Thursday, June 4, 2009
These charts come from a very nice, relatively new blog by Donald Marron. The first chart shows government transfer payments as a share of personal income, and the second chart breaks out the major components of the transfer payments. "Transfer payments from the government now make up more than one-sixth of American incomes, the highest ever." And he adds, "Spending on the major entitlement programs — Social Security, Medicare, and Medicaid — is on an unsustainable course."
So many things today are growing at unsustainable rates: government spending, the federal deficit, government spending as a share of GDP, social security, medicare, etc. It's obvious that these trends
can't continue. And if a trend can't continue, it won't. At some point the public is going to be fed up with the suffocating size of government, and they are going to shout from the rooftops to STOP. I only wish I knew when this happy day would come.
Posted by Scott Grannis at 10:12 PM