{"id":6518,"date":"2012-12-23T23:36:40","date_gmt":"2012-12-24T04:36:40","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6518"},"modified":"2012-12-23T23:36:40","modified_gmt":"2012-12-24T04:36:40","slug":"how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/23\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\/","title":{"rendered":"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty"},"content":{"rendered":"<p>Dan Mitchell describes how withdrawal of welfare benefits as your income rises can create a tax cliff that discourages the unemployed from seeking more work.<\/p>\n<p>A graphic from British newspaper <em>The Spectator<\/em> gives this example:<\/p>\n<blockquote><p>John 21, works 25 hours per week at a gross wage of \u00a35.70 per hour.<br \/>\nOf which 63p in tax\/National Insurance and \u00a34.18 in benefits (housing and council tax) is withdrawn.<br \/>\nNet income from work: 89p per hour.<br \/>\n<strong>84% of wage is lost in tax and benefit withdrawal! <\/strong><\/p><\/blockquote>\n<p>Read more at <a href=\"http:\/\/danieljmitchell.wordpress.com\/2012\/12\/23\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version\/?utm_source=twitterfeed&amp;utm_medium=twitter\">How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dan Mitchell describes how withdrawal of welfare benefits as your income rises can create a tax cliff that discourages the unemployed from seeking more work. A graphic from British newspaper The Spectator gives this example: John 21, works 25 hours per week at a gross wage of \u00a35.70 per hour. Of which 63p in tax\/National &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/23\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,33],"tags":[3664],"class_list":["post-6518","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions","tag-welfare-trap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Dan Mitchell describes how withdrawal of welfare benefits as your income rises can create a tax cliff that discourages the unemployed from seeking more work. A graphic from British newspaper The Spectator gives this example: John 21, works 25 hours per week at a gross wage of \u00a35.70 per hour. Of which 63p in tax\/National &hellip; Continue reading &quot;How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/23\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-24T04:36:40+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty\",\"datePublished\":\"2012-12-24T04:36:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/\"},\"wordCount\":110,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"welfare trap\"],\"articleSection\":[\"Economy\",\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/\",\"name\":\"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2012-12-24T04:36:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/12\\\/23\\\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\\\/\\\/facebook.com\\\/people\\\/The-Patient-Investor\\\/61572934660810\\\/\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\",\"https:\\\/\\\/au.linkedin.com\\\/in\\\/colintwiggs\"],\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/investor\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty - the patient investor","og_description":"Dan Mitchell describes how withdrawal of welfare benefits as your income rises can create a tax cliff that discourages the unemployed from seeking more work. 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He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1H8","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":6202,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/16\/us-poverty-rates\/","url_meta":{"origin":6518,"position":0},"title":"US: Poverty rates","author":"Colin Twiggs","date":"November 16, 2012","format":false,"excerpt":"From the US Department of Health & Human Services: I suspect that most US voters are concerned about poverty (don't believe everything you are told during an election) but where they differ is on how to address the issue. The view from the left is to raise taxes on the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9916,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/27\/3-reasons-to-be-suspicious-of-the-inequality-debate\/","url_meta":{"origin":6518,"position":1},"title":"3 Reasons to be suspicious of the inequality debate","author":"ColinTwiggs","date":"May 27, 2014","format":false,"excerpt":"My concerns with the inequality debate are twofold: The poor are seldom rescued from poverty by redistribution. Raising taxes on the rich to bolster welfare payments increases dependence of the latter on government. While this may be a sound political strategy to garner votes, dependence on handouts robs people of\u2026","rel":"","context":"In &quot;Taxes &amp; Inequality&quot;","block_context":{"text":"Taxes &amp; Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6467,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/12\/new-research-from-finlands-central-bank-confirms-that-government-spending-is-causing-stagnation-in-europe-international-liberty\/","url_meta":{"origin":6518,"position":2},"title":"New Research from Finland\u2019s Central Bank Confirms that Government Spending Is Causing Stagnation in Europe &#124; International Liberty","author":"Colin Twiggs","date":"December 12, 2012","format":false,"excerpt":"Dan Mitchell reports on new research from the Bank of Finland: Europe suffers from a growth slowdown. The GDP growth in Europe has lagged behind the GDP growth in the US and has been far worse than the GDP growth in the NIC countries, particularly China\u2026 However, what is the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5796,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/23\/australia-becoming-a-welfare-dependent-state\/","url_meta":{"origin":6518,"position":3},"title":"Australia: Becoming a welfare-dependent state","author":"Colin Twiggs","date":"October 23, 2012","format":false,"excerpt":"Extract from an opinion by Robert Carling: In democratic welfare states, the proportion of the electorate that attracts more in social benefits from government than it pays in tax has become so large that candidates who promise to curb the welfare state have a hard time winning elections. The same\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2369,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/europes-last-best-chance-michael-boskin-project-syndicate\/","url_meta":{"origin":6518,"position":4},"title":"Europe\u2019s Last Best Chance &#8211; Michael Boskin &#8211; Project Syndicate","author":"ColinTwiggs","date":"November 26, 2011","format":false,"excerpt":"Reforming social-welfare benefits is the only permanent solution to Europe\u2019s crisis. One hopes that, with the help of national governments, the European Central Bank, the International Monetary Fund, and the European Financial Stability Facility, the holes in the sovereign-debt-funding dike will be temporarily plugged, and that European banks will be\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9818,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/19\/the-inequality-puzzle-lawrence-h-summers\/","url_meta":{"origin":6518,"position":5},"title":"The Inequality Puzzle | Lawrence H. Summers","author":"ColinTwiggs","date":"May 19, 2014","format":false,"excerpt":"Larry Summers exposes the flaw in Thomas Piketty\u2019s Capital in the Twenty-First Century. Piketty argues that inequality is rising because the rate of return on capital is higher than the economy's growth rate. Does not the rising share of profits in national income in most industrial countries over the last\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6518"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6518\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}