Here's why Trump's unemployment check plan might never work:
That means that for Americans earning more than $100 per week from their respective state, the $400 benefit Trump says his executive order provides could actually be $300. For those who earn under $100 per week in state unemployment, their state is expected to foot the bill to fulfill Trump’s order.
The federal benefit will come from the Federal Emergency Management Agency disaster-relief funds, while the state funding will either come from states’ unused coronavirus relief funds from theor the state’s general fund. The CARES Act included a $150 billion Coronavirus Relief Fund to help states cover costs incurred from the pandemic. It is unclear how much of the Coronavirus Relief Fund is left, or has been obligated to other areas of need.
According to the executive order, the extra federal benefits would be retroactive to the week that ended Aug. 1. The weekly increase would remain in place until Dec. 6 or until the funding runs out, whichever occurs first. The Committee for a Responsible Federal Budget estimates that the funding, amounting to $44 billion, would last five weeks.
States are pushing back against the executive order as they have lost significant amounts of tax revenue since the beginning of the pandemic. The Center on Budget and Policy Priorities estimates that state budget shortfalls will ultimately reach almost 10% in the 2020 fiscal year and over 20% in the current fiscal year based on recent economic projections.
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