Obama administration has been bad for young people, Romney says

A day ahead of President Barack Obama's stop in Iowa, Mitt Romney's presidential campaign tried Tuesday to sway young Americans in the 2012 election, arguing college costs are up and employment is down for those who have just left school.

The president will be in Iowa City on Wednesday to push to keep interest rates low on a widely used loan program aimed at low-income and middle-class students. If nothing is done, they'll double on new loans beginning July 1.

Romney, the presumptive Republican presidential nominee, agreed with the president's position Monday on the temporary extension, a position that would put him at odds with some House Republicans, who have called it bad policy and too expensive.

Romney's campaign, however, tried to put the spotlight on a wider array of economic conditions in a conference call with reporters. They said half of new college graduates are unemployed or underemployed.

“The fact that the president has focused so much attention on student loans and debt is a bit ironic, when what young people really want is not student loans but a way to pay for their student loans. They want good paying jobs,” said Rep. Aaron Schock, R-Ill. Schock also said he backed keeping the interest rates low.

In Iowa, unemployment generally has been lower than the rest of the country, but rates for young people have been in double digits. The federal Bureau of Labor Statistics said last summer the jobless rate for Iowans between 20 and 24 years old was 11.3 percent, about twice the 5.8 percent rate it was overall.

In March, the national unemployment rate for people 20 to 24 years old was 13.1 percent, nearly five points higher than the 8.2 percent overall rate.

The president's visit to the University of Iowa is one of three campus stops he'll make to push for the lower interest rates on the student loans. Tuesday, he's visiting North Carolina and Colorado, both expected to be swing states in the general election, too.

The Obama campaign responded to the criticism Tuesday by citing Romney's support for the budget drafted by House Budget Chairman Paul Ryan. The Obama campaign said the plan would cut Pell grants for low income students, including 10,000 Iowans, and allow interest rates to double.

“Young Americans should be wary of Mitt Romney's lip service on student loans, especially in light of his support for the Ryan budget, which would make it significantly harder for young people to get into and afford college,” spokeswoman Erin Seidler said.

Rep. John Kline, the chairman of the Education committee in the Republican-controlled House, has criticized the Obama administration for wanting to extend the 3.4 percent interest rates on the subsidized Stafford loans.

Seidler said if Romney wants to show leadership, he would call on the House leadership to move on his proposal.

Young voters were an important demographic for the president in 2008, with 61 percent of Iowa voters between the ages of 18 and 29 picking him over Sen. John McCain, according to exit polls. Nationwide, Obama had a 34-point margin among the 18-29 set over McCain. That gap was dramatically higher than in recent elections before it.

Republicans say they're confident they can erode that base of support.

“I think you're going to see a dramatic turnaround on the campuses this year,” former U.S. Sen. Hank Brown of Colorado said on the call.

A new poll, conducted by Harvard University's Institute of Politics, said the president has a 17-point lead over Romney in the 18-29 age group, up six points over its survey last November.