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Economy Better, But Too Many Left Behind By Charles Payne

Stocks made a nice rebound yesterday. It was largely in part due to the positive news that came in time for housing, which saw a slew of disappointing data, including earnings from KB Homes (NYSE:KBH). In addition, a big deal by Wal-Mart was a shot across the bow of the banking community that could turn out to be an amazing gift for those stuck with payday lenders ripping them off. Of course, I was thrilled with the news that Wal-Mart was teaming up with Green Dot for the mobile checking deal; Green Dot has been in our model portfolio for almost a year, and a couple weeks ago, I asked subscribers to add. Speaking of low- income and the unemployed, I took on the long-term unemployment epidemic on my show last night.

Long-Term Unemployment (LTUE)

The Long -Term Unemployment Epidemic and the new realities of work are taking a toll on the American psyche and the economy. A new survey released this week from Rutgers University underscores this persistent reality. The large numbers of people who have gotten jobs have taken a hit to their pride and wallet.

Job Status

August 2014

January 2013

Step Up

25%

24%

Step Down

44%

48%

Job Pay

August 2014

January 2013

Lower

46%

54%

Higher

33%

24%

However, it is the long-term unemployed that have taken the biggest hits as they have missed mortgage payments, are having to borrow money, selling their possessions, plus these have added stress to relationships.

The Pain of Long-Term Unemployment

Long-Term Unemployed Profile:

  • 53% Are White
  • 55% Are Male
  • 35% Aged between 45 to 59 years old
  • 37% Earned High School Diploma
  • 44% Earned less than $30,000

America is by far, the lowest- paying job champing of the world, outdistancing our industrial rivals by miles

Moreover, we talk about economic data and look at the numbers all day long, but we rarely put a face behind all the data and numbers, and put it in context; think of the human toll - it is massive. However, Ralph Nader's research might make you feel better.

The Real Income Inequality Crisis

Ralph Nader did the math and it is eye-popping… from August 1st to November 12th, Congress will only have worked eight days. This means each member will "earn" $608 an hour. While Speaker Boehner is pulling in $781 an hour. To put this in perspective, an anesthesiologist's hourly rate is around $90 an hour. This is pathetic for a Congress labeled "do-nothing." This explains why President Obama just went to war without permission, and how the Continuing Resolution (NYSE:CR) slipped through without a peep. Ironically, I would be willing to pay these people $600 an hour to never come back.

Jobs and Hourly Wages

John Boehner

$781.00

Congressmen

$608.00

Anesthesiologists & Physicians and Surgeons

$90.00

Chief Executives

$82.50

Petroleum Engineers

$63.62

Architectural and Engineering Managers

$61.62

Computer and Information Systems Managers

$59.59

Marketing Managers

$59.24

Air Traffic Controllers

$58.31

Pharmacists

$57.35

Podiatrists

$56.83

Judges, Magistrate Judges, and Magistrates

$56.80

Nurse Anesthetists

$72.64

Dentists, General

$70.36

Petroleum Engineers

$63.62

Equity futures have gyrated in a narrow range but the bias is to the downside as angst continues and investors seek the next big catalyst. They didn't get it from durable goods which followed the biggest month to month increase with one of the biggest month to month declines. Known as a volatile data point, the news is somewhat discouraging, although the silver-lining of stronger business investment is more important to investors.

Buckle up boys and girls…