A USA TODAY analysis of government data has found that paychecks from private businesses shrank to the smallest share of personal income in U.S. history during the first quarter of this year. Meanwhile, 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.
That means that personal income is shifting to being derived from government programs instead of from wages earned in private business. It doesn't require an economic genius to quickly ascertain that this is an unsustainable situation. The federal government needs private wages so it can tax them to pay for its give away programs.
The destruction of our economic system continues under this administration and one can only hope we will not be too late to stop it come the elections.
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