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Welfare

Welfare refers to government-sponsored assistance programs intended to ensure that all members of society can meet their basic needs. Examples include social insurance, Medicaid, and disability insurance.

The vast majority of welfare spending goes to those who cannot actively participate in the labor market, including children, the elderly, and the disabled.
A universal earned income tax credit (refundable up to the first $10,000 on income) would cost roughly $1.3 trillion per year. If redistribution does not discourage work, then NIT-style programs better optimize social welfare functions relative to to EITC-style ones. Primary income-support welfare programs that could be consolidated into a single basic income include: earned income tax credit (EITC), Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps), temporary assistance for needy families (TANF), and supplemental security income (SSI). A $500 per month UBI would more than compensate for the loss of SNAP and/or EITC benefits. An econometric model finds that a tax-financed, $11,000 per year UBI may lead to significant welfare losses for future generations. A NIT with marginal tax rate of 22% and a transfer of 11% of per-capita GDP implies a welfare gain equivalent to a 2.09% increase in annual consumption.
CRS Report: Welfare Spending [is] The Largest Item In The Federal Budget Jain Family Institute Position on Guaranteed Income Guaranteed Income: SSI and the Well-Being of the Elderly Poor Why Cash is Better Than Expanded Health Insurance For the Poor Why a UBI Is Better Than Subsidies of Low-Wage Work Universal Basic Income Versus Unemployment Insurance
Jeff Sessions Kathleen McGarry Amy Finkelstein Maximilian Kasy Christian Zimmermann Stéphane Pallage Alice Fabre André Victor Doherty Luduvice
Basic Income Land Value Tax
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