NOTEBOOK – One Good Read: Economist: More than half of Americans to be directly subsidized by Uncle Sam
JOE GARDYASZ Apr 8, 2020 | 8:28 pm
<1 min read time
106 wordsBusiness Record Insider, Economic Development, The Insider NotebookThe federal government is now on track to directly subsidize more than half of the U.S. workforce. That eye-popping estimate comes courtesy of economist Martin Sullivan, a veteran of the Treasury and Congress’ Joint Committee on Taxation, and now chief economist for Tax Analysts, writes Janet Novack of Forbes.Sullivan bases his conclusion that more than half the labor force will be subsidized on official estimates of the revenue costs of two tax provisions, one in the CARES Act and one in the first March stimulus bill, the Families First Coronavirus Response Act, plus unofficial estimates in Congress of what the unemployment compensation program will cost.