Nomination of Katherine Archuleta to be Director of the Office of Personnel Management

Floor Speech

BREAK IN TRANSCRIPT

Mrs. FISCHER. Mr. President, today I rise to call attention to a problem that seems to have gotten lost in the shuffle recently. That issue is our unemployed and underemployed American youth.

On September 14, the Wall Street Journal published a must-read story entitled: ``Wanted: Jobs for the New 'Lost' Generation.'' I would like to read a brief excerpt from that article.

Like so many young Americans, Derek Wetherell is stuck. At 23 years old, he has a job, but not a career, and little prospect for advancement. He has tens of thousands of dollars in student debt but no college degree. He says he is more likely to move back in with his parents than to buy a home, and he doesn't know what he will do if his car--a 2001 Chrysler Sebring with well over 100,000 miles--breaks down. ``I'm kind of spinning my wheels,'' Mr. Wetherell says. ``We can wishfully think that eventually it's going to get better, but we really don't know, and that doesn't really help us now.''

Derek Wetherell's experience is hardly unique. It is unfortunately an experience shared by Americans across this Nation, including in my home State of Nebraska. Despite promises of economic recovery, jobs remain scarce, particularly for young people. A quick survey of family members, neighbors, and friends reveals that too many adult children are now living at home, stuck in their parents' proverbial basements.

A study released by The Opportunity Nation shows that 6 million young people between 16 and 24 are neither in school nor are they working. That means roughly 15 percent of America's youth are idle when they should be gearing up for their most productive years. The study went on to state:

Youth unemployment is at its highest in more than a decade, and young people in many European countries now have a better shot at moving up the ladder from poor to rich than they do in America.

The United States has always stood as the land of opportunity--the new home sought by immigrants from Europe and from around the world, risking life and limb for personal freedom and economic progress.

It seems that the ancient European capitals now offer young people more hope--a better chance at upward mobility--than our failing economy. That must change.

The jobless youth don't belong exclusively to any class, race, or gender. This problem does not discriminate. Nearly 1 in 4 African-American youth is unemployed, while the unemployment rate for young Latinos in September was 15.8 percent. Young men are unemployed at a rate of over 17 percent, while nearly 13 percent of young women are out of work.

Washington Monthly recently discussed the long-term impact of joblessness on our youth.

The consequences are dire for these young Americans.

They're not only more likely to have a hard time in the job market; researchers have found that disconnection has scarring effects on health and happiness that endure throughout a lifetime.

Unemployed, uneducated youth are at greater risk for criminality and incarceration, and they often go on to become unreliable spouses and improvident parents.

The costs to society are also considerable.

The direct support expenses and lost tax revenues associated with disengaged young people cost U.S. taxpayers $93 billion in 2011 alone--a bill that will only compound as the years progress.

In short, our weak economy is not only frustrating young Americans presently eager for work; it is jeopardizing their future. It is threatening more than just their ability to find present jobs; it is thwarting their efforts to build rewarding careers and to start families. They are getting a late start--if any start at all.

And what about those young Americans who have found work? According to a report by Accenture, over 40 percent of college graduates in the last 2 years are overqualified for their jobs. In other words, many of them are underemployed.

I believe all work has dignity. And while a college degree is important, it is not for everyone. But hard-working young people should have the opportunity to use their degrees and pursue their passions. They are not asking for special treatment--they are just asking for a chance. This economy is holding them back.

As if young people weren't facing enough adversity, now they are told they are legally required to purchase costly health insurance. In fact, the new law completely depends on their participation. Yet the report on premiums released by the Department of Health and Human Services shows that many young people will not qualify for subsidies to make their premiums affordable.

A study published by the National Center for Public Policy Research found that subsidies did not exist for people from 18 to 34 years of age in 11 of 15 exchanges. These young people will be required to pay the full price of their premiums, which we all know are skyrocketing around this country. The American Academy of Actuaries published an article noting that the young people who don't qualify for subsidies will see an increase in costs of 42 percent.

Tom from Omaha wrote me to tell me about his 26-year-old son, who had been paying $159 a month for his health coverage. ``Effective January 1, 2014, his rate will be $231. What is affordable about this?'' Tom added that his son's deductible would ``increase by $3,000 and his out-of-pocket costs by $3,850.'' We are no longer dealing with projections, we are dealing with real people.

The National Center for Public Policy Research also found that even with the subsidies, about 3.7 million young people would actually save at least $500 by forgoing insurance and paying the fine, and as many as 3 million young people would save at least $1,000 by opting out of ObamaCare.

The bottom line? We have record numbers of unemployed young Americans now being forced to purchase health plans they do not want and, in some cases, with coverage they don't even need. We need to empower, not burden, young Americans.

The American dream of launching a career, starting a family, buying a home, and forging a brighter future is not some quaint relic of a bygone era. The dream is alive and well. Our young people are still dreaming. It is time for us to honor our duty to ensure that the next generation has the tools and experience to succeed, to keep America strong, and to pursue that dream. Right now, we are falling woefully short. But we can do better. Our children and our grandchildren are counting on us. This generation isn't lost yet, and I am here to fight for them.

Mr. President, I suggest the absence of a quorum.

BREAK IN TRANSCRIPT

Source