Freedom News- Business News- Economy- Obama Watch- Private Pay- Freedom
In the first three months of Fiscal year 2010, two startling facts emerge; 1. Private pay is at historic lows while 2. Government pay and entitlements are at historoc highs. The Obama regime’s efforts to control the nation, to fundamentally transform the nation by weening us off self-reliance and forcing us onto government slave rolls is gaining ground at an accelerated pace. Not only will Americans lose what little independence they have left, but they will be beholden to the government for ’emergency fixes’ when the whole system inevitably spends itself to oblivion.
Private pay shrinks to historic lows
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.
The trend is not sustainable, says University of Michigan economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs. Government-generated income is taxed at lower rates or not at all, he says. “This is really important,” Grimes says.