As US tax rates drop, government's reach grows
Study: 1 in 2 Americans now receives income from government programs.
Slightly over half of all Americans – 52.6 percent – now receive significant income from government programs, according to an analysis by Gary Shilling, an economist in Springfield, N.J. That's up from 49.4 percent in 2000 and far above the 28.3 percent of Americans in 1950. If the trend continues, the percentage could rise within ten years to pass 55 percent, where it stood in 1980 on the eve of President's Reagan's move to scale back the size of government.
And that was two years ago, before the bailout, the stimulus and the nationalization of the auto industry or the financial sector.
The trolley is off the tracks. Things are bad and they aren't getting better soon. We have been down this path for quite awhile. It isn't all Obama's fault. Obama is a bitch for sure, and he embraces it with open arms. But he didn't start the fire.
We are all screwed.
5% of the people pay over 50% of the federal taxes. 50% don't pay anything. And over 50% get money from the government. That is one way to build a workable majority, at least until the damn breaks.
The collapse is going to be spectacular. Sphere: Related Content