Obama Income Shift: Personal Income Shrinks While Government-Provided Benefits Skyrocket. . . .

Obama Income Shift: Personal Income Shrinks While Government-Provided Benefits Skyrocket

According to Dennis Cauchon at usatoday.com:

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.

Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs. . . . .

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According to thebsreport.wordpress.com:

President Obama is doing pretty much what he said he would. He believes in government redistribution of wealth and as President he has usurped as much private wealth as possible. He believes in “spreading the wealth around”…your wealth. Just in case you’ve forgotten:


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Even with these horrific numbers just released it has not stopped this Congress from still trying to pass the Financial Reform Bill (The most sweeping overhaul of the nation’s financial regulatory system since the Great Depression), The American Power Act (The biggest and costliest scam in the history of the world), Immigration Reform and God only knows what else they have up their socialist sleeves. All of this in addition to Obamacare which will take over 1/6 th of our economy, TARP and all the Stimulus bills.

Without the private sector taxes flowing to the government our government is not sustainable. The US Government makes NOTHING (except prints money) so it is just a matter of time before we collapse and have rioting in the streets just like in Greece.

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To read the full article go to:
http://www.usatoday.com/money/economy/income/2010-05-24-income-shifts-from-private-sector_N.htm