For many members of the Millennial Generation, now is the time when they begin to ponder major life choices, including their first home purchase. However, the heavy increase of student debt this generation carries may prevent many from buying a home, even at low prices.
While the challenges that face the Millennial Generation are massive, President Obama enjoys a 63% approval rating among young people according to a latest Gallup poll. This is perplexing given the economic plight that young people face. The job market still appears to be fragile and weak after April’s anemic addition of 115,000 jobs, according to The Bureau of Labor Statistics.
What is facing the Millennial Generation is the rising catastrophe of the student loan crisis. It has been a burden on students to face increasing tuition fees, which has caused their student loan costs to spike. According to a Wall Street Journal report, approximately two-thirds of students from 2010’s graduating class graduated with student loans, with an average cost of $25,250, up 5% from the previous year.
While the fear of not acquiring a job is constant in students’ minds, also concerning them is the question of which career to pursue during their collegiate studies. If a student chooses a career path that is not currently seeing high numbers in the workforce, it becomes a risk. For example, there are more opportunities in the workforce for engineers and nurses than there are for those who may pursue a career in the creative arts field.
Due to the heavy debt load and lack of jobs available for students, many of them have decided to move back home to reside with their parents and caregivers. This makes it difficult for them to flex their financial muscles in purchasing a home, paying their bills and embracing financial independence.
With all of these woes being up front and center in the lives of Millennials, one has to ask: “Why are they still supporting Obama?” The answer is this: imagery.
Barack Obama may not have the celebrity appeal as he did in 2008, but he is still a likable guy. How do you compete with the president who effectively sings Al Green and can slow jam the news?
The toxic climate involving his economic policies is somewhat overshadowed by the fact that he relates to culture. Whether it be basketball, Hollywood fundraisers or soul singing, President Obama has an advantage with the youth vote because he is continuing his role as a “hipster” or someone who is culturally relevant.
Demetrius Minor is a member of the national advisory council of the Project 21 black leadership network and is co-host of the blogtalkradio show "He Said, She Said" with Project 21 member Stacy Washington.
In addition, Demetrius is a blogger (demetriuspeaks.com), former White House intern, preacher, and columnist for Townhall, Red Alert Politics and Conservative Daily News.