There are 5 million fewer people employed today than before the Covid epidemic struck and 7.7 million are officially counted as unemployed.
Because of the complexity of the entitlement programs – both in their own right and through their interaction with each other – determining their incentive effects is a monumental research task. Plus, the incentive effects are not limited to the current period. Money we earn today affects Social Security, health care and other benefits in the years of our retirement.
Even middle-income families face very high penalties for working. Workers in their 20s who are in the third quintile of income distribution, for example, lose $406 if they earn an additional $1,000 of income. Kotlikoff gives the example of a single mother living in Oregon with three children and earning $37,157 a year. She qualifies for such annual benefits as food stamps , Section 8 housing vouchers , Obamacare subsidies and other benefits. If she earns $1,000 more, she will violate the Section 8 housing requirement to maintain continuous eligibility.
In a third example, a retired Alaskan couple receives Supplemental Security Income , which in Alaska automatically qualifies them for adult Medicaid. An additional $1,000 of earnings, however, would cause the couple to lose their eligibility for SSI and Medicaid, with a present value of $39,539.
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