WASHINGTON: Spending less on food. Drawing down on retirement savings. Dropping out of the workforce altogether.
The government-funded programmes that increased weekly payments and gave aid to the long-term unemployed and freelancers were credited with keeping the United States from an even worse economic collapse last year. "I think it's going to be an underappreciated event in the economy," said Andrew Stettner of progressive think tank The Century Foundation, predicting that 7.5 million people will be relying on the programmes when they end.The expansion of the unemployment safety net occurred in March 2020, when Congress rushed to blunt the emerging pandemic with US$2.2 trillion in spending through the CARES Act rescue package.
A study published last month by researchers from American and Canadian universities found only modest improvements in hiring and earnings in some of those states that ended the aid early, while spending fell 20 per cent. At age 64 she is not yet ready to retire, but worries she'll have to start dipping into her retirement savings once the long-term unemployment programme ends.Others can't return to the workforce, even though they know the benefits that make up their only income are ending. Brooke Ganieany of The Dalles, Oregon, said she has no one to care for her toddler son if she were to find employment.
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