Tuesday, May 25, 2010

The Success of President Obama

If it is actually President Obama's goal to "redistribute" income and increase dependence on government programs as some have charged, then it appears he is starting to achieve those goals:

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 Michiganeconomist 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.

I don't know what the President's actual intention and objectives are, but in the words of Rush Limbaugh, "I hope he fails".

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