1. Youth Unemployment is Still High
The U.S. youth unemployment rate is 16.3 percent, nearly 10 percent higher than the unemployment rate overall. All of the excessive regulations coming out of Washington are preventing employers from hiring new workers.
2. ObamaCare is a Bad Deal for Young People
Young and relatively healthy people will pay for old and unhealthy people in the Obamacare exchanges. If you’re a single adult with no kids, you’ll save at least $500 by not opting into the exchange and paying the government fine instead. Yes, you’ll be fined if you do not buy health insurance. Doesn’t matter if you don’t want it or can’t afford it.
As a result of ObamaCare, many young people are losing their health insurance, getting their work hours cut, or can’t find a job. Surveys show that one-third of small businesses have held off hiring a new employee because they are uncertain about how the complicated law will be enforced.
3. The Outrageous National Debt Hurts Young People
The national debt is over $17 trillion– not counting unfunded liabilities. It is estimated that the federal government has racked up around $128 trillion in unfunded liabilities for programs such as Medicare and Social Security. The outrageous national debt will be passed on to young and unborn generations.
4. Young People Won’t Receive Social Security—Despite Being Forced to Pay into the System
Working young people are forced to pay into Social Security through payroll taxes. Yet, most young people are pessimistic about their chances of ever receiving a dime of Social Security. A Cato Institute survey found "that 18- to 30-year-olds think it is more likely they will see a UFO (43 percent) than a Social Security check (28 percent) during their lifetime." And rightfully so. According to the Heritage Foundation, "in 2033, the Social Security trust fund will be exhausted, and the program will be able to pay only three-fourths of scheduled benefits." It’s simply unfair to require young people–who are often struggling to stay afloat– to pay into a broke system that will not live up to its promises.
5. Student Loan Debt is At An All Time High
The average debt load for the class of 2012 was a whopping $29,400. How are students supposed to pay off their student loan debt if they cannot find a job after graduation?
6. The Federal Reserve is Making Everything More Expensive
Want to know why the prices of goods have risen noticeably in recent years? The Federal Reserve is largely to blame. The Fed has "printed" money like there’s no tomorrow. As a result, the value of the dollar has declined and prices have increased. People with low disposable incomes are especially hurt by the hike in prices.
7. Record Number of Young Adults Are Living At Home With Their Parents
A Pew Research Center poll found that 21.6 million young adults in America were living with their parents in 2012. Around 36 percent of 18- to 31-year-olds have either moved back in with their parents or never left home. Many move back home with their parents because of the lack of job opportunities and/or they cannot afford to live on their own. The stalled economy also means that a record number of young Americans are putting off marriage and having children.
8. The Government is Limiting Opportunities for Young Entrepreneurs
A Young Invincibles poll finds that 54 percent of millennials want to start their own business or have already started one. That percentage is even higher among minority youths. Around 64 percent of Latinos and 63 percent of African-Americans declaring their interest in starting a business. Yet, the government is discouraging entrepreneurship by imposing costly regulations and red tape.