Replacing 100% of Wages for Vast Majority of Workers
The Biden plan prides itself on completely replacing the wages of every American who earns less than $73,000 per year — representing more than three-quarters of the entire workforce — through $1,400 weekly paid leave benefits.
Encouraging over 75% of Americans to hang up their work boots indefinitely would deliver a massive blow to the United States economy. A Heritage Foundation report published in April found that “higher unemployment benefits translate into higher levels of unemployment claims and longer durations of unemployment, which translate into lost goods and services.”
The authors noted that $600 weekly unemployment benefits would discourage Americans from returning to work, increasing unemployment by 13.9 million in the process. As a result, GDP would drop by up to $1.49 trillion.
Even without the massive budget deficit that would result from the federal government directly subsidizing over three-quarters of the population, the United States economy would take a severe productivity hit as a result of disincentivizing work.
outline.com
The Biden plan prides itself on completely replacing the wages of every American who earns less than $73,000 per year — representing more than three-quarters of the entire workforce — through $1,400 weekly paid leave benefits.
Encouraging over 75% of Americans to hang up their work boots indefinitely would deliver a massive blow to the United States economy. A Heritage Foundation report published in April found that “higher unemployment benefits translate into higher levels of unemployment claims and longer durations of unemployment, which translate into lost goods and services.”
The authors noted that $600 weekly unemployment benefits would discourage Americans from returning to work, increasing unemployment by 13.9 million in the process. As a result, GDP would drop by up to $1.49 trillion.
Even without the massive budget deficit that would result from the federal government directly subsidizing over three-quarters of the population, the United States economy would take a severe productivity hit as a result of disincentivizing work.
Outline.com
outline.com
