Heard on the Hill
The Impact of Unemployment Bonuses on Social Security
Many economists and Republican governors have been fuming for months now about the so-called “Biden bonus” of paying people an extra $300 per week not to work through early September. Opponents of this scheme, passed in the last stimulus bill of March 2021 with Democrat votes only, note the bonuses are holding down job gains and even causing shortages and inflation, as employers up the ante with higher wages and signing offers to lure folks off the couch. Twenty-five governors, all Republican, have already terminated or announced they are soon terminating the $300 bonuses.
But politics aside, what is the impact of all this on the Social Security program? Turns out, it’s significant. Why? Continue reading here…
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