In debt and unemployed. This demographic that voted strongly for Obama is the hardest hit.
Average Student Loan Debt For College Graduates Has Increased By 6 Percent Yearly Since 2008 Reaching $29,400 In 2012. “The average debt load for the class of 2012 was $29,400, according to a report released Wednesday by the Institute for College Access & Success’ Project on Student Debt… At the same time that debt has been going up, colleges across the country have been hiking tuition and fees and families’ incomes have been shrinking, student loan debt has risen at an average rate of 6% per year from 2008 to 2012, the report found.” (Blake Ellis, “Average Student Loan Debt: $29,400,” CNN’s Money, 12/3/13)
- Seven In Ten College Seniors Graduate With Student Loan Debt. “Seven in 10 seniors graduated with student loan debt, and a fifth of that debt was owed to private lenders, which often charge high interest rates.” (Blake Ellis, “Average Student Loan Debt: $29,400,” CNN’s Money, 12/3/13)
- Americans Now Owe $1 Trillion In Student Debt.“Americans now owe around $1 trillion in student debt, according to the Federal Reserve Bank of New York.” (Josh Mitchell, “Student-Loan Debt Slows Recovery,” The Wall Street journal’s Real Time Economics, 12/30/13)
12 Percent Of All Student Debt Was Delinquent By The Third Quarter Of 2013 Up From 7.6 Percent In 2008. “Defaults on those loans are rising. Nearly 12% of all student debt was delinquent by the end of the third quarter, up from 7.6% five years earlier, according to the New York Fed.” (Josh Mitchell, “Student-Loan Debt Slows Recovery,” The Wall Street journal’s Real Time Economics, 12/30/13)
Americans Over 25 With A Bachelor Degree Have Seen Median Incomes Fall By $2,923, In 2012 Dollars, Since Obama Became President. (U.S. Census Department, Accessed 1/24/14)
Today, 18-34-Year-Olds Account For 46 Percent Of All Unemployed Americans. (Bureau Of Labor Statistics, Accessed 1/23/14)
Unemployment Rate Was 13.5 Percent In December For Those Under 25. (Bureau Of Labor Statistics, Accessed 1/23/14)
That is the U3 number that does not count people working part-time or those that have given up. The Total U3 number is 6.7%, the Total U6 number is 13+% and over 20% for the youth.