http://guambatstew.blogspot.com/2010/05/we-are-mostly-wards-of-state.htmlAssuming "we" are Americans, more of us are now wards of the State than not, and that isn't even taking into account the banks and auto companies.
Private pay shrinks to historic lows as gov't payouts rise
A record-low 41.9% of the nation's personal income came from private wages and salaries in the first quarter, down from 44.6% when the recession began in December 2007.
Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.
At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.
The trend is not sustainable, says University of Michigan economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs. Government-generated income is taxed at lower rates or not at all, he says.
Sounds to Guambat like a slippery slope. Indeed, Greecy.
posted by Guambat Stew at Wednesday, May 26, 2010
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