Youth not served by the president

http://www.politico.com/news/stories/0712/78290.html

A record number of young Americans had been inspired by Obama’s promises during the 2008 presidential campaign. Nearly 2 million more young Americans under age 30 voted that year than in 2004, 11 percentage points higher than 1996. Sixty-six percent of them voted for Obama, propelling him to a historic victory. At that time, the unemployment rate was about 7.5 percent.

What’s happened since? Young Americans have been hurt disproportionally in the Obama economy. Unemployment now hovers above 8 percent, but unemployment for college graduates under age 25 has averaged 9.4 percent over the past year. Close to 40 percent of employed graduates with a bachelor’s degree were “mal-employed,” according to researchers at Northeastern University, working in jobs that don’t require the degree they earned. Young women still earn less than young men — regardless of their educational background.

And it’s not about to get better for the class of 2012. The Associated Press recently reported, “a weak labor market already has left half of young college grads either jobless or underemployed in positions that don’t fully use their skills and knowledge.”

Young adults confront this sobering reality. Tough economic times have put their lives on seemingly permanent hold. Half of Americans age 18 to 34 say they’ve taken a job they did not want just to pay the bills, according to the Pew Research Center, and 1 in 3 has postponed getting married or having a baby. One in 4 young Americans has moved back in with their parents after living on their own.

Despite these austerity measures, credit-card debt held by those ages 25 to 34 has risen 81 percent since 1989.