In the aftermath of Mitt Romney’s loss to Barack Obama, analysts have noted that the Republican nominee lost in large measure due to changing American demographics—particularly the rise of the Latino vote, non-white Christians, and the religiously unaffiliated. But another demographic trend also threatens to hurt Republican chances in the future: the decline of marriage.
A new study conducted by researchers at the Brookings Institution and the nonpartisan Tax Policy Center reveals that Romney’s proposed budget would raise taxes for 95% of Americans – while reducing the tax burden for the top 5%.
College may be an investment in the future. But it’s a pricey one – and not without risk. The vast majority (94%) of students who earn a bachelor’s degree borrow money (including loans from the federal government, private lenders, and relatives) to pay for their education, and for all borrowers, the average debt in 2011 was $23,300. A long, thorough article in the New York Times explores some of the… more
You’ve got to hand it to them: younger Millennials (age 18-24) are optimistic. Specifically, they’re optimistic about the economy and their own economic prospects in the long term, which may come as a surprise to those of us who are not of this generation. After all, it often seems like the chips are stacked against them: recent college graduates face a truly horrific job market, while the price of undergraduate… more
Mitt Romney undercut President Obama’s latest attempt to shore up support among young voters when he announced that he, too, supports an extension of student loan interest rates, which are set to double in July, from 3.4% to 6.8%. For young adults with bachelor’s degrees, unemployment rates are high and median wages are low. The White House estimates that more than 7 million students would be affected by the rate… more
Yet more proof that the world can change a lot in 20 years: in 1993, 80% of parents with young children said that children should be financially independent from their parents by the age of 22. Now, according to a new survey from the Pew Research Center on young people and the economy, only 67% of parents share this view, and fully 3-in-10 (31%) say that children shouldn’t have to… more
In his speech at the annual National Prayer Breakfast yesterday morning, President Obama added a controversial twist to his recent emphasis on economic fairness: he added a religious imperative. “I think to myself, if I’m willing to give something up as somebody who’s been extraordinarily blessed, and give up some of the tax breaks that I enjoy, I actually think that’s going to make economic sense,” Obama told the audience…. more
The media aftershock from Mitt Romney’s offhand remark that he does not care about the “very poor” is still humming through the blogosphere, drawing criticism from liberal and conservative commentators alike. This is sure to provide fodder for Democrats’ criticisms of Romney, especially given new PRRI data which shows that 63% of Democratic voters say the growing gap between the rich and the poor is a critical issue. A newly… more
In his State of the Union address, one of the last opportunities for President Barack Obama to address a large segment of the American public before they go to the polls in November, Obama dedicated almost all of his time to a subject that divides the country: the American Dream. Declaring that the “defining issue of our time” is how to keep the promise of the American Dream alive, he… more
Last fall, as President Obama sought to raise taxes on wealthy Americans in order to reduce the nation’s deficit, many of his critics accused him of engaging in class warfare. A new survey from Pew Social & Demographic Trends signals that politicians will have to deal with rapidly increasing socioeconomic tension. According to the survey, 3-in-10 Americans say that there are “very strong conflicts” between the rich and the poor,… more