Romney Campaign Press Release - The Obama Economy's Lost Generation

"Under President Obama, the costs of college have skyrocketed – making it more difficult for students to attend college – and his economic policies have made it harder for graduates to get jobs. Mitt Romney and Paul Ryan have a Plan for a Stronger Middle Class to get our economy back on track and ensure that young Americans – and all Americans – have the brighter future they deserve." – Amanda Henneberg, Romney Campaign Spokesperson

Yesterday, President Obama Told Graduating College Students They Should Support Him In November Based On His "Track Record" In Office:

President Obama, On Why Struggling College Graduates Should Support Him In November: "They Can Look At My Track Record."  PINDELL: "An 18-year-old who voted for you back in 2008, and there certainly were a lot of them, now turning 22, many of them graduating from college with what amounts to basically a mortgage in debt, having a hard time finding a job for which they've been trained. Why should they be confident that by the time they turn 26, that they'll be better off with another four years?" OBAMA: "Well, they can look at my track record." (WMUR, 8/20/12)

What's President Obama's Track Record For College Students? Skyrocketing Costs And Mounting Student Loan Debt:

Since President Obama Took Office, The Average Cost Of In-State Tuition At A Four-Year College Has Increased From $6,585 To $8,244 – A 25 Percent Increase. ("Trends In College Pricing 2009," College Board, 2008; "Trends In College Pricing 2011," College Board, 2011)

• The Cost Of College Is Currently At "An All Time High." "Nationally, the cost of a full credit load has passed $8,000, an all-time high. Throw in room and board, and the average list price for a state school now runs more than $17,000 a year, according to the twin annual reports on college costs and student aid published Wednesday by the College Board." (Justin Poe, "College Prices Up Again As States Slash Budgets," The Associated Press, 10/26/11)

A Recent Report By The Department Of Education And CFPB Calculated Outstanding Student Loan Debt At More Than $1 Trillion. "As in the housing market, securitization of student loans led to more aggressive underwriting for borrowers who could not possibly afford the debt they took on, according to a government report. The 131-page report was formally released by the Education Department and the Consumer Financial Protection Bureau on Friday. It provides new estimates for total outstanding student loan debt: more than $1 trillion in 2011, composed of $864 billion in federal government loans and $150 billion in private student loan debt. Cumulative defaults on private student loans exceeded $8 billion, a sum from over 850,000 distinct loans." (Catherine Rampell, "Report Details Woes Of Student Loan Debt," The New York Times, 7/20/12)

• Student Loans Have "Surpassed Credit Card Debt As The Biggest Source Of Unsecured Debt For U.S. Consumers." "It has surpassed credit card debt as the biggest source of unsecured debt for U.S. consumers." (Daniel Wagner, "Study: Student Loans Went To People Who Couldn't Repay," The Associated Press, 7/20/12)

The "Crippling Debt" Associated With The Increasing Cost Of College Is Leaving Graduates "With An Unprecedented Financial Burden."  "With more than $1 trillion in student loans outstanding in this country, crippling debt is no longer confined to dropouts from for-profit colleges or graduate students who owe on many years of education, some of the overextended debtors in years past. Now nearly everyone pursuing a bachelor's degree is borrowing. As prices soar, a college degree statistically remains a good lifetime investment, but it often comes with an unprecedented financial burden." (Andrew Martin and Andrew W. Lehren, "A Generation Hobbled By The Soaring Cost Of College," The New York Times, 5/12/12)

And When Students Graduate From College, They're Facing Dismal Employment Prospects And Lower Incomes In The Obama Economy:

Last Year, Over Half Of Recent Graduates Were "Jobless Or Underemployed, The Highest Share In At Least 11 Years." "About 1.5 million, or 53.6 percent, of bachelor's degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. In 2000, the share was at a low of 41 percent, before the dot-com bust erased job gains for college graduates in the telecommunications and IT fields." (Hope Yen, "1 In 2 New Graduates Are Jobless Or Underemployed," The Associated Press, 4/22/12)

The Median Income Of College Graduates Fell Nearly 10 Percent From 2007 To 2010. "While a university degree still promises a higher income than a high school diploma, the median income of college graduates fell nearly 10 per cent from 2007 to 2010, according to the Fed, compared with a 5 per cent fall for high school graduates." (Shannon Bond, "Jobless Generation Puts Brakes On US," Financial Times, 7/30/12)

• "Median Income For Those Under 35 Dropped 10.5 Per Cent From 2007 To 2010 – More Than Any Other Age Group – Compared With A 7.7 Per Cent Overall Decline." (Shannon Bond, "Jobless Generation Puts Brakes On US," Financial Times, 7/30/12)

The Weak Job Market And Record Levels Of Educational Debt Pose A Threat To The Future Earning Power Of Young Americans That Could Have A Long-Lasting Effect On US Growth. "But the problem has a unique flavour in the US, where the weak job market has collided with record levels of educational debt – about $25,000 for the average graduate. Together, they pose a threat to the future earning power of young Americans such as Mr Grzywacz – and could have long-lasting effects on US growth." (Shannon Bond, "Jobless Generation Puts Brakes On US," Financial Times, 7/30/12)

"More Of Today's Twenty- And-Thirty-Somethings Are Living With Their Parents Than In Generations Before Them." (Rosa Ramirez, "Study: More Young Adults Living With Parents," National Journal, 8/1/12)