At The Tipping Point
October 25, 2013 by Bob Livingston
America is about eight-tenths of a percentage point from reaching a tipping point from which recovery of the republic from socialistic forces will be impossible without violent revolution or catastrophic economic collapse.
According to data released by the Census Bureau, 49.2 percent of Americans are on the public dole, having received benefits from one or more government sources during the last three months of 2011.
A total of 151,014,000 Americans out of a population of 306,804,000 benefited from government redistribution schemes during the period. Of course, Obamacare, which will provide “subsidies” to everyone earning up to 400 percent of the poverty level, will tip the scales to well more than 50 percent.
Almost one-third of those receiving government benefits — 49.9 million — collected Social Security. That is the government’s huge Ponzi scheme that steals from the workers to give to retirees. For those who retired prior to 2000, it was a great deal. Workers who retired in 1960 paid on average $36,000 in Social Security taxes and received lifetime benefits of $259,000. Those who retired in 1980 paid an average of $192,000 in Social Security taxes and received $452,000 in benefits.
The average 2010 retiree had paid $558,000 in Social Security taxes but the expected lifetime outlay will be only $555,000. Projections for the 2030 retiree are for lifetime benefits of $699,000 on Social Security taxes of $796,000.
Keep in mind that retirees are not the only people dipping into the Social Security pool. It includes disabled workers and the spouses, children, widows and widowers of those who had a portion of their wages confiscated by the government.
Like all Ponzi schemes, Social Security will inevitably collapse.
And then there are the other redistributive government programs to consider. Among the 151 million receiving government largess at the end of 2011, 49 million got food stamps; 46.4 million were on Medicare, 23.2 million were on the Women, Infants and Children (WIC) program; 20.2 million got Supplemental Security Income; 13.1 million who got veteran’s benefits and 364,000 who received railroad retirement benefits.