.
Where is the U.S. headed if more than 100 million people get welfare?
August 9th, 2012
01:52 PM ET

Where is the U.S. headed if more than 100 million people get welfare?

 

By CNN's Jack Cafferty

More than 100 million people in the United States of America get welfare from the federal government. 100 million.

According to the Weekly Standard, Senate Republicans say that the federal government administers nearly "80 different overlapping federal means-tested welfare programs."

This figure of 100 million people does not include those who only receive Social Security or Medicare.

The most popular welfare programs are food stamps and Medicaid, with the number of recipients in both these programs skyrocketing in the last decade. Food stamp recipients alone jumped from 17 million in 2000 to 45 million in 2011.

And these 100 million people on welfare include citizens and non-citizens.

In fact, a new report by the Center for Immigration Studies finds that 36% of immigrant-headed households get at least one form of welfare. That's compared to 23% of native-born American households.

Immigrants from some countries rely on welfare more than others: more than half of those coming from Mexico, Guatemala and the Dominican Republic get welfare.

Meanwhile, Mitt Romney is accusing President Obama of loosening welfare requirements.

A new ad charges the president with gutting the 1996 welfare reform law that requires recipients to work in order to collect benefits.

But President Obama's campaign, the White House and former President Clinton - who signed welfare reform into law - are all pushing back against the Romney ad calling it false and misleading.

Here's my question to you: Where is the U.S. headed if more than 100 million people get welfare?

Tune in to "The Situation Room" at 4 p.m. ET to see if Jack reads your answer on the air.

And we'd love to know where you're writing from, so please include your city and state with your comment.

Posted by
Filed under: Cafferty File • Economy • Jack Cafferty
What does it mean if almost half of Americans die with less than $10,000 in assets?
August 9th, 2012
01:49 PM ET

What does it mean if almost half of Americans die with less than $10,000 in assets?

From CNN's Jack Cafferty:

Turns out the golden years aren't so golden anymore for a lot of people.

A new study finds that many Americans die with "virtually no financial assets.” For more than 46% of us, that translates into less than $10,000.

The study - put out by a nonpartisan outfit called the National Bureau of Economic Research - finds that many Americans spend their golden years dependent on the government.

Researchers say many older Americans have no housing wealth and rely almost entirely on Social Security.

Since many seniors have so little in financial assets, they are unprepared to deal with unanticipated financial needs, such as major health-related expenses. Things like entertainment and travel are out of the question.

All this raises more questions about the future of Social Security.

If the government were to reduce benefits for seniors, it could directly affect the day-to-day lives of millions of older Americans who rely on these payments just to get by.

This study also highlights a connection between health and wealth, finding that healthier seniors are likely to have more assets than those who aren't as healthy. And, no surprise here, wealthier seniors are likely to live longer than poorer seniors.

One more thing to remember: Marriage might help you out in old age. According to the report, single seniors had a significantly lower median wealth than continuously married senior citizens. For some of us, that would seem to be counter intuitive.

Here's my question to you: What does it mean if almost half of Americans die with less than $10,000 in assets?

Tune in to "The Situation Room" at 5 p.m. ET to see if Jack reads your answer on the air.

And we'd love to know where you're writing from, so please include your city and state with your comment.

Posted by
Filed under: Cafferty File • Economy • Jack Cafferty