Tuesday, September 18, 2012
In 2008, American households crossed a line that had last been seen in the Great Depression. For the first time in 72 years, the percentage of average household income supplied by the government exceeded that of the taxes paid to the government. Despite the talk of recovery, the trend has actually accelerated ever since, according to James Cooper at The Fiscal Times:
The 1930s offer a cautionary tale: The only other time government income support exceeded taxes paid was from 1931 to 1936.