Post by Origanalist on May 16, 2020 18:28:54 GMT -8
Faring Well: Report Claims Two-Thirds of Americans Are Making More on Unemployment Than When They Were Working
(And now I'm competing against a bunch of laid off people willing to work for cheap to add to their unemployment checks)
A new report claims a majority of those laid off due to the coronavirus are making more via unemployment than they did when working.
At the University of Chicago, economists Joseph Vavra, Peter Ganong, and Pascal Noel believe most recent additions to America’s unemployment roll are raking in the dough compared to when they were having to get out of bed — roughly two-thirds, in fact.
A big reason: a substantial beef-up of unemployment insurance via the coronavirus economic stimulus.
As noted by The Daily Wire, the federal government’s $2 trillion CARES relief package greenlit an additional $600 per week in unemployment insurance for those sidelined by COVID-19-related closures.
The $600 figure was chosen because it would raise the average payment from last year — roughly $370 weekly — to the average lost 2020 salary (approximately $970).
However, the average from 2019 is far higher than the median for this year.
Some recipients will even get double their usual dough.
Courtesy of the report:
“We find that 68% of unemployed workers who are eligible for UI will receive benefits which exceed lost earnings. The median replacement rate is 134%, and one out of five eligible unemployed workers will receive benefits at least twice as large as their lost earnings.”
continued.. www.redstate.com/alexparker/2020/05/15/coronavirus-two-thirds-americans-making-more-unemployment-economic-stimulus-cares-act/
(And now I'm competing against a bunch of laid off people willing to work for cheap to add to their unemployment checks)
A new report claims a majority of those laid off due to the coronavirus are making more via unemployment than they did when working.
At the University of Chicago, economists Joseph Vavra, Peter Ganong, and Pascal Noel believe most recent additions to America’s unemployment roll are raking in the dough compared to when they were having to get out of bed — roughly two-thirds, in fact.
A big reason: a substantial beef-up of unemployment insurance via the coronavirus economic stimulus.
As noted by The Daily Wire, the federal government’s $2 trillion CARES relief package greenlit an additional $600 per week in unemployment insurance for those sidelined by COVID-19-related closures.
The $600 figure was chosen because it would raise the average payment from last year — roughly $370 weekly — to the average lost 2020 salary (approximately $970).
However, the average from 2019 is far higher than the median for this year.
Some recipients will even get double their usual dough.
Courtesy of the report:
“We find that 68% of unemployed workers who are eligible for UI will receive benefits which exceed lost earnings. The median replacement rate is 134%, and one out of five eligible unemployed workers will receive benefits at least twice as large as their lost earnings.”
continued.. www.redstate.com/alexparker/2020/05/15/coronavirus-two-thirds-americans-making-more-unemployment-economic-stimulus-cares-act/