The fallout from the financial crisis has caused Americans to fret over losing their jobs to the erosion of equity and their rapidly shrinking portfolios.
But one group of professionals is profiting from our pain.
Business is booming for America’s psychiatrists and psychologists.
A recent study by the American Psychological Assn. (APA) concludes that the unraveling economy is starting to mess with our heads. According to the APA, 80 percent of people they surveyed list the economy as a major source of stress.
Not since the tragedy of Sept. 11, say therapists, has a national condition so afflicted the collective conscience of so many.
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Do You Suffer from P.A.?
The persistent unease about the economy has become so widespread that Freudians and Jungians alike have classified the disorder as P.A., or Portfolio Anxiety.
Therapists say that worries over the sagging economy may be exacerbating pre-existing psychiatric problems.
For example, the steep and sudden changes in the stock market might cause an individual with anger management issues to escalate from simple temper tantrums to more deadly outbursts, like road rage.
Psychologists have observed that the condition of Individuals suffering paranoia-based or depressive disorders may be exacerbated by worries over everything from rising and now falling gasoline prices to the tectonic shifts in the job market.
It’s no surprise that obsessive-compulsives have found a new obsession – incessantly checking their portfolios.
Looking Inside
For years, psychological professionals have urged their patients to strengthen their mental health by encouraging them to be more contemplative and introspective. To the chagrin of the nation’s drug-makers, doctors and other mental health professionals have been trending away from simply prescribing psychotropic drugs to treat America’s most common psychological maladies.
Apparently, the financial crisis has caused America’s psychiatric professionals to adjust their therapeutic regimens to the ever-changing circumstances of our economy.
With news of the economy dominating the print media and airwaves, psychiatric professionals are advocating a new form of therapy … “collective avoidance.” In other words, instead of confronting the daily stress of their economic problems, therapists are urging their patients to live in a state of temporary denial.
Recently, several on-air radio therapists have begun suggesting that their listeners could lessen their anxiety by turning off the TV news, tossing the business section of their local newspaper and simply not opening their monthly retirement or 401k statements.
Let’s Not Go Too Far
It worth noting, that none of the radio therapists suggested that their listeners turn off talk radio, especially while driving.
Not surprisingly, there also has been a significant upswing in prescriptions for every anti-anxiety drug from Lexapro and Cymbalta to Xanax, Zoloft and Prozac. Even that old standby Valium has been making a huge comeback.
They say that money doesn’t bring happiness. But apparently losing it can make you insane!
See you on the couch.
John Cohn is a senior partner at Globe West Financial Group based on the Westside. www.globewestfinancial.com.
