A new study reveals that one of three people who are jobless in America simply doesn’t want to return to a time clock and a paycheck – leading Fox News financial analyst Stuart Varney to warn America is turning into Europe.
Their analysis found, “In words, the decline in the fraction of marginally attached was caused by a reduction in the propensity of inactives to become marginally attached … and an increase in the propensity of marginally attached to become inactive.”
Or, the share of jobless Americans over age 16 who say they don’t want a job is at 34.3 percent.
Accordingly to the Wall Street Journal, “Americans aren’t just leaving the labor force – those who have left it are drifting further away.”
That contributes, analysts say, to the persistently poor unemployment rate in the United States under Barack Obama’s presidency, which started out at 7.8 percent in January 2009 and now is only fractionally lower, at 7.3 percent.
Fox News’ economic analyst Stuart Varney said it’s like America is becoming Europe, and he noted part of the issue is the rising social benefits available to Americans. Under Obama, food stamp use has skyrocketed, disability settlements have bloomed, and unemployment benefits have been stretched to the limit.
“We’re getting more and more like Europe,” Varney said. “Some people are increasingly work-averse.”
He said the century-old American work ethic of “get out, go to work, earn the money” is
People today, he said, simply don’t get fulfillment from that.
The rise in the “I-don’t-want-a-job” contingent was especially strong among young people and women, the report said.
Possibly because they were in school, or staying home with their children.
Varney warned of the rising tide of entitlements in America.
“You’ve got to have [economic] growth,” he said.
“Messrs. Barnichon and Figura found the decline in people who want a job wasn’t driven by people entering the labor force. It was driven by people switching from wanting a job to not wanting one,” the Wall Street Journal reported.