WASHINGTON (SR) - The Obama administration is trumpeting the latest economic figures showing the percentage of average personal income from private companies has dramatically declined, while the percentage of income from the federal government is rising to record levels.
A record-low 41.9% of the nation's personal income came from private wages in the first quarter, down from 44.6%, while individuals got 17.9% of their income from government programs in the first quarter, up from 14.2%.
"The government is doing what a government should do - provide for the people," said Obama chief economist Christina Romer. "Obviously the private sector doesn't have to pay out as much when the government pays out more. It all balances."
The Obama administration is said to be considering raising taxes for government employees to compensate for dwindling tax revenues from the private sector.
My comments: I feel much better after seeing this report. Anyone care to join me for some delicious margaritas?
Obama administration chief economist Christina Romer
