Thursday, June 4, 2009

For the General Welfare

Mike "Mish" Shedlock has a post well worth reading: I am providing a link and am not going to comment otherwise. Make of the information within it what you will (and the same for his comments, most of which I agree with; however, it would appear that France is outperforming us right now). Note that his title understates the duration of the problem, as his reference to 1929 ignores what is mentioned in the article, which is that the statistic was not measured until 1929 (some coincidence!). Without doubt we are at a record level of welfare as a percent of personal income.

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