America’s National Debt Hits Record High As Private Income Shrinks And Government Benefits Balloon

SENATE REPUBLICAN LEADER MITCH McCONNELL (R-KY): “Europe’s in the midst of what German Chancellor Angela Merkel describes as an existential crisis, all brought about by governments that spent money they didn’t have. Americans are watching this crisis play out, and they see Democrats doing the same thing here day after day after day.” (Sen. Mitch McConnell, Floor Remarks, 5/26/10)

“The U.S. National Debt Hit $13 Trillion Today, A Stratospheric Number With Looming Implications For Every Citizen.” (“National Debt Clock — Tracking the Red,” Fox News, 5/26/10)

SHARE OF INCOME FROM PRIVATE BUSINESS AT ALL TIME LOW; GOVERNMENT BENEFITS AT ALL TIME HIGH

“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.” (“Private Pay Shrinks To Historic Lows As Gov’t Payouts Rise,” USA Today, 5/25/10)

• “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.” (“Private Pay Shrinks To Historic Lows As Gov’t Payouts Rise,” USA Today, 5/25/10)

• “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.” (“Private Pay Shrinks To Historic Lows As Gov’t Payouts Rise,” USA Today, 5/25/10)

• “The Trend Is Not Sustainable, Says University Of Michigan Economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs. Government-generated income is taxed at lower rates or not at all, he says. ‘This is really important,’ Grimes says.” (“Private Pay Shrinks To Historic Lows As Gov’t Payouts Rise,” USA Today, 5/25/10)

• “Economist Veronique De Rugy Of The Free-Market Mercatus Center At George Mason University Says The Riots In Greece Over Cutting Benefits To Close A Huge Budget Deficit Are A Warning About Unsustainable Income Programs.” (“Private Pay Shrinks To Historic Lows As Gov’t Payouts Rise,” USA Today, 5/25/10)

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog. Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

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