by Niall Ferguson
Unemployment was supposed to be 6 percent by now. It has averaged 8.2 percent this year so far. Meanwhile real median annual household income has dropped more than 5 percent since June 2009. Nearly 110 million individuals received a welfare benefit in 2011, mostly Medicaid or food stamps.Welcome to Obama's America: nearly half the population is not represented on a taxable return--almost exactly the same proportion that lives in a household where at least one member receives some type of government benefit. We are becoming the 50--50 nation--half of us paying the taxes, the other half receiving the benefits.
MSM is turning on Obama. Now the Democratic Convention is going to get very interesting. That will be the event to watch.
| A four page long article with graphs from a former adviser of John McCain in Newsweek, which still has a hard copy version for a little while longer. Oh, to be a fly on the wall in the editors' lounge! |