Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.
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.
So what's the deal? How's that hope and change thing working out for everyone?
Not so good huh...... Apparently the socialist in chief is feeling the pain a little bit too. His approval rating is down to 42% according to the polls this morning.
But there is more bad news on the horizon this morning that could affect both of those points today. The news is that the DOW will open down as word of worsening economic crisis in Europe (and a double dip recession) continues and the rumor of war is in the air concerning the Korean peninsula and the little lunatic Kim Jong.