Excerpt provided by the Committee to Unleash Prosperity. Sign up to receive a free subscription to the full weekday Unleash Prosperity Hotline newsletter by clicking here: https://committeetounleashprosperity.com/hotline/
A new piece in the Wall Street Journal by CTUP’s Stephen Moore and Casey Mulligan reports that the “stimulus” bill will reduce employment by between 6 and 8 million jobs because it pays people not to work.
The new bill will create one of the largest expansions in government welfare benefits since LBJ launched the failed War on Poverty (poverty won). The bill includes six months of weekly $400 bonus unemployment benefits on top of the normal weekly benefits, a $3,000 per-child tax credit, an expansion of food-stamp and rental-assistance benefits, $2,000 per person checks, and expanded health-care benefits.
A family of four with two unemployed parents will be eligible for benefits ranging from $100,000 to $150,000 (with no payroll tax) in benefits on an annualized basis. In other words, the stimulus pays most unemployed people more money not to work than to go back on the job.
This isn’t a safety net, it’s more like a hammock.
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