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Since most states unemployment insurance (UI) only pays a percent of full regular wages, it should have been "up to an additional $600 / week up to 100% (includ
by jrs235 6y ago
Since most states unemployment insurance (UI) only pays a percent of full regular wages, it should have been "up to an additional $600 / week up to 100% (including state UI) of previous average weekly reported wages."
So, if Bob made on average $800 per week, and his state pays UI at 60%, his state UI would be $480 / week leaving him $320 short per week. The additional federal money should have paid $320 / week to get him back to 100% of his $800 / week average.
- xxpor 6y agoNo, I disagree. The fact that people are getting more in UI than they made at their job is a feature, not a bug. First, we don't want people working in close quarters if they don't have to be. Second, It's almost a backdoor minimum wage increase, helping the neediest, who also happen to have the highest marginal propensity to consume. This has kept the economy actually relatively propped up. It's basically what people in 2008-2012 were screaming for, but never happened and it caused a dragged out recovery. Want to recover an economy? Literally just give people who don't have any money some money. It's that simple. And in a few years when everything settles down and there's been formal studies, I think expanded UI will prove it.
- jrs235 6y agoHmmmm... while it may be beneficial, I have serious difficulty believing that Congress really put that much thought into it. I'm more inclined to think it's a beneficial bug.