The $600 weekly supplement added to jobless benefits as part of the CARES Act helped unemployed households spend 10% more after receiving benefits than they did before the pandemic, according to research by the JPMorgan Chase Institute.
That contrasts with a typical recession, when households receiving unemployment benefits usually cut spending by 7% because regular jobless benefits amount to only a fraction of a person’s prior earnings, the research found. More than 30 million Americans are estimated to be receiving unemployment benefits - and they could be pushed off an income cliff when the supplemental benefits, which are due to expire at the end of July, are withdrawn.
so why aren't they paying rent or demand cancel rent?
Oh my, trickle up economics actually work 😒..if only the American people voted for Andrew Ya..........never mind
I spent more because I had more: I was paying off my medical debt, part of which is due to COVID illness starting in March. Also the cost of things has went up during the pandemic. Anyone looking at food prices lately? Of course people spent more these past months!
We all deserve this security.
Kinda like what common sense and objective evidence has been telling us all along. Give consumers money and they spend it. Instead, congress gives the bulk to CEOs, who pocket it. This ain't rocket science. Give the people a UBI and watch the economy recovery.
Good!! Then this should help the economy get stronger.
Well, with their mortgage/rent, auto loans, and other payments suspended, they're going to blow their money on retail junk
Gosh, maybe they were doing as advised and staying close to home?
Give people money and they spend it. What a surprise Who needs a 5 year degree on economics to work that one out
But I thought rent prices would rise and people would get lazy? YangWasRight
Trickle up economics.
I always wonder if you people who write headlines laugh while writing it.
Circulation of money is the key to keep the wheels of economy in circulation.
And if they spent the same amount or less, they could have some savings for when the benefits expire!
You mean when people feel secure they spend more money?
they should get more? this is the message from the sick terrorist media?
*due to the coronavirus pandemic [actually had money to do things they’ve needed to do this entire time, but we’re suffering systemic poverty]. I fixed it for you.
Yeah, makes sense. It was dumb to do that
No shit.
No shit...they had more money than usual to spend. Wow....rocket science
Evidence that ending U.I. augmentation may very well indeed slow or damage any impending consumer based recovery.
Ummmm
Ahh, the mythological 'trickle up economy' model. Who could have ever imagined that would work? 🙄
spent more because some jobs have free lunches, or at least part paid lunches. now, you have to spend it on the home. plus stocking up in case this is longer lasting, you can expect a surge in people buying products.
As opposed to corporations that stuck the money in their bank accounts and won't rehire employees. Give the money directly to people. Corporate welfare proves useless once again.
Gee, it’s almost like a lot of people are criminally underpaid under normal circumstances.
Stimulating the economy.
Jonnelle This is just stupid .... of course they did.... they had more to spend! 🤦🏼♀️
Jonnelle Which actually was part of the intent of those benefits. To keep the money flowing.
Jonnelle Its considered FREE MONEY..
Jonnelle Let's hope they spent it wisely-paying down bills & not on expensive electronics. Many people have a tendency to live for today but if you live long enough like some of us, you find out the hard way that is a bad idea.
Jonnelle 600 a week is a joke right? Who has anything left after bills and food
Jonnelle The lower the income of the recipient, the larger the portion that is spent. This money helps supports businesses and landlords, who will in turn spend the money paying employees and other vendors. This is how the economy is supported and helps everyone.
Jonnelle Landlords didn't have time to intervene and raise their rates to capture the extra cash, but they'll get theirs when states in the U.S. raise their minimum wages. Then everyone will just throw their hands up and call it inflation, then work harder.
Jonnelle this just supports the UBI scheme in an indirect manner!!!
Jonnelle They spent money to buy all these chairs
Jonnelle Extend enhanced UI or what’s left of the economy will collapse.
Jonnelle Isn’t human nature grand?
Jonnelle Good!! Thats the whole point!
Jonnelle Well daaa, Proverbs 13:11 Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
Jonnelle You really spend like shit if you ain’t sweat for it 💁🏾♂️
Jonnelle
That's because the private sector doesn't pay enough.
'The kids were home from school. Have you seen kids eat?'
We noticed our groceries cost about $100 More per week than they used to. And, I think people have been doing home repairs and improvements because they have the time to do it.
Of course they did, most Americans are dumber than a sack of hammers. Can’t save any money , just have to spend every penny. My ex wife once said “what good is money if you don’t spend it “ that’s one reason I divorced her.
Well i suppose if your day is split roughly into thirds (work, not-work, sleep) then usually two-thirds of the day is spent sleeping or working (not spending money). Now it's two-thirds not working hence money-spending time has doubled?
Wait, people who were receiving MORE money than they usually had SPENT that money? Ground breaking.
Idiots
Jonnelle Supportive of UBI?
Jonnelle I did something smart with it payed off all my debt which was low and used the rest as a downpayment for a house that I can afford with my job im back at. If it goes belly up again my wife's job will be able to handle it also. We based it off my job.
Jonnelle A poverty class is maintained to fill low wage/ high risk jobs. Rich people are acting like we’ve gotten something for nothing when we’ve paid for it with more than 138,000 preventable deaths. The economy will not come ‘roaring back’ until ppl are actually safe!
Jonnelle Sure they did! The trickle down lie is for fools! We, the middle class and poor class make the economy! If we have money we will expend it! They can open all the buisnesses they want, but if we don't have the money to spend, they will go bunkrupt. Even the fascist Ford knew this.
Jonnelle Right? Money spent on the poorest of us goes right back into the economy. That cash spent supported all the businesses that stayed open and created jobs. It makes no sense that our government is not doing more to infuse relief like this. Really, it's our money, right?
Jonnelle Free things
Jonnelle I know that I am not the smartest person in the world. But I have the following certainty: If Joe Biden is elected POTUS with his notorious mental weakness and personal financial interests with China. It, China, with its military might, will threaten democracies like my Brazil.
Funny, when you pay people, they spend money!? 🤔🙄 senatemajldr MoscowMitch needs a primer on economics.
I had to spend more too...to stock up! And I’ve been working...
Yeah a lot finally got a livable wage
This is like neighbour’s night on the block! Good idea to bring sit upons, snacks and water. A portapotty should be near too. 👏😷👏😷👏😷👏😷👏😷
Because bored people shop. They didn’t have anything else to do. You’re welcome.
Money straight into the economy. Job creators. When will idiot Republicans wise up? Did billionaires spend more? Nah
In other words, the economy is staring at the edge of a cliff when those benefits expire.
no shit
That's why this bullshit lockdown, mask faux-pax, crap must end. Put people back to work, if they won't go back to work, no benefits, nothing, nada, zip, zilch.
People were and are still catching up on unpaid bills before unemployment kicked in. That kick-in time varies wildly. So yeah, we spent more. Plus, the PUA gave beneficiaries 600 more than regular unemployment. So yeah, we spent more. Were we not supposed to spend? Not pay bills?
And Jeff Bezos is very happy about that.
Well hamburger was $8 a pound and it’s “come down” to $5.99 so that could be a part of it. Not to mention a 12-pack of Scott is close to $14 when it used to be $8 or $9.
I bet they used more toilet paper too.
Only work is to spend the given money. What's wrong in this?
Not sure where this is going but cool!
What if we just keep printing and never stop the benefits?
GOPLeader GOP SenateGOP
You mean ppl tend to spend wastefully when they don’t have to work for it?!?!? You mean giving ppl money actually don’t address their root causes for poverty in the first place? You mean .... unearned rewards, only create dependency and wasteful spending?!? No way .....
Were we supposed to save it?
It’s going to hit hard when the benefits stop
Wait you give money and they spend it what a crazy idea. Also know as a trickel up approch. You give the most money to those on the bottom as they will spend it on food clothes car house payments etc while rich ppl merely invest it and NEVER EVER EVER in hireing more workers.
US welfare claimants must queue instead of doing it online n get the money credited online When it comes to gov IT US is least efficient They spend more$ for NSI n FBI
lol no shit everything at the grocery store got more expensive
Well what do we think is going to happen when we give people $2,400 dollars extra per month out of thin air? They spend more than they would without it...
🤷♂️👍
study show:) no need ..when you have nothing to do and money for free you spend it. how much you paid for the study?
It’s that or go out what the f do they want
Was the whole point
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooNews - 🏆 380. / 59 Read more »
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: HuffPostParents - 🏆 414. / 53 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: POPSUGAR Fitness - 🏆 401. / 53 Read more »