Editor’s Note: The following report is excerpted from Jerome Corsi’s Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of “The Late Great USA,” a book about the careful deceptions of a powerful elite who want to undermine our nation’s sovereignty.
Americans are becoming increasingly dependent upon the government for the money needed to live, according to a recent Bureau of Economic Analysis report showing $1 of every $6 Americans receive as income arrives in the form of a government check or voucher, Jerome Corsi’s Red Alert reports.
Government-funded social welfare benefits, including Social Security, food stamps, unemployment insurance and health care, accounted for 16.2 percent of personal income in the first quarter of 2009, the highest percentage since the federal government began compiling records, according to USA Today.
Weekly unemployment numbers show the economy continues to lose a net number of approximately 500,000 jobs a month, with government jobs being the only sector of the economy showing significant growth.
Private sector jobs remain under stress, with bankruptcy filings rising to as many as 6,000 a day, a pace that is expected to total 1.5 million this year.
“A massive expansion of government employment may absorb some otherwise unemployed workers, but a plan to end the recession by expanding government jobs faces some inevitable economic barriers,” Corsi noted. “Granted, government workers still pay taxes, yet the paychecks for government workers come not from productive private enterprise activity, but from tax revenues.”
With the Obama administration planning to run an admitted $1.7 trillion federal budget deficit in 2009, increases in government employment are funded by increases in the federal debt.
Still, Vice President Joe Biden told a forum at Pace University in New York City that the $787 billion economic stimulus bill has created 150,000 jobs around the country, according to Time magazine.
In what Corsi determined was an obvious attempt to promote the Obama administration efforts, Time magazine reported Biden addressed a number of business owners and executives who said they made hundreds of hires in the past few months. The magazine failed to indicate the event was a public relations engineered media opportunity.
Time stressed that the White House predicted the stimulus bill would create about 200,000 jobs a month for the each of the next three months, noting that this number would still be “far less than the roughly 600,000 jobs per month the economy has been shedding over the same period.”
At the time the economic stimulus bill was passed, President Obama insisted the $787 billion in government spending would “create or save” jobs.
Earlier this year, President Obama flew to East Peoria, Ill., on Feb. 12 to visit the headquarters of Caterpillar Inc., the world’s largest manufacturer of construction and mining equipment. At a press conference that day, Obama claimed that Caterpillar CEO Jim Owens planned to rehire 20,000 recently laid-off employees.
Yet, when later asked by reporters if these claims were true, Owens replied, “I think, realistically, no. The honest reality is we’re going to have more layoffs before we start hiring again.”
The Heritage Foundation reported that not only has Caterpillar not rehired as President Obama promised, the company has since been forced to lay off even more workers.
Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, wrote, “At some point continued massive dependence on the government for social welfare benefits and for employment breaks the public piggybank.”
Corsi continued, “With the Obama administration determined to continue expanding government welfare programs and government employees needed to manage the Obama welfare state, these trends seem certain to continue.”
Corsi received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.
In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.
For financial guidance during difficult times, read Jerome Corsi’s Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, “The Obama Nation.”