from Insider Online:
Redistribution Is Rising
Contrary to the slogans of the Occupy Wall Street crowd, it’s not just the “1 percent” who are getting bailed out by the government. Spending on welfare programs has increased, and not just because there are more unemployed during a recession but also because eligibility requirements have been relaxed and benefits levels increased. The increase since 2006 has been substantial:
This chart comes from Casey B. Mulligan’s recent paper “The Expanding Social Safety Net”(National Bureau of Economic Research, December 2011). Kevin Hassett (“Stealth Redistribution,” January 9, American Enterprise Institute) summarizes:
Redistribution Is Rising
Contrary to the slogans of the Occupy Wall Street crowd, it’s not just the “1 percent” who are getting bailed out by the government. Spending on welfare programs has increased, and not just because there are more unemployed during a recession but also because eligibility requirements have been relaxed and benefits levels increased. The increase since 2006 has been substantial:
This chart comes from Casey B. Mulligan’s recent paper “The Expanding Social Safety Net”(National Bureau of Economic Research, December 2011). Kevin Hassett (“Stealth Redistribution,” January 9, American Enterprise Institute) summarizes:
The average monthly unemployment-insurance payment received was $834 at the beginning of 2006, while by the end of 2010 it was $2,667. Home retention actions (mortgage modifications) were almost nonexistent in 2006 but increased sharply due to pressure from Uncle Sam. Consumer loan charge-offs (commercial banks’ declaring that a debt-usually credit-card debt-is unlikely to be collected) increased significantly over the four-year period, for the same reason. Other transfers, such as food assistance, increased as well.Yes, unemployment is high, but is it any wonder?
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