...And Economic Justice for All: Welfare Reform for the 21st Century

By Michael L. Murray | Go to book overview

Notes
1.
A major drawback to the plan would be the tremendous initial transfer costs. I will reduce these costs by requiring a declaration of estimated income so that an individual's transfer payments can be offset by anticipated tax obligations.
2.
As described in A. B. Atkinson, The Economics of Inequality, p. 275. Atkinson comments on various approaches to dealing with the welfare problem. He concludes: "It is clear that new initiatives in the field of income maintenance are required. . . . To say that the solution lies in substantially increased transfers of income, coupled with measures to create employment, is politically unfashionable--but it is clear that the nettle needs to be grasped."
3.
George Stigler, "The Economics of Minimum Wage Legislation," The American Economic Review, June 1946, p. 365.
4.
Friedman is generally regarded as a conservative economist. He was Senator Barry Goldwater's economic advisor when Goldwater ran for the presidency. Friedman primary objective was to develop a plan which would have a minimal impact on the working of the free market.
5.
As described in Milton Friedman, Capitalism & Freedom, p. 192.
6.
I consider the negative income tax a form of guaranteed income. There are, however, some who prefer to consider it separately. "The idea of a guaranteed income went beyond subsistence. It envisioned a level of payment sufficient to maintain a reasonable, if low, standard of living. A negative income tax would provide just such a guaranteed income. In this sense they were identical proposals. In another sense, however, they were profoundly different. The guaranteed income was an idea of the left; the negative income tax, an idea of the right." Daniel Moynihan, The Politics of A Guaranteed Income, p. 127.
7.
Milton Friedman, An Economist's Protest, pp. 133-134.
8.
One unfortunate consequence of Friedman's plan is the discontinuity in the tax rate at the breakeven income. Those below this level are in effect paying the 50 percent rate, but once they exceed the level they revert to the minimum regular income tax rate of 14 percent. This point is discussed by George H. Hildebrand in Poverty, Income Maintenance, and the Negative Income Tax, p. 19.
9.
A description of this plan is in Edward Schwartz, "An End to the Means Test," in Robert Theobald (ed.), The Guaranteed Income,pp. 126-128.

-187-

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...And Economic Justice for All: Welfare Reform for the 21st Century
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Acknowledgments xi
  • Introduction 1
  • 1 - Life Is Not Fair, but People Can Be 11
  • Notes 33
  • 2 - Are You Worthy? Current U.S. Welfare Programs 41
  • Notes 65
  • 3 - The Market Who Gets What, Why, and Whether 75
  • Notes 100
  • 4 - Work--Who Needs It? 107
  • Notes 124
  • 5 - We Are What We Were 129
  • Notes 145
  • 6 - Why the Guaranteed Adequate Income 153
  • Appendix Results of Negative Income Tax Experiments 169
  • 7 - The History of Guaranteed Income Plans 178
  • Notes 187
  • 8 - The Guaranteed Adequate Income Proposal 190
  • Notes 201
  • 9 - Cost and Funding Calculations 204
  • 10 - Final Thoughts 222
  • References 227
  • Index 229
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