Tuesday, May 25, 2010

Private pay shrinks to historic lows - Obama's Redistribution of Income is Working

Does this sound like Greece? I'm sure that many love being paid for "being", I know I do since I am on Social Security, retired and playing golf in SC. I guess the only difference is that I and my employers paid into the "fund" for 40+ years and believe that I earned it. Is it my fault the Congress decided to spend the "fund" and now my "stipend" is paid for by those of you who are productive? Probably. Those Democrats and RINOs didn't get there by themselves.

At least I didn't vote for that "Change we can believe in" baloney.

Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.

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.

Economist David Henderson of the conservative Hoover Institution says a shift from private wages to government benefits saps the economy of dynamism. "People are paid for being rather than for producing," he says.
Private pay shrinks to historic lows

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