Republican presidential candidate Michele Bachmann spoke to about 200 Drake University students Thursday, warning them the status quo must change.

“You are the first generation that in all likelihood will see a much reduced standard of living. Why? Because the tax rates will be so high, wages will go down,  job possibilities will go down,” Bachmann told the students. “It will be far more difficult for you to be able to buy a home or buy a car or be financially independent.”

Bachmann promised tax cuts and reduced federal spending would spark a turn-around for the nation’s economy. Bachmann was asked if she would support federal funding for programs aimed at college students, like AmeriCorps and Teach for America.

“The point is, we’re broke,” Bachmann responded. “I don’t know if you have all gotten that message yet from me this morning, but let me state it clearly: we’re broke. We are broke in this country and we’re bankrupt.”

The crowd applauded just once during Bachmann’s speech. Some of the students wore t-shirts promoting other candidates, like Ron Paul and Barack Obama, and a handful snickered out loud when Bachmann was introduced as the next president of the United States. Still, students swarmed Bachmann after the event to get autographs and pose for pictures with the candidate.