OP-ED: Young people are suffering greatly under Obama administration

Young America’s Foundation has released its Youth Misery Index (YMI) numbers for 2014, and it’s a record high of 106.5.

The YMI is calculated by adding the youth unemployment rate, average student loan debt, and national debt (per capita) numbers—all figures that measure how young people are faring in this economy. Young people are suffering like never before under the Obama administration, and this generation has become the victim of this administration’s leftist policies.

There is no doubt that young people have struggled greatly under the Obama administration—with youth unemployment at 18.1 percent (18.1 on YMI), the average student loan debt at $30,000, and an ever increasing national debt. This administration has created little to no opportunity for millennials to succeed economically, and this will have dire consequences for our economy now and in the future.

Just think, with almost six million young people not working, what effect will that have our on economy and on this generation as a whole? Millennials are putting off on making big life decisions for fear of their financial futures. They are constantly worried about providing for themselves let alone others—which means fewer marriages and fewer homes.

A Congressional report released by the Joint Economic Committee shows that the percentage of young people (between 18 and 34) living with their parents has jumped from three to fourteen percent—a startling statistic. With millennials unable to afford student loan payments and unable to find full-time employment out of college, it isn’t surprising that they end up living in their parents’ basement.

Student loan debt for 2014 rings in at a record-breaking $30,000 (30.0 on YMI). Student debt has risen at an average of six percent per year since 2008, and today, 70 percent of college seniors graduate with student loan debt. In addition, the job market still hasn’t recovered, leaving many recent graduates with little or no income to pay back their loans.

Another factor that can be attributed to the misery of our nation’s young people is the rising national debt. The national debt per capita is the highest it’s ever been at $58,437 (58.4 on YMI). Young people will be stuck paying for government debt they had no part in creating. This administration continues waste taxpayer dollars on big government policies that are only working to the detriment of millennials.

Consider Obamacare, for example. President Obama told us that the average American would see their health insurance premiums lowered; yet the opposite is true. A recent study shows that health insurance premiums have drastically skyrocketed among 23-year-olds, especially males, who have seen a 78 percent price increase. Women have seen close to a 45 percent increase. Many Americans—especially our nation’s young people are suffering as a result of this atrocious law. How exactly has this big government policy, which has cost taxpayers a fortune, actually helped young people? So far Obamacare has been job killer as a result of it’s high cost, meaning fewer employment opportunities for graduates.

This administration has a serious spending problem and promises the world to our nation’s young people, with the goal of creating a permanent dependent class out of millennials. But, guess what? Sixty percent of millennials believe that the federal government is too big and spends too much. Policies that are meant to “help” young people actually hurt them in the long run.

Since Obama assumed the presidency, the Youth Misery Index has increased by a record high 53.7 percent, the highest increase under any President, making Obama the worst President for youth economic opportunity.