King Report - Structural End Game To Fiscal Cliff
From Streettalk Off The Street
December 27, 2012 - 12:04pm
THE KING REPORT
December 27, 2012
By: Bill King
(Excerpt From Full Report)
It’s not just a temporary political event
There are roughly 127 million people who receive government transfers or benefits.
61 million recipients of Social Security and Medicare
66 million people receiving welfare (SNAP food stamps, housing credits, Medicaid, etc.)
Since there are about 115 million full-time jobs in the U.S., this means there are 1.1 government dependents for every full-time worker in the U.S. (For context, there are 315 million Americans and roughly 142 million jobs. About 38 million of these jobs are part-time that pay less than $10,000 annually. Fifty million wage earners earn less than $15,000 a year, and 61 million earn less than $20,000 annually.)
The Federal government counts a person who is self-employed and earns $100 a year as “employed” and a person who works one hour a wee...
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