[BostonCard]

Now that weekly initial unemployment claims have dropped to merely 7x the pre-pandemic average, Secretary of Labor Eugene Scalia says the COVID-19 pandemic-related $600 weekly stipend for those who have gone on unemployment should end because those jobless benefits are no longer necessary.



https://www.pymnts.com/economy/2020/labo...er-needed/



The 31,491,627 unemployed currently drawing an unemployment check (increase of 916,722) as of June 13 will be relieved to hear that.  Presumably they will all be granted jobs.  Senate Republicans don't want to extend the stimulus, Democrats favor extending it through January.



https://www.dol.gov/ui/data.pdf



Seeya, Don.  Don't let the door hit you on the way out.

There are anecdotal reports that some people are preferring to stay on unemployment than to return to work, because the extra $2400/month makes it financially more lucrative to stay unemployed.  I think that's a dumb reason to pull the supplement from everyone.  If you are really worried, you can slowly transition the extra money down; say $400 until October, then $200 until January, then off.  Even better, trigger it based on the unemployment level, so that it goes down to $400 once the unemployment rate gets down to 10%, $200 when the unemployment gets down to 8.5%, and then off when the unemployment gets down to 6%.

I think they will come to some sort of compromise; as you point out, Trump's re-election chances would be further hurt by an abrupt discontinuation of the extra unemployment benefits.

BC

[BostonCard]

Now that weekly initial unemployment claims have dropped to merely 7x the pre-pandemic average, Secretary of Labor Eugene Scalia says the COVID-19 pandemic-related $600 weekly stipend for those who have gone on unemployment should end because those jobless benefits are no longer necessary.



https://www.pymnts.com/economy/2020/labo...er-needed/



The 31,491,627 unemployed currently drawing an unemployment check (increase of 916,722) as of June 13 will be relieved to hear that.  Presumably they will all be granted jobs.  Senate Republicans don't want to extend the stimulus, Democrats favor extending it through January.



https://www.dol.gov/ui/data.pdf



Seeya, Don.  Don't let the door hit you on the way out.

There are anecdotal reports that some people are preferring to stay on unemployment than to return to work, because the extra $2400/month makes it financially more lucrative to stay unemployed.  I think that's a dumb reason to pull the supplement from everyone.  If you are really worried, you can slowly transition the extra money down; say $400 until October, then $200 until January, then off.  Even better, trigger it based on the unemployment level, so that it goes down to $400 once the unemployment rate gets down to 10%, $200 when the unemployment gets down to 8.5%, and then off when the unemployment gets down to 6%.

I think they will come to some sort of compromise; as you point out, Trump's re-election chances would be further hurt by an abrupt discontinuation of the extra unemployment benefits.

BC