Historically Small Wallets

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Ok, my lovely readers, it is time for a duh moment.

Prepare yourself for this news…

Sit down or grab ahold of a sturdy chair.

Ready?

Pay checks are down. Welfare is up.

Phew.

Now, aren’t you glad that I told you that ground breaking news.

Or, perhaps you already knew when you blew those dust balls out of your wallet?

USA Today has found that paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year.

USA Today

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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.

In another “duh” statment, University of Michigan economist Donal Grimes says, “The trend is not sustainable. 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.

No duh, Sherlock.

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