http://www.foxbusiness.com/markets/2011/04/20/government-cash-handouts-exceed-tax-revenues/
U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.
Households received $2.3 trillion in some kind of government support in 2010. That includes expanded unemployment benefits, as well as payments for Social Security, Medicare, Medicaid, and stimulus spending, among other things.
But that’s more than the $2.2 trillion households paid in taxes, an amount that has slumped largely due to the recession, according to an analysis by the Fiscal Times.
Alright, political swipes aside as to who is responsible for this mess, I think it is time we here in the PRACTICAL forum recognize that we are in deep trouble.
We've noticed that food servings are shrinking and prices are staying the same or going up. We've noticed the number of unemployed people in our communities. We've seen all the empty and abandoned homes with for sale signs in their yards. WE know something is going on, despite what we're being told.
How long can your household continue to have more money going out the front door than is coming in? If you're smart you've got a rainy day fund set aside to get you through that period. Think our government does?
The veil should be completely off your eyes by this point. Don't get distracted by who did this to you. Don't worry about their motives. Picking up the phone and calling your senator isn't going to get you out of this mess.
What are you personally going to do to prepare for the inevitable?
U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.
Households received $2.3 trillion in some kind of government support in 2010. That includes expanded unemployment benefits, as well as payments for Social Security, Medicare, Medicaid, and stimulus spending, among other things.
But that’s more than the $2.2 trillion households paid in taxes, an amount that has slumped largely due to the recession, according to an analysis by the Fiscal Times.
Alright, political swipes aside as to who is responsible for this mess, I think it is time we here in the PRACTICAL forum recognize that we are in deep trouble.
We've noticed that food servings are shrinking and prices are staying the same or going up. We've noticed the number of unemployed people in our communities. We've seen all the empty and abandoned homes with for sale signs in their yards. WE know something is going on, despite what we're being told.
How long can your household continue to have more money going out the front door than is coming in? If you're smart you've got a rainy day fund set aside to get you through that period. Think our government does?
The veil should be completely off your eyes by this point. Don't get distracted by who did this to you. Don't worry about their motives. Picking up the phone and calling your senator isn't going to get you out of this mess.
What are you personally going to do to prepare for the inevitable?