09 Mar 2011

Government Handouts Make Up One-Third of U.S. Wages

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Not hard to understand why the federal government is racking up unsustainable, record deficits, while the economy fails to recover, is it?

CNBC:

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.

Even as the economy has recovered, social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to TrimTabs Investment Research using Bureau of Economic Analysis data.

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SDD

Politicians get elected by telling people that they will suspend the laws of economics for them. Among those laws is this one:

That which you tax you will get less of. That which you subsidize you will get more of.

When you tax work to subsidize idleness, the results should not be surprising. It really doesn’t matter how evil you call those who produce and how deserving you find those who don’t.



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