Another $1,200 stimulus check won't make up for loss of the $600 enhanced unemployment insurance. (via CNBCMakeIt)
, highlighting the need for ongoing aid.
Enhanced unemployment insurance has kept consumer spending flowing as the U.S. economy tries to recover from the past few months of coronavirus-induced free fall, according to an— especially for those who lost their jobs and need money the most. The report found that $440 of the extra $600 is spent within the first week of receiving it.
"This is spending that is helping unemployed survive the pandemic, and these [money] then flow to businesses and help the overall economy," Joe Vavra, an economist at the University of Chicago Booth School of Business and one of the authors of the report, tweeted. He estimates that cutting the benefit would mean a decrease in consumer spending of $13 billion per week.
to the U.S. economy over the next year, according to Moody's Analytics chief economist Mark Zandi and Harvard economics professor Raj Chetty.
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