CNBC reports: Handouts from the Government are one third of wages in the US.
Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement.
Of the three, ONLY Social Security is actually ‘earned’ in some fashion… sigh…
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I’ve had a post marinating in the back of my brain for a damned month, and pieces like this keep dropping into the marinade.
I can’t decide whether to be pissed or completely depressed.
No Social Security income is “earned.” It is a purely pay-as-you-go entitlement that transfers (via taxes) incomes from younger workers to older retirees and the disabled.
So if 1/3 of wages are entitlements, and what percentage of wages are government jobs? Another 1/3? So, is 2/3 of our economy government payout? I want to cry now.