Tuesday, March 11, 2014

70% of Government Spending is Individual Payments

Investors Business Daily notes:
Buried deep in a section of President Obama's budget, released this week, is an eye-opening fact: This year, 70% of all the money the federal government spends will be in the form of direct payments to individuals, an all-time high. 
In effect, the government has become primarily a massive money-transfer machine, taking $2.6 trillion from some and handing it back out to others. These government transfers now account for 15% of GDP, another all-time high. In 1991, direct payments accounted for less than half the budget and 10% of GDP. 
What's more, the cost of these direct payments is exploding. Even after adjusting for inflation, they've shot up 29% under Obama.?
Another reason to go Galt.

(H/t Instapundit)

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