When Barack Obama took office in 2009, approximately 15% of recent college graduates with a bachelor’s degree or higher found themselves working low-wage jobs. According to the Federal Reserve, these jobs pay $25,000 or less per year and include hourly wage positions.
Today, after more than five years into the Obama administration, approximately 22% of recent college graduates with a bachelor’s degree or higher are now working low-wage jobs. Depending on the month, between 1-in-4 and 1-in-5 recent college grads are earning $25k or less per year.
Over the past five years, the Democrats, the Obama administration, and the liberal media have all crowed about the president’s deep connection with young Americans. But when nearly 47% more recent college graduates find themselves working low-wage jobs after Mr. Obama’s five years in office, it’s no surprise that some are now realizing it takes more than sound bites and a smile to make a good president – that “cool” won’t pay the bills or create good jobs.
Over the course of the Obama presidency, the number of recent college graduates working “good jobs” (defined by the Federal Reserve as paying more than $45,000 per year) has dropped from 41% to 36%.
The persistently high unemployment rate is yet another reason Mr. Obama’s base is wavering and the Democrats should be worried about turnout in 2014.
All politics is indeed local, and besides family, few things hit closer to home than jobs.