According to a report by Gallup, one in seven young adults ages 24-34 is currently living with their parents, while over half of 18-23 year olds are still subject to ‘my house, my rules’ of their parents. Sorry Mom, young Americans are most likely living with their parents involuntarily.
Since 2009, labor force participation has dropped from 66 percent to 63 percent, its lowest mark in decades. In addition, another four million Americans are long-term unemployed and have been looking for work for a staggering 27 months or more. Generation Opportunity, an organization focused on young people, released its Millennial Jobs Report stating that 15.8 percent of people 18-29 years old are currently out of work and of the 56 percent of working millennials, 32.8 percent are underemployed. Moreover, only half of college grads are actually using their college degree.
The Congressional Budget Office released a report on Tuesday that said the minimum-wage hike could kill as many as one million jobs. Contrary to Obama’s claims that a wage hike would help the economy, a raise in the minimum-wage would only act as another barrier for young Americans trying to enter the workforce.
Obama requires young Americans to sign up for Obamacare and foot the bill, but in line with the CBO reports of millions of lost jobs and an inflated unemployment rate among youths, fewer people have health insurance now than in 2009. The generation credited with getting Obama elected into office is now getting the short end of the stick as Obama hasn’t properly addressed issues facing America’s youth.
President Obama also promised that his healthcare law would create jobs, but according to the CBO, Obamacare will result in 2.5 million fewer jobs by 2024. Needless to say, young Americans trying to enter to the work force are having a difficult time navigating through Obama's muddled economy. The generation faced with a 15.8 unemployment rate, in addition to a collective $1.2 trillion in student loan debts, is left empty handed.
Health and Human Services Secretary Kathleen told Politico on Monday that "There is absolutely no evidence, and every economist will tell you this, that there is any job-loss related to the Affordable Care Act." Like the broken promises of the stimulus bill, Obamacare has followed suit and has yet to deliver on promises made of a better tomorrow.
Either underemployed or unemployed and stuck living with the parentals, the Obama administration's economic policies have grounded America's youth. Promised economic gains have failed and subsequently added significant handicaps for young adults entering the workforce. On a positive note, plenty of parents are experiencing the joy of having their children live at home, you're welcome Mom.