BLOG: Why Young Adults Should Care About the 2012 Election

Turning eighteen has many advantages. New adults can go to the casino, rent a hotel room, buy cigarettes (hypothetically), and most importantly vote. For those of us who have just entered the adult world, we have made our appearance at a critical time. The issues we are facing now are ones that will continue to affect us into our life as students, working professionals, and someday parents
ourselves! We are so fortunate to be able to let our voice be heard and have an effect on this election, and I truly believe that every young person should do their research and VOTE! There is no way I could squish my thoughts from a young person’s perspective on every issue, so I picked the two issues that I feel will have the biggest effect on us new adults, the cost of education and unemployment.

One of the biggest concerns for most people my age is financing our education. While unemployment rates are lower than they were one year ago, they are significantly higher among those without a college degree. According to the Bureau of Labor Statistics, the unemployment rate for those with a high school diploma is 9.4 percent, while the rate for those with a bachelor degree is 4.9 percent. The benefits of higher education are countless, but that does not erase the fact that many students simply cannot afford the rising costs of a college degree. One way Obama is trying assist students with these costs is by keeping interest rates for federal Stafford loans low. Five years ago, the rate was cut from 6.8 percent to 3.4 percent in effort to boost the economy. The rates are scheduled to return to their original number July 1. Romney is backing Obama’s proposal for a temporary extension while encouraging young people to follow their dreams even if it means borrowing money.

As an “almost” college student, both of these ideas sound great to me! My parents saved me a good chunk of money for school, but I will be financing about half of my education on my own. Obviously the less money I have to borrow, the better, but I know that loans will have to be a part of my financial plan. From my point of view, both candidates are looking out for my, as well as all college student’s wellbeing, so let’s move onto the question of finding a job after school.

As I have already mentioned, the unemployment rate for those with bachelor’s degrees is significantly less than those without. While this is promising, the unemployment rates for college student age ranges are worth mentioning. According the Bureau of Labor Statistics, the unemployment rate for 18-19 year olds is 23.5 percent, and for 20-24 year olds is 12.9 percent. These rates are extremely concerning for me, and both candidates have different ideas on how to deal with this problem. Obama favors government spending such as “temporary, targeted” tax cuts for businesses to create jobs. One concern with this plan is that it is only a short term solution, and it will not actually solve the problem. Some believe that these tax cuts might not cause businesses to hire because they are only temporary. On the other hand, Romney is a firm believer that less taxes and less government spending will result in more private spending which will boost business and create employment opportunities. One issue with this plan is that it deals with the problem on a more long term level, and lacks short term relief. Because I am not currently looking for a long term job, I don’t need immediate relief. From this perspective, Romney’s plan seems like the better option for long term stability. If Romney does get elected, I will be hopefully looking for long term employment after the increase in private spending has affected the business cycle!

Everyone has their own beliefs about how the country should be run, and it is not my business to influence anyone’s decision. I can only hope that young people will take advantage of this opportunity and vote for the candidate they believe will best represent their views! Feel free to give your input as well! Thanks :)

-Megan Towle, DCR Chamber Intern