The United States of Dependency?

August 14, 2012

New reports suggest America is not only hurting economically under President Obama, but also on a dangerous road to fiscal decline and growing dependence on government, says Investor's Business Daily.

Here are just a few recent reports about the alarming growth in dependency:

  • In the second quarter of 2011, 107 million Americans were receiving some kind of government welfare -- not including Medicare or Social Security -- according to a new study from the Senate Budget Committee. That's up from 97 million just over two years ago.
  • In the last three months, more people have applied for Social Security disability payments than found jobs in the private sector, federal data show.
  • A new economic study says almost half of Americans die with less than $10,000 in assets -- a sad comment on how government has displaced personal initiative and private savings in preparing for retirement.
  • In today's federal budget, 70 percent of all spending now goes to aid for individuals such as housing, food, income, student aid or other forms of welfare.
  • Still another study estimates that total U.S. long-term debt now stands at $211 trillion, up $11 trillion in just one year, thanks to growing red ink from out-of-control entitlement spending.

The trends have been growing for some time and must be stopped before it is too late.

Source: "The United States of Dependency?" Investor's Business Daily, August 9, 2012.

 

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