Lapsing benefits will lead to “collapsing incomes” for tens of millions of U.S. families, according to Josh Bivens, director of research at the Economic Policy Institute, a left-leaning think tank.
Those who try to find a job may find it difficult in a labor market that remains “fundamentally damaged,” Bivens said.
Despite businesses adding about 7.5 million jobs in May and June, there are still 14 million more unemployed workers than there are job openings, according to the Economic Policy Institute.
CNBC
July 27, 2020
Republicans are proposing scaling back the $600 weekly federal boost to state unemployment benefits that Congress approved in March to an estimated $200 a week. But the move could shed 3.4 million jobs from the American economy, according to an estimate published Friday from the Economic Policy Institute, a left-leaning think-tank.
Business Insider
July 27, 2020
The left-leaning Economic Policy Institute, citing data from the Bureau of Economic Analysis, said in late June that the $600 federal benefit had boosted incomes by a total of $842 billion in May when expressed at an annualized rate. Additionally, the labor-funded think tank estimated that extending the $600 benefit through the middle of 2021 would lead to an average quarterly GDP boost of 3.7 percent.
Crain's Detroit Business
July 27, 2020
And in a third study, the Economic Policy Institute says that cutting off the $600 weekly payment would be devastating for families. The money accounted for 15% of total wages and salaries in May, compared to the previous high of 2.5% in 2010 during the Great Recession.
Ending the payments would also damage the broader economy because that cash is being spent and keeping other employees from being laid off, the report says. Extending the payments through mid-2021 would boost the GDP by 3.7% and support 5.1 million workers, according to the study.
In a new analysis, EPI says that reducing the extra benefit to $200, as Senate Republicans are proposing, would cost 3.4 million jobs over the next year, including 557,428 in California.
Sacramento News & Review
July 27, 2020
As the Economic Policy Institute’s Heidi Shierholz told my colleague Li Zhou, for now, “the jobs aren’t there,” so cutting off the UI lifeline would be counterproductive.
VOX
July 27, 2020
Some groups, like the liberal-leaning Economic Policy Institute and Policy Matters Ohio, have called on federal lawmakers to extend the enhanced jobless benefits.
EPI estimates that about 129,600 jobs in Ohio would be lost in the next year if the supplemental benefits are allowed to expire.
Dayton Daily News
July 27, 2020
Finally, the Economic Policy Institute estimates that the spending boost from recipients using the benefits would translate into 5.1 million jobs saved.
The News-Herald
July 27, 2020
The Economic Policy Institute calculates that ending the $600 a week benefit would reduce employment in Maine by more than 18,000 jobs. Extending the benefit for a year would increase Maine’s overall personal income by more than $3 billion, the institute calculated.
Bangor Daily News
July 27, 2020
Analysis from the Economic Policy Institute outlines the need to center Black women – who despite facing multiple layers of discrimination – are key to an equitable economic recovery for everyone. Yet, our risk frameworks don’t account for the realities that Black women (and similarly, Brown and Indigenous women) face when navigating the economy. Yet we expect them to get the same and often better results from investments that don’t take their needs into consideration.
Stanford Social Innovation Review
July 27, 2020
Heidi Shierholz, director of policy at the Economic Policy Institute and former chief economist of the Department of Labor, tweeted that as the coronavirus crisis drags on, more than 17 million people are expected to switch to PEUC.
The Penny Hoarder
July 27, 2020