1 In 6 Dollars of Income Now Comes From US Government
1 in 6 US Dollars of Income Now Comes From Government
Last week Team Obama set the record for the fastest growing unemployment rate in history.
They also set another record for highest percentage of benefits paid out to individuals since government started compiling records in 1929.
Nearly one in six dollars of income in the US comes from the government today.
USA Today reported:
The recession is driving the safety net of government benefits to a historic high, as one of every six dollars of Americans’ income is now coming in the form of a federal or state check or voucher.
Benefits, such as Social Security, food stamps, unemployment insurance and health care, accounted for 16.2% of personal income in the first quarter of 2009, the Bureau of Economic Analysis reports. That’s the highest percentage since the government began compiling records in 1929.
In all, government spending on benefits will top $2 trillion in 2009 — an average of $17,000 provided to each U.S. household, federal data show. Benefits rose at a 19% annual rate in the first quarter compared to the last three months of 2008.
In response to the latest economic news Team Obama announced that they were going to spend more US taxpayer dollars to create more jobs.