Conservatives steadfast against unemployment benefit boost
by Nihal Krishan, Economic Policy Reporter |
| November 17, 2020 06:22 AM
Conservative economists are taking a firm stand against the renewal of additional federal jobless aid, even as millions approach the loss of benefits and the economy faces the risk of a new COVID-19 surge.
Instead, they say, jobs are rapidly returning and state benefits will still provide a safety net.
Almost 14 million people will lose their federal unemployment benefits at the end of the year after two key jobless programs from the $1.7 trillion CARES Act expire on Dec. 31, according to the latest Labor Department data. Democrats and Republicans are still far apart on another coronavirus stimulus package, which could renew the jobless aid programs. Including state unemployment aid, over 21 million people are currently receiving jobless benefits.
Tens of millions are struggling to pay bills, and half of all adults who say they were laid off because of the coronavirus pandemic were unemployed as of September. Furthermore, without additional unemployment relief from the federal government, most unemployed workers are drawing down their savings, which are likely to be exhausted in the coming weeks.
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