Variations On Negative Income Tax

“There are many ways of turning these economic potentials into a working system. The one I have devised–I call it simply ‘the Plan’ for want of a catchier label–makes a $10,000 annual grant to all American citizens who are not incarcerated, beginning at age 21, of which $3,000 a year must be used for health care. Everyone gets a monthly check, deposited electronically to a bank account. If we implemented the Plan tomorrow, it would cost about $355 billion more than the current system. The projected costs of the Plan cross the projected costs of the current system in 2011. By 2020, the Plan would cost about half a trillion dollars less per year than conservative projections of the cost of the current system. By 2028, that difference would be a trillion dollars per year.”

I might just have to pick up the book…

If you’ve heard (or read) my rantings about welfare before, you’ll notice this is more of the same. But I sometimes wonder: would the rising numbers of post-graduate young adults moving back home shift trend entirely if said young adults had a guaranteed income stream that would pay for the basic necessities of life? Hmm… Pleasant side effect, to be sure.

OpinionJournal – SOCIAL POLICY

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