Press release from from the Office of U.S. Sen. Lamar Alexander; October 9, 2014:
“Tennessee’s 1.7 million millennials deserve better; a new Republican Senate majority would have proposals to create jobs, save entitlements, and fix damage done by Obamacare”
NASHVILLE, Oct. 9 – As the Obama administration today broadcast its economic report on millennials, those born between 1980 and the early 2000s, U.S. Senator Lamar Alexander (R-Tenn.) released five facts on the reality for this generation under the Obama administration:
“What the Obama administration’s report neglects to say is that under this administration, we are watching America pass from the hands of the Greatest Generation to what will forever be known as ‘the debt-paying generation,’ with nothing to show for it but the bill. Republicans have proposals to create jobs, to save entitlement programs that Americans depend upon, and to repair the damage Obamacare has done and prevent future damage. It’s time for President Obama to show the same kind of leadership and work with Republicans on these serious issues facing young Americans today.”
- Their federal debt burden is ballooning: In 1980, as millennials were being born, the national debt was about $847 billion. Today that debt is over $17.8 trillion—nearly $56,000 per person.
- Their health care is more expensive under Obamacare: According to research from the Manhattan Institute, the cost of health insurance for a 27-year-old male in Tennessee climbed approximately 69 percent—from an average of $80 to $135. Millennials are now paying more to cover older, sicker individuals—and often forced to buy more coverage than they want or need.
- Their earnings are falling: Even the left-leaning Progressive Policy Institute reports that recent college graduates can expect to make less since President Obama took office: Real average earnings for young grads fell by about 5 percent between the start of 2008 and 2013.
- They are having trouble finding a job: According to polling of millennials conducted by Business Insider, 16 percent of millennials remain unemployed after six months in the job market. For those that do find a job, 44 percent of millennials who had attended some college took a first job requiring no college experience at all.
- Their health care in retirement is uncertain: According to the most recent Medicare Trustees Report, Americans won’t be able to count on Medicare to pay all of their hospital bills after 2030—painting a bleak picture long before millennials are set to retire.