FROM CNN's Jack Cafferty:
Americans have become alarmingly dependent on handouts from Uncle Sam, according to a new report.
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Government social welfare programs like Social Security, Medicare, Medicaid and unemployment insurance made up 35% of all public and private wages and salaries last year. That's more than one-third of all the money Americans earned.
These findings are contained in a study of government data done by TrimTabs Investment Research. In 2000, 21% of all wages and salaries in the United States came from social welfare programs. In 1960, it was just 10%.
One of the economists at TrimTabs says we're in for some difficult times ahead unless this country can get back to at least the 26% ratio it had before the recession started. And she says there are only two ways to do that: Either increase private sector wages and salaries by 35% or cut social welfare benefits by nearly a quarter. Neither of those things is likely to happen.
Social Security, Medicare and Medicaid, the so-called entitlement programs, make up more than 60% of federal spending each year. As the baby boomers get older, retire and need more medical care, the costs for those programs will only go up.
While the squabbling over budget cuts continues on Capitol Hill, you can be sure no one is touching these programs. The $60 billion measure passed by the House last month didn't touch one dime of those three programs.
As the evidence continues to mount that our country is hurtling toward an economic disaster, our government refuses to respond in any meaningful way.
Here’s my question to you: What does it mean if social welfare benefits make up more than 1/3 of all wages and salaries paid in the U.S.?
Interested to know which ones made it on air?
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