And Speaking of Transfer Payments April 15, 2016Posted by geoff in News.
In the previous post I noted that transfer payments are skyrocketing, which is reducing the services that are available to the taxpayer. That leads naturally to the question: how much good are those transfer payments doing?
Well, here’s another view of how much we spend on people receiving transfer payments:
That’s inflation adjusted, and it still shows nearly a 4X increase in payments per person over the 40 years covered by the chart.
Compare that to the poverty rate:
Yes, your eyes do not deceive you. In 1972 the poverty rate was about 12%. In 2012, with a 4X increase in spending per person (from the previous chart), the poverty rate had increased to 15%.
Seems like dealing with poverty might require something of a shift in strategy.