“The system is already in breakdown mode”
Spread the Wealth Around: 48.5% of American Households Receive Government Benefits; $6,640 For Every Member Of the Population
January 25th, 2012
Socialism sirens across America were blaring when, on the 2008 campaign trail, President Obama addressed taxpayer Joe ‘The Plumber’ Wurzelbacher’s concerns regarding excessive taxation. Mr. Obama, whose staunchly left leanings views were already a point of contention, responded by saying “I think when you spread the wealth around, it’s good for everybody.”
With the way his message was delivered to his political myrmidons, many of the President’s supporters expected their quality of life to improve, and some even believed that the President would pay off their mortgages and put gas in their cars. In a way, they were right. The President’s policies have been designed to do just that.
But, as many prescient clingers of conservative and libertarian principles warned at the time, spreading of the wealth would come with consequences. At some point, they warned, there would be more Americans collecting government benefits than there were Americans paying into the system.
As the following overview via Zero Hedge demonstrates, we are very rapidly approaching this critical juncture.
Nearly half of American households (48.5%) are receiving some type of government benefit, with an average yearly payment to every member of the population totaling $6,640. Of course, we know that not everyone actually receives these benefits, which means that one group of individuals is actually earning the money, while another group is being distributed a benefit that has been forcefully seized from someone else.
It may seem like it’s working for now, but as former UK Prime Minister Margaret Thatcher once said, “The problem with socialism is that eventually you run out of other people’s money.”