Should young people vote for Democrats?
Jennifer Kabbany describes what young people got from their vote for Democrats over at the College Fix.
Young America’s Foundation released its annual “Youth Misery Index” findings today, and the news is not good for young people – the index has hit an all-time record high.
The foundation calculates the index by adding youth unemployment, student loan debt, and national debt (per capita) figures, and it found “young people are experiencing hardships like never before under the Obama administration, and this generation is especially suffering the consequences of this administration’s leftist policies.”
For 2014, youth unemployment sat at 18.1 percent, student loan debt came in at $30,000, and national debt per capita was the highest ever at $58,437. The foundation tallied that all up for a Youth Misery Index of 106.5. That’s far above the 2013 figure of 98.6, when the foundation added 16.3, which represented youth unemployment, with 29.4 – the average 4-year college loan debt – and 52.9, each person’s national debt burden.
“The government is largely responsible for all three problems, and we’ve found a statistically significant relationship between government expenditures and the Youth Misery Index,” the foundation states. “Each indicator can be tied to government actions.”
While the index has steadily grown over the decades, under Obama the figure has shot up dramatically.
In 2012 it was 95.1, and the year before that 90.6. When Obama first took office in 2009, it was 83.5. When President George Bush left office in 2008 – the index was 69.3. When the figure debuted in 1993, it came in at 53.1.
“Young people will be stuck paying for government debt they had no part in creating, and they’ll have to do it with less discretionary income than ever before because of record high levels of student loan debt,” the foundation stated.
If interest rates go up, it will get even worse. Interest on loans will make it harder for them to buy houses and cars. Their students loans will cost more. And the government will have to dedicate a lot more money to making payments on the national debt – leaving less money for other expenditures. Taxes might have to go up to pay for the payments on the debt. Whether they raised income, sales or property taxes, it’s bad news for young people trying to get on with their lives.