When Peter Griffin receives an invitation to a bachelor party at his neighbor Glenn Quagmire's house, his wife Lois pleads with him not to drink. Peter says he will not, but due to encouragement from Glenn, Peter gets drunk and suffers from a hangover the following morning. He falls asleep on the kitchen table during breakfast. Lois is alarmed, but decides to forgive him. Peter falls asleep on the job while working as a safety inspector at the Happy-Go-Lucky Toy Factory. He is fired for negligence when many highly dangerous "toys" (axes, jackknives, toasters, hazardous pills, and so on) are released. Not wanting to upset Lois again, he decides to keep it a secret. After Brian tells him to think of his family's well-being, Peter applies forwelfare. Peter is shocked to find that his first welfare check is for $150,000 due to a misplaced decimal point.
Peter buys lavish gifts for his family such as Michelangelo's David, a moat, and a ski boat. Meg, Stewie, and Chris find out that Peter is unemployed, and he tries to keep them from telling Lois. Lois finds out when she receives the next welfare check in the mail. Peter decides that he will make it up to Lois by dropping all of his extra welfare money out of a blimp above Super Bowl XXXIII. This scene has a parody of the NFL on Fox theme music.
Peter and Brian are arrested by security guards and prosecuted for welfare fraud. Lois begs the judge to forgive her husband, but instead ends up in jail herself. Stewie uses a mind control device to get his parents and Brian released and get Peter his job back. The episode ends with things back to normal. Peter thinks about new ways to make money, and does not seem to have learned his lesson.