Apocalypse
04-21-2011, 12:40 PM
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Budget Deficit: Government Handouts Top Tax Income
By JAMES C. COOPER, The Fiscal Times April 19, 2011
* Households received $2.3 trillion in government income support in 2010.
* Government cash accounts for 79 percent of household income growth since 2007.
* Since 2007, household tax payments have fallen by $312 billion.
… For the first time since the Great Depression, households are receiving more income from the government than they are paying the government in taxes… The only other time government income support exceeded taxes paid was from 1931 to 1936. That trend reversed in 1936, after a recovery was underway, and the economy fell back into a second leg of recession during 1937 and 1938…
Government transfers of income to households started to overtake personal taxes at the start of 2008, and the gap has been widening. In 2010, households received $2.3 trillion in income support from unemployment benefits, Social Security, disability insurance, Medicare, Medicaid, veterans’ benefits, education assistance and other cash transfers of government funds to individuals. Also last year, households paid $2.2 trillion in income, payroll, and other taxes. The difference was $125 billion, equivalent to 1 percentage point of overall personal income…
Since the onset of the recession, government direct payments have increased by $579 billion, accounting for 79 percent of the growth in overall personal income. As job growth has picked up, that contribution has diminished, but during 2010, government cash still accounted for 28 percent of the increase in income…
Typically, the gap between transfers and taxes runs the other way – and by a wide margin. “In normal times the household sector gives about 8 percentage points more of its income in taxes than it receives in direct transfers,” says J.P. Morgan economist Michael Feroli…
http://www.thefiscaltimes.com/Columns/2011/04/18/Budget-Deficit-Government-Handouts-Top-Tax-Income.aspx
So we are now giving more in handouts then the Gov. takes in now. The Obama admin must be proud their redistribution of wealth is going well.
On top of this, Fox Business News (http://tinyurl.com/43oqv9h) is also reporting that:
[A]n estimated 59% of the 308.7 million Americans in this country get at least one federal benefit, according to the Census Bureau, based on 2009 data. An estimated 46.5 million get Social Security; 42.6 million get Medicare; 42.4 million get Medicaid; 36.1 million get food stamps; 12.4 million get housing subsidies; and 3.2 million get Veterans’ benefits.
And the handouts from the government have been growing. Government cash handouts account for a whopping 79% of household growth since 2007, even as household tax payments–for things like the income and payroll tax, among other taxes–have fallen by $312 billion…
Budget Deficit: Government Handouts Top Tax Income
By JAMES C. COOPER, The Fiscal Times April 19, 2011
* Households received $2.3 trillion in government income support in 2010.
* Government cash accounts for 79 percent of household income growth since 2007.
* Since 2007, household tax payments have fallen by $312 billion.
… For the first time since the Great Depression, households are receiving more income from the government than they are paying the government in taxes… The only other time government income support exceeded taxes paid was from 1931 to 1936. That trend reversed in 1936, after a recovery was underway, and the economy fell back into a second leg of recession during 1937 and 1938…
Government transfers of income to households started to overtake personal taxes at the start of 2008, and the gap has been widening. In 2010, households received $2.3 trillion in income support from unemployment benefits, Social Security, disability insurance, Medicare, Medicaid, veterans’ benefits, education assistance and other cash transfers of government funds to individuals. Also last year, households paid $2.2 trillion in income, payroll, and other taxes. The difference was $125 billion, equivalent to 1 percentage point of overall personal income…
Since the onset of the recession, government direct payments have increased by $579 billion, accounting for 79 percent of the growth in overall personal income. As job growth has picked up, that contribution has diminished, but during 2010, government cash still accounted for 28 percent of the increase in income…
Typically, the gap between transfers and taxes runs the other way – and by a wide margin. “In normal times the household sector gives about 8 percentage points more of its income in taxes than it receives in direct transfers,” says J.P. Morgan economist Michael Feroli…
http://www.thefiscaltimes.com/Columns/2011/04/18/Budget-Deficit-Government-Handouts-Top-Tax-Income.aspx
So we are now giving more in handouts then the Gov. takes in now. The Obama admin must be proud their redistribution of wealth is going well.
On top of this, Fox Business News (http://tinyurl.com/43oqv9h) is also reporting that:
[A]n estimated 59% of the 308.7 million Americans in this country get at least one federal benefit, according to the Census Bureau, based on 2009 data. An estimated 46.5 million get Social Security; 42.6 million get Medicare; 42.4 million get Medicaid; 36.1 million get food stamps; 12.4 million get housing subsidies; and 3.2 million get Veterans’ benefits.
And the handouts from the government have been growing. Government cash handouts account for a whopping 79% of household growth since 2007, even as household tax payments–for things like the income and payroll tax, among other taxes–have fallen by $312 billion…