The left-leaning National Bureau of Economic Research conducted a guaranteed income study that showed when people work less, they still have less money.
The study was titled “The Employment Effects of a Guaranteed Income: Experimental Evidence from Two U.S. States” and came out last month.
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Giving Americans $1,000 per month in taxpayer-funded guaranteed income makes them worse off, says a new three-year, 3000-participant study. The National Bureau of Economic Research’s massive study found recipients and their partners work and earn less, with the negative effect on wages and earnings getting worse over time.
While proponents of universal basic income theorized such programs would improve non-economic metrics for recipients, the study surprisingly showed leisure time only increased as recipients spent less time on sleeping, child care, community engagement, caring for others, and self improvement. Transfers also reduced recipients’ non-transfer incomes significantly, with the study finding “for every one dollar received, total household income excluding the transfers fell by at least 21 cents, and total individual income fell by at least 12 cents.”
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In his book Economics in One Lesson, Henry Hazlitt makes a famous distinction between good and bad economists:
The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economist sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups.
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The Biden administration appears poised to put the government’s thumb on the scale in the 2024 election, House Republicans say.
The administration’s lack of transparency about implementing President Joe Biden’s executive order for federal agencies to help get out the vote—combined with a warning from Attorney General Merrick Garland—has sparked some concern among lawmakers.
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