Here’s how much a reduction in extra unemployment benefits could slash consumer spending Such research may help inform the debate between Republican and Democratic lawmakers who continue to clash over federal unemployment benefits.
Until July 31, some 30 million jobless Americans received an extra $600 a week in unemployment benefits on top of what they would have received from their state as part of the $2 trillion CARES Act stimulus package that was passed in March.
Such research may be valuable to Republican and Democratic lawmakers who continue to clash over federal unemployment benefits, as well as an overarching stimulus package, said Julia Lane, a professor at the New York University Wagner Graduate School of Public Service, and an author of the study. Ultimately, Trump signed an executive order on Saturday that would, among other things, allocate an additional $300 in federal weekly unemployment benefits from a $44 billion fund set aside for disaster aid. But Republicans and Democrats have questioned the extent to which Trump can legally implement the executive order.
They then aggregated the weekly replacement rates at the county, industry and week level to estimate how changes of those rates will impact credit- and debit-card spending using data provided by several private companies and aggregated by Opportunity Insights, a nonpartisan research organization at Harvard University.
“But lots of people who are on furlough are not actively looking for work, because there aren’t any jobs,” Lane told MarketWatch. “What we’ve shown here is you could take the underlying weekly unemployment claims data and you can figure out the implications on spending.”
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