From National Review:

The “luster of Obama’s promises has worn off” and “hope” and “change” no longer drive young voters. In 2008, the “millennial” generation, comprising those between the ages of 18 to 29, voted for President Obama by a margin of 2–1. In 2004, President Bush lost this demographic by nine points to John Kerry. But, for the first time in over a decade, it appears the trend has reversed — young Americans are now reconsidering their allegiances to the Democratic party. Why have the millennials, the group that Obama has described as “the foundation of [his] campaign,” abandoned him? To quote another Democratic campaign, “it’s the economy, stupid.”

According to research conducted for Resurgent Republic, a conservative policy organization, young voters are no longer enamored with the president because of the current state of the economy. The millennials chosen for the focus groups were all self-identified independents who had voted for Obama in 2008 but were now undecided on the generic ballot. The dramatic effects of the “Great Recession” had shifted the mindsets of these younger Americans — unemployment amongst this crucial Obama demographic is currently at its highest point since the end of World War II.

Furthermore, among the millennials interviewed, there was a “palpable sense of underemployment” according to Luke Frans of Resurgent Republic. Although these young voters still like Obama personally, they now hold him responsible for his policies. Discussions of “hope” and “change” only elicited cynicism from them. A young North Carolinian surveyed said that President Obama “promised the moon and could not even deliver the upper atmosphere,” while another voter from Raleigh complained that “we expected a lot more.”

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