Where are the Unemployed Going??

chefdennis · Feb 20, 2012

So if the number of unemployed is going down, where are those people going? Yea are finding "part time" work and fall off the rolls..some are just giving up and quit looking and reporting and are no longer counted..and even some are getting new full time jobs..

The current U6 unemployment rate (the one the fed gov and barry dont want people to look at is said to be between 16 to 18 %...one of the all time highest in history of our nation....So where are these people going?? Will where they are going is going to cost the Taxpayers more money over the long haul then if they were collecting a "unemployment check" ( iam not for them collecting either one) because once they start collecting this money, chances are they will NEVER work again....

Here you go:

Jobless disability claims soar to record $200B as of January

By JANET WHITMAN
Last Updated: 10:41 AM, February 19, 2012
Posted: 10:47 PM, February 18, 2012

http://www.nypost.com/p/news/business/pain_brings_gain_taZkGOAUhXALmhEEyMpmqJS

Standing too many months on the unemployment line is driving Americans crazy — literally — and it’s costing taxpayers hundreds of billions of dollars.

With their unemployment-insurance checks running out, some of the country’s long-term jobless are scrambling to fill the gap by filing claims for mental illness and other disabilities with Social Security — a surge that hobbles taxpayers and making the employment rate look healthier than it should as these people drop out of the job statistics.

“It could be because their health really is getting worse from the stress of being out of work,” says Matthew Rutledge, a research economist at Boston College. “Or it could just be desperation — people trying to make ends meet when other safety nets just aren’t there.”

As of January, the federal government was mailing out disability checks to more than 10.5 million individuals, including 2 million to spouses and children of disabled workers, at a cost of record $200 billion a year, recent research from JPMorgan Chase shows.

The sputtering economy has fueled those ranks. Around 5.3 percent of the population between the ages of 25 and 64 is currently collecting federal disability payments, a jump from 4.5 percent since the economy slid into a recession.
Mental-illness claims, in particular, are surging.

During the recent economic boom, only 33 percent of applicants were claiming mental illness, but that figure has jumped to 43 percent, says Rutledge, citing preliminary results from his latest research.

His research also shows a growing number of men, particularly older, former white-collar workers, instead of the typical blue-collar ones, are applying.
The big concern about the swelling ranks is that once people get on disability, they’re unlikely to give it up and go back to work.

“It’s not like other support programs, such as unemployment insurance, which you lose after a year or two,” says Michael Feroli, chief US economist with JPMorgan.

Social Security’s disability fund, which has been operating short of cash since 2005, is forecast to run out of reserves by 2018.

The jump in successful disability claims also is making the unemployment picture look extra rosy because those folks are falling off the jobless rolls.

“If they’re on disability they’re generally not counted,” says Feroli, who estimates that a quarter of those dropping out of the job market are getting disability. “It’s no trivial number.”

cableguymn · Feb 20, 2012

Yup. My wifes health has been going down hill. Her doctors told her she could no longer physically do her job. That in fact her body was to the point where working at all would be near impossible.

So we retained a disability lawyer who told us exactly what this story says. That the system is being flooded by 99 weekers calming new found hard to prove mental disorders.

Going on 6 months now with out my wifes income or payments from the social security disability insurance we where forced to pay for. Lawyer says it could be 2 years before its all taken care of due to the influx of people applying.

Thankfully we have been living on the cheap. I also made some smart investments (like 25,000 shares of Ford when they where hovering at a buck a share) that we never really needed her income. However our plans for retirement sure got a kick in the teeth.

On the plus side if we win the case we will get back pay to the day she filed.

Sent from my PC36100 using Tapatalk

westmicher · Feb 20, 2012

Adding to the 16-18% real unemployment is the fact that just about everyone has taken massive cuts to their income, even if they still have a job. Barry is trying to convince you that he's done a wonderful job and everything is improving fantastically.

We all know it just isn't true.

LDB · Feb 20, 2012

It is as bad or worse than the Carter administration. At least Carter was/is legitimately partially religious and sincere. This joker is the most dishonest, insincere phony yet.

greg334 · Feb 20, 2012

Oh boy!

When was the last time any administration used the real numbers?

cableguymn · Feb 20, 2012

greg334 said:
Oh boy!

When was the last time any administration used the real numbers?

not sure. But I am darn sure the Democrats and MSN (but I repeat myself) used the correct ones when they said unemployment under Bush (around 5%) was the worst economy EVER.

LDB · Feb 20, 2012

Yes, I'm sure we can be very confident the worst possible numbers were used when speaking of Bush and the best possible false numbers are being used when reporting about Obama.