The Progressive propaganda media is claiming that we are in an unprecedented economic recovery. Bob Beckel of Fox News claimed this would be the greatest recovery in world history. Newsweek was proclaiming that we are experiencing the greatest boom ever! The facts don’t back up these claims by the Progressives. The reality is that private sector wages have reached an all time low, while government assistance is at an all time high. The stock market has fallen more than 10%, hardly an indicator of this great Obama Economic Boom!
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, 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.
Read the rest: Private pay shrinks to historic lows
The Obama Economic Boom continues!
(Hat Tip: Eliana)
Tags: Obama Economic Boom
