President Biden’s $1.9 trillion Covid-relief package will result in 5-8 million fewer Americans working over the next six months.
The bill would create one of the largest expansions in government welfare benefits since the birth of the modern welfare state: it expanda the safety net to include six months of weekly $400 bonus unemployment benefits on top of the normal weekly benefits, a $3,000-a-child tax credit, an expansion of food stamps and rental assistance, $2,000-a-person checks, and expanded health benefits.
For example, in Kansas, a family of four with two unemployed adults who had earned U.S. median wages could get paid the after-tax equivalent of more than $135,000 on an annual basis without working an hour. In Massachusetts the figure is $170,000. The Biden package of benefits would exceed the wages and salaries of at least 85% of households.
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