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  • obamaunemplyedBy Ron Meyer, Young America's Foundation

    US Census data shows that nearly one in five young adults (18-29) risk living in poverty. Young adults have the worst unemployment rate of any demographic at nearly 20 percent—the highest it's been since World War II.

    President Obama’s policies have turned Generation Y into Generation Lost. More and more college graduates are stuck living at home without a job and without a way to pay off their student loans.

    The Obama administration’s big-government, big-spending experiments are failing the future. As the government transfers money out of the private sector and gives it to the union-heavy public sector, young people have less opportunity to find work.

    Thanks to the Obama administration, employers’ costs of hiring are skyrocketing. This administration has created nearly 4500 new regulations, and the Washington Examiner estimates that businesses spend $10,500 per employee to comply with current federal regulations.

    Plus, employers could soon face a take hike, further adding to their expenses and making it even less likely that they’ll be able to hire new, younger employees.

    Big government is creating unemployment for young people now and debt for young people to pay off later. This double-whammy of a burden is unacceptable.

    • Readers' Comments

    • Your canned analysis glosses over the real, structural problems with our economy. The issue is two fold. Firstly, there's a lack of demand. The lack of demand is caused by a decades long pattern of stagnating/declining wages, an unhealthy reliance on credit, and a financial crisis that has made things worse both in terms of jobs, and in terms of access to said credit. People have no money to spend, and the money they do have is being spent paying down debt. Removing regulation will not change this fact. Especially when many companies have found that they can be just as productive, relative to demand, with less people. Secondly, those that invest are investing too much money in non productive securities, like mortgages and credit card debt, instead of businesses (both in terms of direct capital and securities). This is not a new problem, and is one that the government has helped to create. The truth is, it makes sense on its face because consumer debt is where the highest profits are (in no small part because of my first point), and because there is no real market for business debt securities. So how do we solve the problem? Firstly, we have to create more demand. In theory, certain tax cuts should be able to do this, but not as much as actually creating wage paying jobs. The only time the government should spend money on creating jobs is when the private sector has no real incentive to do so. As I've explained, the absence of incentive is not because of a lack of capital, or even because of regulations, it's because there's no demand. A combination of spending to create jobs, tax cuts, and a sincere effort to look at lifting (even if temporarily) certain regulations to help make things easier for small businesses, seems like a sound solution, and the President has made proposals that address all three. I know what you're probably thinking, that sounds a lot like the stimulus that Congress passed and that not only failed, but made things worse by adding to the deficit. The truth is, the stimulus should have been designed and managed better. It also should have been a lot bigger. Still the stimulus DID create jobs. The evidence in the growth we saw in job creation all the way up until the money started to run out. Because it didn't do what the Obama administration wanted it to do does not mean it was a complete failure. It just means it did not do enough, which is why we need to do more. Meanwhile, since this congress came into session, we've done nothing but take money out of the economy at a time when that money is needed. Any job gains that we have made have been offset by job losses caused by spending cuts. That makes no sense. In fact, if I were campaigning, I'd lay a heck of a lot blame on republicans in congress for forcing spending cuts too soon. If we can't raise taxes in a down economy even though that will help the deficit, we also can't cut spending in a down economy, even though it helps the deficit. Here's the bottom line. I'm a young person just like you. You're a conservative, I'm a progressive. If our approach to dealing with the country's problems is to thoughtlessly repeat canned talking points then I have little hope for our ability to govern when our time comes. You may have a different view on the role of government, and I respect that, but we cannot couch our understanding in what's actually happening in ideological terms. I hope that our generation can bring about a more pragmatic approach to dealing with the countries problems; one that acknowledges ideology, but is not corrupted by it.
      Posted by Chris on 09/23/2011
    • Why is there no demand? There is low demand because Obama tax poliicies and threats of increases in taxes leaves the average investor and the average American preserving or storing capital. Corporate tax rates are already the highest in any developed country. That locks up capital overseas or the Obama Administration will tax it yet again. Obama promised shovel ready jobs. Then they admitted that was a lie. There will be little demand until there are drastic changes away from the tax and spend ideology of progressives in Washington.
      Posted by Ron Robinson on 10/01/2011
    • so you think the country was doing great when Obama got his shot? Obama should not have promised the jobs without congressional support, that was dumb. The jobs were contingent on spending bills, but when the guys who should be doing everything possible to add jobs decide that tax cuts are more important, the plan falls flat.
      Posted by Andrew on 10/04/2011
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