by Tyler Durden
Monday, May 10, 2021 - 05:55 PM
Almost a decade ago, we explained that America had become a bizarre kind of welfare state where, due to the premeditated vagaries of the tax code, hard work was punished.
As a reminder, back in 2012 we showed that it was increasingly lucrative - in the form of actual disposable income - to do the bare minimum, receive minimum wage and collect various welfare entitlements, than to work hard and aspire to a higher socio-economic status. This was graphically, and very painfully confirmed, in the below chart from Gary Alexander, Secretary of Public Welfare, Commonwealth of Pennsylvania (a state best known for its broke capital Harrisburg). As quantified, and explained by Alexander, "the single mom is better off earnings gross income of $29,000 with $57,327 in net income & benefits than to earn gross income of $69,000 with net income and benefits of $57,045."
Fast forward to today when thanks to "Biden's Trillions" (which as we reported a month ago have sparked a historic labor shortage), any - not just hard - work is punished and instead America's great unwashed masses are rewarded to do absolutely nothing.
more
https://www.zerohedge.com/markets/shocking-chart-shows-most-workers-now-make-more-unemployment-their-jobs
