RSSGovernment Hand Outs Now Make Up One-Third of US Wages
Is this the “Hope & Change” that America is really looking for?
As reported at CNBC, government social welfare benefits make up 35% of wages and salaries this year. That is up from 21% in 2000 and 10% in 1960. To make matters worse, many Americans appear to have become dependent on government spending and are not willing to take cuts in their welfare, medicare or social security benefits. Be very careful America of ever becoming dependent on any governemnt, no matter what party is in power.
Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement.
“The U.S. economy has become alarmingly dependent on government stimulus,” said Madeline Schnapp, director of Macroeconomic Research at TrimTabs, in a note to clients. “Consumption supported by wages and salaries is a much stronger foundation for economic growth than consumption based on social welfare benefits.”
Sadly, we have gone from the welfare state, to the welfare nation.
Posted March 9, 2011 by Scared Monkeys Budget Deficits, Government, Nanny State - Big Government, National Debt | 3 comments |
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3 Responses to “Government Hand Outs Now Make Up One-Third of US Wages”
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Barry’s formula: Out of every three people (men, women, and
children) one is living entirely off the other two. Hey, this is working
out great! See, redistribution of the labor and savings of others
trumps self responsibility every time. Whatta grand scheme.
I am going to generally disagree about Social Security. It is true that many have benifits from Social Security when they contributed zero dollars to the fund.
The great majority that recieve Social Security have contributed to the fund for many years as well as have their employers.
The Federal Government has run a grand ponzi scheme against the American worker with Social Security withholdings. This includes, beginning in the “Great Society” scam of JFK & LBJ to add medicare and medicade for everyone regardless if they contributed or not.
Social Security is NOT an “entitlement”, it is a forced retirement fund to which the worker and their employer have no choice except to pay in to the fund. The only people who escape this are certain teacher groups and federal workers.
Surprise Surprise…O’s plan is working.
Liberal Steve…how can this be a good thing for our economy? Do you believe in the misguided math that every dollar given for this puts more into the economy. Or are you going to use some opinion off a left-wing site?
SM..you are right…I heard a guy on the radio who owns a small business and said would a person rather make $400 working part-time or make $400 sitting at home doing nothing?