Below is a segment of an interview by Glenn Beck With Congresswoman Michele Bachman where she cites research from the Arizona State University that … well … it says something to the effect that the government has taken over 30% of all private wealth in the US. I am researching … OK Here is a newspaper that tracked down the stat. Click here for more
Bachmann seems to have got the stat from this July 7 Washington Times paraphrase:
William Boyes, an economics professor at the W.P. Carey School of Business at Arizona State University, estimates that the government now owns or controls businesses that generate about one-third of U.S. economic activity.
CONGRESSWOMAN BACHMANN: And in one year’s time, in a stunning move, we’ve seen the federal government take over 30% of all private wealth produced in this country. One year ago 100% of private business profits were private. Today 30% of private business profits are owned or controlled by the federal government. If they get their way and take over healthcare
GLENN: Whoa, whoa, whoa, whoa. All of us are looking at each other saying, wow, I’ve never heard that stat. Where do you get that stat?
CONGRESSWOMAN BACHMANN: Oh, no, that’s true. An, an economist from Arizona State University has calculated that since the inception of bailout nation, we have seen the federal government own or control 30% of private business profits.
GLENN: Oh, my gosh.
CONGRESSWOMAN BACHMANN: If the federal government lays claim to the private wealth produced in healthcare, Glenn, that’s another 18%, or 48% of the private wealth. And if they lay claim through cap and trade, what Lindsey Graham is getting on board with, that’s another 8%, or 56% of the private wealth produced in this country. That’s stunning. That is stunning.
PAT: So just those two programs, the climate bill and the healthcare reform, which is another 18%, or another 26%?
CONGRESSWOMAN BACHMANN: That would be 26%, or a total of. Because the federal government has already, Glenn, gotten control or ownership of 30% of the private wealth produced in this country. As if that wasn’t bad enough, now this would be an additional 26%. At that point we are no longer a free market capitalist country. That’s why people are nervous for a reason. People aren’t crazy. They haven’t been ginned up by talk show hosts. This is real.]
~ Glenn Beck talks with Michele Bachmann
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