Saturday, June 6, 2009

I Don't Know About You

But I don't like where this is going. The USA Today does its usual fine job of pointing out the obvious this week.

"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."

The trajectory of this needs to change at some point. Can someone in D.C. please give Arthur Laffer a call?

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