This week's US Economic Experts Panel statements:
A) The $300 supplement to weekly unemployment benefits available from now through September 6 constitutes a major disincentive to work for lower-wage workers.
B) The $300 supplement to weekly unemployment benefits available from now through September 6 is likely to lead to re-employment wages for currently unemployed workers that are higher by an economically meaningful amount.
Keyword: income support
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Despite the latest GDP figures showing that the US economy had contracted nearly 10% in the second quarter and with unemployment insurance claim numbers continuing to rise, there is still no resolution in Washington on whether the enhanced federal benefits for the jobless set to expire today (31 July) will be extended in some form.
This week’s IGM Economic Experts Panel statements:
The balance of federal and local government support to address the economic impact of the crisis has thus far been tilted too much towards supporting firms rather than individuals.
Government provision of financial support to firms to keep workers on payroll for the duration of the lockdown will make the recovery faster than if the only recourse for workers to replace income were unemployment insurance.
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