It's extraordinarily difficult to escape this scenario. We see this with the 4.7 million people stuck on unemployment payments 27 months or longer. We see it with the explosion of people on Social Security disability, which now stands at 8,830,026, up each month since January 1997. The overall pace has been the same but has quickened dramatically among men in the last four years. From 1997 to 2009 108,333 men moved onto disability, but since January 2009 that number has leaped to 150,000. This is a national tragedy since a large percentage of these men are able to work but say the mental stress of living in this economy makes it impossible.
There is a great report out of Rutgers titled:
Diminished Lives and Futures: A Portrait of America in the Great recession Era http://www.heldrich.rutgers.edu/sites/default/files/content/Work_Trends_February_2013.pdf
When asked which of these do you think are major causes of high unemployment there were marked changes including greater acknowledgment that people simply don't want to work.
The trend in this nation is worrisome. We are looking at a European style nation where brand new wealth isn't created while older wealth is constantly attacked to the point where it's diminished along with the clout that comes with financial independence. This makes it difficult for those that refuse to sign onto the welfare state to have a voice or options.
Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks.
He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI)
, founded in 1991 which provides subscription analytical services to both individual and institutional investors.