Tags: economy | unemployment | numbers | jobs

Wall Street Analyst: Many Giving Up on American Dream

Friday, 05 Apr 2013 05:45 PM

By Bill Hoffmann

The nation’s ongoing economic struggle is causing many Americans to simply give up, according to Charles Payne, a Wall Street strategist and Fox Business Network analyst.

“It’s what I call a drop-out nation,’’ Payne told Newsmax TV’s “The Steve Malzberg Show.’’

“People are sort of giving up. They’re giving up on the American Dream, they’re giving up on capitalism, they’re giving up on themselves.’’

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Payne’s comments came as new employment figures were released showing that 88,000 new jobs were created in the month of March, which is considered a major disappointment for the economy.

“It was way below, it was less than half than the least optimistic projections,’’ Payne said. “It was a heartbreaking number.’’

He criticized the media for painting a rosy picture of the nation’s economic future.

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“All these media outlets that are trying to paint this in a positive light are not just disingenuous, they’re actually harming the American public,’’ Payne said.

“People should know just how bad things are. I’ll give you an example: 350,000 people quit working part time jobs because it’s easier not to work a part time job and get all the government benefits out there, if you want to call them benefits, as opposed to toughing it out.’’

Payne told Malzberg that part of the problem is the crushing government regulations being heaped on business.

“More taxes, more regulations, the war on success from top to bottom is having a devastating impact, a very devastating impact, and now the healthcare law … starting to go to the next stage,’’ he said.

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