Millions of Americans will fall off an 'income cliff' when the extra $600 in unemployment benefits ends next month. (via CNBCMakeIt)
that concluded "the extension of the additional $600 per week would probably reduce employment in the second half of 2020, and it would reduce employment in calendar year 2021."
The $600 per week was added to unemployment as an incentive to get people to stay home during an unprecedented, "once-in-a-lifetime" health crisis, Matt Weidinger, a Rowe Fellow in Poverty Studies at the right-leaning American Enterprise Institute who studies unemployment insurance, tells. Now that most states have reopened, the enhanced benefit "should expire as scheduled at the end of July," or policymakers need to provide another reason for it to be extended, he says.
"You want to help people, but you also want the economy to recover," says Weidinger. "The recovery will be slower and people will be less likely to recover if the bonuses continue." Plus, other policies are still in place to help the record number of people collecting unemployment benefits, like a provision in the CARES Act that allows people to
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