Bold thinkers in the USA Today editorial room picked apart similar data this week and concluded “paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year.”
At the same time, government benefits – Social Security, unemployment, food stamps, you name the program – set a record high during the first quarter.
Unfortunately, “the feds don’t really have any money,” Bill Bonner mused in The Daily Reckoning. “They don’t make anything. They don’t create any wealth. So they can only send us checks by taking the money from us – one way or another.
Soon the private sector will not have enough money to keep this ponzi scheme going. We have to stop it now before it is too late.