Almost half of Americans say they or somebody in their household lost income since March. New figures from the Census Bureau show that 119 million A
Almost half of Americans say they or somebody in their household lost income since March. New figures from the Census Bureau show that 119 million Americans reported a loss of income since March 13, the first day of the national coronavirus emergency. The loss disproportionately hits lower-income households. Over 50 percent of Americans living in households that make less than $100,000 a year reported such a loss, and 57 percent of Americans who earn less than $35,000 a year have lost income.
Good news? The Labor Secretary says unemployment could fall by year’s end. Labor Secretary Eugene Scalia told Fox Business “I think that we can get under 10 percent by the end of the year.” He also said the Administration may support a $450 per week bonus for people who return to work—a plan under consideration by GOP lawmakers. The payment would replace an expiring federal unemployment supplement.
But CBO thinks extending unemployment benefits would boost the economy—in the short run. The Congressional Budget Office projects that extending the $600-a-week benefit would boost economic output for the remainder of this year but lower it next year. Employment would be lower this year and in 2021. About 80 percent of workers would make more with the extra benefits that they’d make working. In a TPC interview yesterday, former Obama economic advisor Jason Furman backed extending…