ART CASHIN: The Unemployed Are Now Going On Disability And It's Costing The Government Billions

TBI ^ | 2-14-2012 | Sam Ro

[blam]

ART CASHIN: The Unemployed Are Now Going On Disability And It's Costing The Government Billions

Sam Ro
Febuary 14, 2012

In this morning's Cashin's Comments, Art Cashin points to some disturbing research regarding the recent bump in disability benefit applications:

I’m Sick Of Being Unemployed - A couple of strange and rather disquieting reports circulated among the Friends of Fermentation yesterday. The topic was unemployment or, more specifically, where do those people go who have stopped looking for work. Their absence is credited with distorting the unemployment rate and making it lower than most expect or believe.

The reports I allude to, contended that many went on disability. In fact, they projected that nearly 25% of those not actively seeking a job had applied for, and been accepted, by disability - mostly Social Security.

One of the reports came from a site called SoberLook.com (a perfectly logical place for the Friends of Fermentation to be browsing). The Sober report quoted extensively from a report by JPMorgan. I was unable to locate the original JPM report but we’ll assume that Sober quoted from it correctly. Anyway, here’s a bit from SoberLook:

But how does one survive after losing the unemployment benefits? Clearly people struggle. One way to pay the bills however is to file for and receive the federal disability benefits - assuming of course one has a disability. Interestingly enough, the Great Recession and the slow recovery somehow generated many more disability recipients.

JPMorgan: As of January over 8.5 million individuals were receiving federal disability payments (an additional 2 million spouses and children of disabled workers also received disability payments). Since the onset of the recession and the subsequent slow recovery, this figure has accelerated and grown faster than the overall size of the potential labor

(snip)

[blam]

Everything is broken.

Bring on the revolution

[Pietro]

I recently saw an ad on TV (in Pittsburgh) by scum-lawyer extrordinaire, Edgar Snyder, telling folks he could get them on the workman’s comp list—just give him a call.

[vikingd00d]

>>Bring on the revolution

I don’t think a revolution is going to be enough.. Bring on the Zombie Apocalypse!

[Birdland]

Among those on the government dole here in downtown Indianapolis, it is widely known that if you stay determined, you will very likely get approved for disability after trying 3-4 times. We know a perfectly healthy woman here who, after getting disability, was told that she was working too many part time hours (at a job she actually liked), so she quit the job. She also got retroactive payment for her claim, then blew it all on jewelry, her nails, and travel. Frustrating....

[denydenydeny]

An article made up nearly entirely of speculation but it makes sense. Those millions of workers whose absence from the labor force helps prop up Obama's phony unemployment statistics have to go somewhere:

they projected that nearly 25% of those not actively seeking a job had applied for, and been accepted, by disability - mostly Social Security.

[MrB]

Oh, the Zombie Apocolypse IS coming,
very soon after the entitlement checks start failing.

If you saw what happened in Atlanta Ga a while back with the EBT cards... The funds were a day late and the entitlement “zombies” were throwing a hissy fit, ready to riot - “When y’all gonna come through? I gots ta feed my children!” (http://chicksontheright.com/2011/08/30/this-is-after-one-day-you-guys/)

When the checks aren’t forthcoming, do you think 0bama and the ‘rats are going to take the blame?
Nope, they’re going to BLAME YOU.

[ejonesie22]

Buy Ammo.

[longtermmemmory]

This is what communists want, a monthly check that everyone recieves no matter what.

This is alinsky. Break the system by using the system.

Some people do need disability but there should be serious investigations. Too many able bodied work the system and have disability for hangnail recurrance.

[Sporke]

I have a cousin who recently got married. Growing up he had major health problems and had to have several surgeries. Now he is grown and is in pretty good shape.
Well, now that he is married, he no longer works. His new wife used to work for the state of Mass. but now she doesn’t work either. My extended family wondered how they were getting by. The wife said they were surviving on her unemployment, which has since expired.
Now we find out they are BOTH on disability. He because of his health problems from childhood, and she because of depression.
They are always on Facebook talking about where they are going next. They rented a Limo to take them 150 miles to a Dallas Cowboys game, they’ve driven from Texas to California to watch the migration of Monarch Butterflies. They live on constant vacation.
Some in the family are incensed over it, but I just find it amazing that they are able to do that.
This country is lost.....

[JimSEA]

Every time the mine I worked at had a layoff, the number of industrial injury claims would skyrocket. Now the same thing is magnified by the scope of unemployment. Plus, there are all too many who just won’t work if they aren’t forced to.

[riri]

That is the plan. Only we aren’t talking an American style revolution.

[forgotten man]

I knew a guy who collected Social Security disability when he was in his forties and fifties. He called his payments his “crazy checks”. He faked mental depression and other “disablities.” He eventually died from crystal meth.
The crazy checks supplemented his drug dealing income.

[Kickass Conservative]

Same thing that happened in the 1990’s after Welfare Reform got passed.

Human nature, like water, finds its way.

[ReformationFan]

I’m guessing your cousin and his wife are both big fans of Obama like this one:

http://www.youtube.com/watch?v=oIw5_a_jI0o

[Hoffer Rand]

This is how they’re getting the unemployment numbers to show a drop. Fewer workers in the system. More unemployed dropping off the back end and giving up looking. It makes the stats look better, but the human toll is still there and getting worse. And the cost to tax payers is going up. Of course, that won’t be mentioned, unless a Republican wins in November, then January 21, unemployment will suddenly skyrocket.

[DustyMoment]

I have been seeing this in San Antonio for several years. There is a particular lawyer here who advertises about helping people get their social security diability. Many are young with correctable conditions, others clearly want to retire but are too young to file.

So, instead of being honorable and working or going back to school to be retrained in a career that keeps them as productive members of society, they decide to live off of the taxpayers.

And, THIS is the same government we want to manage our HEALTHCARE!!???

[upchuck]

As I have written here before, I am a volunteer triage interviewer at a local food/clothing bank. I work there one day a week and interview 2-8 clients depending on the complexity of their case.

Since Jan this year I’ve had 10 (estimated) clients tell me their unemployment had run out and they were working on getting on disability.

The average disability payment I see is about $700/month.

Disability, like food stamps is incredibility corrupt. Both are a disease.

[joy361]

I know a guy about 35 - had a good job. Had no problem getting there when he rode with dad. Well, dad took a job in another state. Wasn't a month later, sonny boy got fired for not getting to work on time. Now, after 3 yrs of unemployment, he's 'depressed' and can't move his legs to get out of bed (doesn't stop him from having sex with anything that moves) Oh, ya, and going outside for a smoke.
Trying for disability. Got turned down once, but going for it again.
It's disgusting.

[cherry]

my two slacker "disabled" inlaws both have sports cars, plus other vehicles...he gambles EVERY single day....she is out and about every day....travelling, shopping, visiting....

the life of riley....

they get the disability.....the free food from their friend at the food bank....and the disabled parking pass...they won the TRIFECTA....