Social Issues and the Bush foregin policy are probably the leading contributors for the strong Democratic lean among younger voters. While I don't think my generation has moved to the left on abortion (even many secular libs are pro-life) like previous posters said the Republicans are getting murdered on issues such as gay marriage and environmental protection. I don't think the Democrats are hurt as badly among young people who are pro-life or pro-gun because unlike the Republicans the Democrat's don't put much emphasis on their controversial social position, which makes it easier for pro life or pro gun people to support Democrats anyways. Economics are similar, I don't think my generation is particularly left wing on economic issues (although I may be biased as an economics major), but again I don't think think the Democrats come off as lunatic leftist on economics, which makes it more likely for us to vote based off of areas such as the environment or foreign policy where we are more likely to side with the Democrats.
Pretty much hit the nail right on the head with that. I totally agree, the Democrats are definitely the more moderate of the two big parties, although I do like the Ron Paul types in the Republican party. Unless the GOP gets more Ron Paul types (minus the old age and crazyness), they're screwed with the youth vote.
Another Libertarian ok with excessive spending?