Staggering numbers of laid-off Americans are making more money from unemployment
As federal lawmakers debate another relief package for the coronavirus pandemic that’s put approximately 35 million out of work, a new study shows how generous the added unemployment benefits were in the initial stimulus bill addressing the crisis.
The median earnings replacement rate was 134% of lost wages, they estimated. In every state, the median earnings replacement rate exceeded lost wages, ranging from 129% in Maryland to 177% in New Mexico. Approximately 40% of all jobs making less than $40,000 per year in February were gone in March, according to Federal Reserve Chairman Jerome Powell. The country’s unemployment rate hit 14.7% in April and 20.5 million jobs vanished in that month alone, according to the Bureau of Labor Statistics.
The researchers emphasized they weren’t taking a position on how much the added unemployment benefits should offer. There are arguments for both sides, they said. On the one hand, the money provides much needed liquidity but, on the other hand, high payout rates could discourage people from getting back in the workforce.Several Republicans pointed out many workers could make more money through unemployment during the Senate debate on the CARES Act.
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