Americans depended more on government assistance in 2010 than at any other time in the nation’s history, a USA TODAY analysis of federal data finds. The trend shows few signs of easing, even though the economic recovery is nearly 2 years old.
A record 18.3% of the nation’s total personal income was a payment from the government for Social Security, Medicare, food stamps, unemployment benefits and other programs in 2010. Wages accounted for the lowest share of income ”” 51.0% ”” since the government began keeping track in 1929.
The income data show how fragile and government-dependent the recovery is after a recession that officially ended in June 2009.
What’s missing of course is the amount of money the go
vernment spends to subsidize American business and the bonuses paid to corporate executives. But the WSJ is nothing but a propaganda journal anyway.
Dan, the article is from USA Today.
I think this shows that the problem is us–and increasingly us–not just “the politicians.” At some point, we are once more “testing whether that nation, or any nation so conceived and so dedicated, can long endure.”
Dan Crawford is singing the latest journolist tune – it’s government subsidies to evil corporations that are now the problem.
Obama decries a two billion to the petroleum industry but doesn’t have problems with sending three billion to ACORN. I am not against ending crony capitalism and getting corporations off of the government dole. But I wonder if Obama thinks that ending subsidies to the petroleum industry will make the price of gas go up or down. How about giving billions to companies so they can buy Chinese solar cells and wind turbines? Let’s get rid of subsidies to farmers not to farm?
What subsidies are we talking about to oil companies? The very same tax breaks that apply to any other big business and to a smaller extent to small business. Deductions for expenses and depreciation of capital assets.
The net effect of taking away tax code deductions from industry without a reduction of tax rates would be a further blow to international competitiveness. Liberals decry the billions in profits that the oil companies make, but they didn’t shed any tears for Shell oil who sunk $4 billion into artic exploration only to be denied the opportunity to recoup that risky investment by the EPA who denied an air permit—-in one of the most desolate areas of the world.
Be assured, that the liberals will scream the loudest when the lights go out and the gas pumps are dry. No doubt it will somehow be “Bush’s fault”.
RE: “But the WSJ is nothing but a propaganda journal anyway.”
Tee hee.
RE: “the amount of money the government spends to subsidize American business and the bonuses paid to corporate executives . . .”
I’ll be happy to eliminate all government “subsidies” [as long as they are actual subsidies] to American business if we can eliminate all government “subsidies” to individuals. A clean sweep and a start-over.
But of course . . . that’s not really what anti-Constitutional collectivists wants.
Thanks for highlighting that Sarah. Watch for the new phrase “the amount of money the government spends to subsidize…..”. Also called a “taxpenditure”.
Excuse me? Us being “allowed” to keep more of what we earn through our hard work is “an expense to Govt”? Oh yes, we are going to be hearing this more and more. Remember, some liberal economists contend the proper level of taxation is 100%; and then Govt gives back to people what they “need”.
Anytime you are dependent on govt for your needs, that is slavery or at best indentured servitude.