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October 28, 2009

$250 Checks for Elderly Overlook Reality

David Leonhardt, New York Times

If you wanted to help the economy and you had $14 billion to bestow on any group of people, which group would you choose:

Ida May Fuller in 1950, at age 76, when her benefits increased. She received the first Social Security check in 1940.

a) Teenagers and young adults, who have an 18 percent unemployment rate.

b) All the middle-age long-term jobless who, for various reasons, are not eligible for unemployment benefits.

c) The taxpayers of the future (by using the $14 billion to pay down the deficit).

d) The group that has survived the Great Recession probably better than any other, with stronger income growth, fewer job cuts and little loss of health insurance.

The Obama administration has chosen option d — people in...

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Related Topics: budget, economy

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