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TrimTabs Finds Social Benefits Are Equal To One Third Of All US Wages And Salaries

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Tue, 03/08/2011 - 18:50 | 1031114 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Wow this Biderman fellow better sleep in a cast iron bathtub. Don't forget what they did to Kennedy.

Tue, 03/08/2011 - 18:56 | 1031138 zaknick
zaknick's picture

You're actually a judge?

 

Too scared to do something about the mafia running this wreck?

 

Honest question.

Tue, 03/08/2011 - 18:59 | 1031144 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

I'm The Great Judge Judy!

Theatrical arbitration engineer.

Tue, 03/08/2011 - 19:47 | 1031325 koot
koot's picture

Judge, The truth be know, "They" the Federal criminals are more afraid of their own comrades than people they pursue.

When the Cops become the criminals, crime becomes the law.  Not even their Mother will forgive them for that.

Tue, 03/08/2011 - 18:51 | 1031117 DaBernank
DaBernank's picture

QE3 then default, inevitable.

Tue, 03/08/2011 - 18:52 | 1031123 financeguru500
financeguru500's picture

Well, if the zerohedge article from a few days ago is true, the Fed won't be providing a QE3 and the economy will collapse immediately upon actual realization of that fact.

Tue, 03/08/2011 - 20:47 | 1031465 SWRichmond
SWRichmond's picture

Anyone know what percent of U.S. wages are government wages? (fed/state/local).  This would give us a good picture of the weight being carried by the producer class.

I just found this:  20 million state and local government workers in U.S. today:

http://www.rdwolff.com/content/public-sector-squeeze

"Figure 1 shows that there are about 20 million state and local workers in America today: 14.3 million local and 5.2 million state employees."  Article date 1 Feb 2011.

And now I found this: http://www.washingtontimes.com/news/2010/feb/02/burgeoning-federal-payro...

"Largest-ever federal payroll to hit 2.15 million"

So now we got a number: 22 million plus government employees in the U.S.

 

From here: http://www.slge.org/vertical/Sites/%7BA260E1DF-5AEE-459D-84C4-876EFE1E40...

we get starting points for extrapolating average salaries for these sectors: I'm going to use $70,000 for federal and $48,000 for state/local. 

20 million state/local = $960 Billion.

2.15 million federal = $147 Billion.

 

Call federal/state/local government employees = $1.1 Trillion annually.

 

 

OK found it: http://research.stlouisfed.org/fred2/series/A063RC1?rid=54&soid=18

"Government social benefits to persons (A063RC1)"   The number is $2285 Billion.  From this one: http://research.stlouisfed.org/fred2/series/A576RC1 "Wages and Salary Disbursements" we get a total payroll for the U.S. of $6527 Billion.  If we add the above $1.1 Trillion in government employment cost, then the numbers are more interesting.  Government costs $3385 Billion, of a total wage base of $6527 Billion.  Sweet!

Tue, 03/08/2011 - 23:40 | 1032026 ClassicalLib17
ClassicalLib17's picture

The average pay of the municipal employees(478) in my northeastern Illinois city, population 89,000, is over $69,000. Our police and fire pensions are only funded at 39%-41%, respectively.

Wed, 03/09/2011 - 00:24 | 1032106 Buckaroo Banzai
Buckaroo Banzai's picture

Which means that society's producers now make less than society's parasites.

GAME OVER.

Wed, 03/09/2011 - 05:15 | 1032347 infinity8
infinity8's picture

is that 1.1 Trillion not included in the $6527 Billion? Bet it is, so it should come out. . . I'm not going to do it because these numbers are already spectacularly shitty (which is maybe why I'm up at 3:15 am posting on Zero Hedge)

Wed, 03/09/2011 - 06:17 | 1032368 EscapeKey
EscapeKey's picture

Do these figures include the military?

Tue, 03/08/2011 - 21:56 | 1031808 Henry Chinaski
Henry Chinaski's picture

+1

Govt bubble.

Tue, 03/08/2011 - 18:52 | 1031119 financeguru500
financeguru500's picture

I have to say, the one thing I will feel bad about is when the older generation realizes they won't be getting the pensions they expected to receive.

Here's the real question we should all ask ourselves. If the economy really is "recovering", how do we plan on balancing our trade deficits? How much are people really willing to work for in order to compete with Chinese workers?

Tue, 03/08/2011 - 19:01 | 1031157 Long-John-Silver
Long-John-Silver's picture

I cashed out all my retirement fund accounts taking a substantial hit in taxes. I then turned all that fiat cash into mostly silver and some gold to "diversify". This was when Silver was $12 an ounce. As Charley would say "winning"!

Tue, 03/08/2011 - 19:11 | 1031195 longjohnshorts
longjohnshorts's picture

Two things are necessary to get the economy back into shape:

- Trim unemployment insurance back to a reasonable duration -- say, four months.

- Eliminate minimum wage laws.

In connection with the latter, I'd like to see some kind of restraint on executive compensation, perhaps in the form of an extremely high marginal tax rate.

 

 

Tue, 03/08/2011 - 19:51 | 1031336 dumpster
dumpster's picture

Two things are necessary to get the economy back into shape:

job benefits are a  drop in bucket

 

social security was a premium paid from the people .. looted by the government  

\many things

1)  cut military spending why are policing the world , on lies about 95%

2) cut the federal education dept . off and the other agencies that just stifle growth

3) let the banks fail,

4) stop the war on drugs

5) get rid of federal reserve .. why pay those suckers a dime out of the public purse

6) eliminate pay  bull shit ,, eliminate your pay ... why tax get rid of tax.

 

cut to the bone the government

Tue, 03/08/2011 - 20:10 | 1031407 savagegoose
savagegoose's picture

put all public servants on min wages. then sure cut min wages back some more.

if they diont like it they  can ALWAYS GET A REAL JOB.

Tue, 03/08/2011 - 20:19 | 1031459 RezaAlmaneih
RezaAlmaneih's picture

Since we are talking solutions, it is way too late to fix the current system. Here is straw man at the fix:

Let the country go bankrupt, forgive all government debt

Abolish Federal reserve and move back to gold standard

Balance budget.

In the short term give out SS to all retired folks but migrate to SS for only the bottom 33% of the workers. 

Medicare needs to be reduced as well to the bottom 33% with limitations on coverage

Campaign contribution reform

Remove lobbyists

Massive tort reform.

Transfer power to the states.

A bank tax

That would be a good first pass.

 

 

Tue, 03/08/2011 - 21:34 | 1031754 Stuck on Zero
Stuck on Zero's picture

I would add, level a tarrif on all goods entering the United States that we see fit.  Pull some good old Asian mercanitilism on the rest of the world.

Tue, 03/08/2011 - 19:50 | 1031340 chet
chet's picture

Sorry, but I feel worse for my generation (age 35) and my kids.  The people retiring right now have been taking with both hands for 30 years and putting it on my tab.

Tue, 03/08/2011 - 20:07 | 1031401 cossack55
cossack55's picture

You may grow to love slavery.  Worship at the alter of Goldman Sachs and JP Morgan. 

Tue, 03/08/2011 - 21:59 | 1031815 Henry Chinaski
Henry Chinaski's picture

Chet, are you enraged yet?

The future for old baby boomers - "loosing."

Tue, 03/08/2011 - 18:53 | 1031121 Jim B
Jim B's picture

How can I get in line for my cut?  LOL  OMG, we are doomed!

Tue, 03/08/2011 - 18:54 | 1031124 InconvenientCou...
InconvenientCounterParty's picture

would like to see the US stacked up against other G7 sovereigns. If Germany is 45% gov't spending and France is 42%, that might be supportive of the $ no?

Tue, 03/08/2011 - 19:02 | 1031158 Sean7k
Sean7k's picture

How about if we subtract all government spending from GDP everywhere? Then let's look at those numbers, because government spending is consumption- not production. The global economy starts looking pretty small.

Then lets apply that number against private market GDP, as it really should be subtracted and find out just how many countries are net positive. 

Then, we can put the monopoly board away and go back to using real money. As JP Morgan would say, "gold is money".

Wed, 03/09/2011 - 05:25 | 1032356 infinity8
infinity8's picture

excellent and excellent, Inconvenient and Sean. . . going to do some research

Wed, 03/09/2011 - 06:19 | 1032369 EscapeKey
EscapeKey's picture

British public sector spending / GDP = 53.1%.

All hail the magic of Gordon Fucking Brown, and his elimination of boom and bust.

Seriously, that guy is the biggest financial disaster these isles have ever seen, counting WW2.

Tue, 03/08/2011 - 18:53 | 1031127 zaknick
zaknick's picture

Free market, biatches!

 

Can't wait for this monster to bite the dust.... another one down, and another one down... another one bites the dust!

 

HEY, IT'SGONNA GET U TOO!

 

ANOTHER ONE BITES THE DUST!

Tue, 03/08/2011 - 18:54 | 1031129 Jim B
Jim B's picture

There will be inflation or total collapse!

Tue, 03/08/2011 - 19:10 | 1031189 pacu44
pacu44's picture

There will be inflation then total collapse!

 

Fixed it for you...

Tue, 03/08/2011 - 18:54 | 1031131 uno
uno's picture

You mean Manhattan and Connecticut are out of touch with reality like Charlie Sheen is.

Tue, 03/08/2011 - 19:35 | 1031280 malek
malek's picture

That is really an insult... to Charlie Sheen.

Tue, 03/08/2011 - 18:56 | 1031136 Rainman
Rainman's picture

California unemployment is higher than Michigan's. More QE going away?/no way. Fook hyperinflation....the Ponzi is too far along to go down easy now.

Tue, 03/08/2011 - 18:57 | 1031137 Long-John-Silver
Long-John-Silver's picture

Free fiat for votes biatches!

Tue, 03/08/2011 - 19:04 | 1031141 HamyWanger
HamyWanger's picture

Have you something against government spending, welfare and real estate programs???

I can't believe the bigotry and totalitarianism of libertarians.

The cost to the global economy if we ended these programs would be astronomical.

As I've said on a previous post concerning the unemployment rate (which has recently reached a low of 9.7%), we opened two consumer discretionary stores in Detroit and we are simply amazed at the profits we make. 

This city is very wealthy, everyone is profiting from it (including racist libertarians), and this wealth would not exist without government programs. 

Tue, 03/08/2011 - 19:04 | 1031168 johnQpublic
johnQpublic's picture

in a word?

 

 

YES

Tue, 03/08/2011 - 19:17 | 1031219 HamyWanger
HamyWanger's picture

Without real estate programs (Fannie Mae, Freddie Mac), Americans would never had any chance of profiting from the biggest real estate bull run in history. 

Many fellow Americans have become rich during this period, including members of the proletariat. Libertarians bitching about government spending are those who never managed to profit from it. 

Tue, 03/08/2011 - 20:04 | 1031397 dumpster
dumpster's picture

so hammy you set by with your drivel and wipe your drooling mouth  as your Keynesian's rob and plunder the world

why is it that you like to see poverty , death , wars .  so you can spout bullshift

Watch the drones kill the foreign babies with the social program of the stupid

Tue, 03/08/2011 - 22:49 | 1031937 ronin12
ronin12's picture

Hamy, it is hard to believe that somebody who reads zerohedge could be so clueless.

Tue, 03/08/2011 - 20:21 | 1031466 dumpster
dumpster's picture

Have you something against government spending, welfare and real estate programs???\\

 

so hammy your for government spending on wars// looks like that defense budget is right up your alley .. of stupid

the program you want is a social killer  . plunder the world , sow inflation. poverty . death world wide . so you can spout abject stupidity

what happend to the money you parent paid to send you to school  part on government expense ;wasted

truly a pointed head ignoramus

Tue, 03/08/2011 - 19:07 | 1031177 Long-John-Silver
Long-John-Silver's picture

What is going to be "astronomical" the the total collapse of the US Dollar (Think Zimbabwe) and what happens to all those people that have been sucking at the government tit when it dries up. Sure; you'll get that Social Security check but it wont actually buy anything or you'll take out your medicare card and the doctor laughs at it.

Tue, 03/08/2011 - 19:13 | 1031208 HamyWanger
HamyWanger's picture

"Total collapse" of the US dollar???

Dude, you're smoking something not very clear. 

No way the USA ever go bankrupt. We are the richest country of the world and we'll stay that way for two centuries more. 

Tue, 03/08/2011 - 19:17 | 1031226 EscapeKey
EscapeKey's picture

I'm getting bored of your predictability. You have to add more variety to your act.

Tue, 03/08/2011 - 19:24 | 1031244 HamyWanger
HamyWanger's picture

I don't understand what you're saying. But I suppose you're one of those bigot, nerdy libertarians. 

You must accept that the destiny of every civilized country is to become a Welfare state, which is the paragon of human generosity, tolerance and progressism. 

The United States of America are already in good progression (47% of gov. spending/GDP), but that's not enough. That's why people like me spread the good talk on the Internet and elsewhere. 

Socialism -- and the economic recovery -- are the destiny of mankind. Libertarians can't fight the forces of nature. 

Tue, 03/08/2011 - 19:28 | 1031257 EscapeKey
EscapeKey's picture

Heh, yeah that's more like it. A bit of fighting spirit. I like how you instantly jump to the conclusion that I'm a "bigot, nerdy libertarian" despite supplying NO evidence in my previous post that I am.

Tue, 03/08/2011 - 19:35 | 1031282 bob_dabolina
bob_dabolina's picture

<sarc.>*

Tue, 03/08/2011 - 20:30 | 1031492 EvlTheCat
EvlTheCat's picture

LOL

Welfare state, which is the paragon of human generosity, tolerance and progressivism.

 I think I would much rather be known as, and die as, a bigoted, nerdy, Libertarian then live as a part of your satirical NWO's brain dead, human cattle collective.  Keep up the posting HW, you represent the mind set of the slave state with true alacrity and articulation.

Tue, 03/08/2011 - 19:36 | 1031287 tsx500
tsx500's picture

10k comedians out of work, and you're givin it away for free . . .

Tue, 03/08/2011 - 19:59 | 1031369 dumpster
dumpster's picture

 HamyWanger
on Tue, 03/08/2011 - 18:13
#1031208

 

hammy you are by far the biggest biget in the hisrtory of worlds

are a keynesian killer of people , plunderer of good ,

love wars , love poverty, unemployment and the like

someone needs to slap you across the face and make you take a basic course in Austrian economics

some thing on the first grade level

go read Roll Back By tom woods

slowly ,,

 

then count to ten and go soak your head in a gallon of water . for stupidity

 

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