Peter Schiff: We've created a subculture of people that don't produce


It wasn't until the social welfare state was established that we started encouraging people not to work and we started to erect all these barriers with things like the minimum wage law, occupational licensing and everything that we do to make it more and more difficult for people to grab the bottom rung of the employment ladder, so now we have people that are permanently unemployed, we have people that wouldn't even consider getting a job.

I mean, this is their lifestyle. Why would you want to get a job if you're used to waking up at 10-11 o'clock in the morning, staying out till 2-3 o'clock in the morning. You have a lifestyle that you're set in, that doesn't involve any responsibilities, that doesn't involve any real stress, you just hang out with your friends, you watch TV, you play video games, you go out to bars or clubs, you know, you just meet on the street, I mean, you don't have any time for a job. A job just doesn't fit into your social schedule and you get plenty of money, you get food, you get a place to live and if you need any extra money, you can always get an odd job for cash or maybe you can steal a little bit and that's it.

We've created this subculture, which is getting bigger and bigger and bigger of people that don't work, that don't produce and now they have to be supported by everybody else. And so of course, families that are working are struggling because their not only supporting their own family, but several other families that they've never even met.

Peter Schiff is an American investment broker, author and financial commentator. You can follow him at
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