Fed Cash Handouts Now Exceeds Revenue
If this isn't a harbinger of bad times, I'm not sure what would qualify.
U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.
Gee, I'm not a math major, but that sounds... how you say in English? ...unsustainable to me.
Households received $2.3 trillion in some kind of government support in 2010. That includes expanded unemployment benefits, as well as payments for Social Security, Medicare, Medicaid, and stimulus spending, among other things... But that's more than the $2.2 trillion households paid in taxes, an amount that has slumped largely due to the recession, according to an analysis by the Fiscal Times.
Mission Redistribution... Accomplished!
Also, an estimated 59% of the 308.7 million Americans in this country get at least one federal benefit, according to the Census Bureau, based on 2009 data. An estimated 46.5 million get Social Security; 42.6 million get Medicare; 42.4 million get Medicaid; 36.1 million get food stamps; 12.4 million get housing subsidies; and 3.2 million get Veterans' benefits.
And the handouts from the government have been growing. Government cash handouts account for a whopping 79% of household growth since 2007, even as household tax payments--for things like the income and payroll tax, among other taxes--have fallen by $312 billion.
We have incurred massive deficits under the aegis of "Stimulus" that failed to stimulate anything other than public sector union jobs.