Income Based Payment Plan Because Average Incomes For Those Graduates Is Above $40,000. “Student loan balances have really only ballooned over the past decade. So this change would affect very few Americans over the age of 32. For the young adults who it may effect, we must remember that educational attainment has some correlation to income. Those with the most debt will have attended business school, medical school, or law school. Most of those people will also have higher incomes, making them ineligible. For a person with the average student debt load, their annual income would need to be lower than $32,000** to qualify. The average income for Bachelor's degree holders aged 25 to 34 is $40,100.” (Daniel Indiviglio, “Obama’s Student-Loan Order Saves The Average Grad Less Than $10 A Mont,” The Atlantic, 10/26/11)

WITH RECORD HIGH YOUTH UNEMPLOYMENT, OBAMA SHOULD BE OFFERING MORE THAN JUST WORDS

 “The U.S. Labor Market Is In A Malaise, But Young Adults Are In Crisis.” (Joe Light and Lauren Weber, “Generation Jobless: For Those Under 24, A Portrait In Crisis,” The Wall Street Journal, 11/7/11)

  • Teens And Adults Under 24 Have A 16.8 Percent Unemployment Rate. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/2/11)
  • The Unemployment Rate Has Been Above 16% For 33 Months(Bureau Of Labor Statistics, BLS.gov, Accessed 12/2/11)

 “It Is, Very Simply, A Tough Time To Be Young. There Are 14 Million Unemployed People Looking For A Job And Millions More Sitting On The Sidelines Or Working Part-Time.” (Derek Thompson, “No Country For Young Men (Or Young Women),” The Atlantic, 11/8/11)

  • Extended Youth Joblessness Often Results In “Painful Long-Term Effects.” “A prolonged period of joblessness during one's first few years in the labor market can also have painful long-term effects. A young man who spends a year unemployed before age 23 will be earning 23 percent less than his peers a decade later, according to The Economist. For young women, the earning gap is 16 percent.” (Alexander Eichler, “Youth Employment Shows A Surprising Rise, Though Overall Picture Remains Grim,” The Huffington Post, 12/1/11)

The Young Generation Is Not Achieving The American Dream Tenant Of Doing Better Than The Previous Generation. “One of the most basic tenets of the American Dream is being called into question by recent economic data’s Can each new generation do better than the one before it? So far, today's young people aren't off to an encouraging start.” (Annalyn Censky, “Older Americans Are 47 Times Richer Than Young,” CNN Money, 11/7/11)

ESPECIALLY AS HE CONTINUES TO LOSE SUPPORT AMONG YOUNG PEOPLE WHO WERE CRITICAL TO “THE OBAMA PHENOMENON” IN 2008

 “High Youth Unemployment Could Create Headwinds For President Obama's Re-Election Campaign.” “Some political analysts believe that high youth unemployment could create headwinds for President Obama's re-election campaign, even though young voters were responsible for so much momentum during Obama's 2008 campaign. In poll after poll this year, voters have consistently named jobs and the economy as their most pressing concerns.” (Alexander Eichler, “Youth Employment Shows A Surprising Rise, Though Overall Picture Remains Grim,” The Huffington Post, 12/1/11)

Young Voters “Provided The Pulse Of The Obama Phenomenon” In 2008. “Above all else, they provided the pulse of the Obama phenomenon, making phone calls, knocking on doors, registering new voters.” (Alex Katz, “Young Voters’ Ardor For Obama Has Wilted,” The Boston Globe11/14/11)

  • But Now Supporters Have Turned From “Fervent Admiration” To “Measured Disappointment.” “This is true for Aaron Ratoff, a 21-year-old senior at Tufts University. Ratoff recalls being a strong backer of Obama on campus during his freshman year in 2008. Today, his fervent admiration has developed into ‘measured disappointment,’’ he said.” (Alex Katz, “Young Voters’ Ardor For Obama Has Wilted,” The Boston Globe11/14/11)

Facing High Levels Of Unemployment, Young Voters Are Not An “Easy Sell” For Obama This Time.  “Yet, the young voters, many of whom were galvanized in 2008 by the promise of ending the Iraq war, are not an easy sell this time. Obama won voters between the ages of 18-29 by a margin of about 2-to-1, but polling has shown some signs of softening support as many recent college graduates face high levels of unemployment.” (Ken Thomas, “A Year Out, Obama Campaign Makes Volunteer Push,” The Associated Press, 11/5/11)

Obama’s Support From Younger Voters “May Be A Decisive Factor” In His Ability To Win Swing States. “In his re-election effort, amid a still-troubled economy and in an environment in which the president will be hard-pressed to match his initial support among various other demographic groups (white males, the working class, Hispanics), replicating that performance among young voters figures to be crucial. In swing states such as Colorado, where the population trends younger, it may be the decisive factor.”(Gerald F. Seib, “Winning Youth Vote Will Be Crucial For Obama,” The Wall Street Journal, 11/8/11)


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