Without minimizing the scale of the economic plunge, it's proper to place comparisons between today's figures and economic situation and those of the Depression in perspective. In short: The differences are greater than the similarities.
The unemployment insurance provisions in the Social Security Act arose from programs already launched in Wisconsin and Ohio, which levied assessments on workers and employers. The act ultimately created a hybrid state-federal system with an annual federal appropriation of $49 million. That’s the structure that exists today, which is what gives Congress the ability to increase unemployment benefits when economic conditions warrant.
That’s enough to provide some workers with more than they were earning on the job. But the increase is aimed at encouraging workers who have a choice to stay home to reduce the spread of the virus, as well as to ensure that they can feed their families and pay rent while their employers are shut down.
The Great Society programs Medicare and Medicaid, which provide coverage for seniors and low-income families, have patched some of these holes, and the Affordable Care Act, enacted in 2010, has improved access to coverage for more low-income households and others without access to employer-sponsored or public coverage. But the crisis shows the urgency of moving toward universal healthcare.
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