GovCo Growing In America’s Wallet
Or purse, as the case might be. Either way, more Americans are relying on government assistance than at any other time since the Great Depression. This from USA Today:
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.
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The wage decline has continued this year. Wages slipped to another historic low of 50.5% of personal income in February. Another government effort — the Social Security payroll tax cut — has lifted income in 2011. The temporary tax cut puts more money in workers’ pockets and counts as an income boost, even when wages stay the same.
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Total benefit payments are holding steady so far this year at a $2.3 trillion annual rate. A drop in unemployment benefits has been offset by rises in retirement and health care programs.
Is it any wonder politicians of all stripes and every stage – national, state, local – are loath to cut social and wealth distribution programs. They fetch votes, more and more each year.
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