Since the onset of the pandemic, every state has accepted federal unemployment aid that enabled them to distribute benefits to out-of-work people who normally would not qualify for them. States have also been handing out extra federal benefits — including an additional $600 a week at one point — to all unemployed workers on top of their state benefits.
Pulling the plug on federal unemployment benefit programs, which were originally enacted under the CARES Act in April 2020, when some 23 million Americans were out of work, will encourage more Americans to seek out employment opportunities, some economists and policymakers hold. — U.S. Census Bureau’s Household Pulse Survey President Joe Biden acknowledged that “some employers are having trouble filling jobs,” when he spoke about the jobs report last week.
After federal unemployment benefits were halved from $600 to $300, the total consumer spending levels across 15 counties in Illinois dropped by 5%, according to a paper titled “The Effect of Fiscal Stimulus: Evidence from COVID-19” that was circulated by the National Bureau of Economic Research in August.
If individual spending levels declined by 5% as a result of lowering the benefits to $300 a week, it would hardly be headline-worthy, said Julia Lane, a professor at NYU’s Wagner Graduate School of Public Service, and an author of the study.Consumer spending is the lifeblood of the economy, representing about 70% of all U.S. gross domestic product. If consumer spending dropped by 5% nationwide it would mean a “massive” downturn in GDP, Lane told MarketWatch.
But “in addition to losing the vital purchasing power workers have in their local and state economies, they are also being forced further into poverty by losing the ability to support their families, secure housing, food and more,” said Alexa Tapia, an expert in unemployment benefits at the National Employment Law Project, an advocacy organization focused on workers’ rights.
Without the extra $300 a week benefit, jobless Americans in Alabama, Arizona, Arkansas, Georgia, Mississippi, Missouri, South Carolina and Tennessee, where average state weekly benefits are below $300, will see their total benefits shrink by more than half.
If your business model requires that you pay your employees a less than living wage then your business model is immoral and you are a proliferator of poverty.
Keep going. I’m not getting off the couch for less than $50/hr.
Learn to trade the volatility from transparent traders here
Come on Texas do it
Thank God for Florida!
thank you very much for your work
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: MarketWatch - 🏆 3. / 97 Read more »
Source: ScaryMommy - 🏆 116. / 63 Read more »
Source: politico - 🏆 381. / 59 Read more »
Source: enews - 🏆 466. / 52 Read more »
Source: YahooNews - 🏆 380. / 59 Read more »