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🗞Article: https://www.nytimes.com/reuters/2020/...
Many Americans face a cash cliff this summer as the emergency benefits expire. This is a safety net for millions and it is expected to go away on the last week of July which is well before a sustained recovery is likely to take hold from the sudden and deep recession we are in. All of these emergency benefits lifted U.S. consumer incomes by a record 10.8% in April; however; since most people received their one time $1200 stimulus check before May, personal income dropped 4.2% in May, data Friday showed. Economists say that during high unemployment and a still-raging pandemic, the end of enhanced jobless benefits could drag on consumer spending, set off a wave of missed rent and mortgage payments and translate to a slower recovery (remember, right now the main goal of the White House and congress is to see a quick recovery, especially because it is election year). Overall they explain how benefits help to lift spending. In march, Households across the board slashed spending as coronavirus-related restriction, but after the government began issuing stimulus checks, research done by Harvard University showed that lower-income households resumed spending much faster than higher income households, with much of the cash going to basics like utilities and groceries
While it is true that about two-thirds people eligible for unemployment benefits can collect more in benefits than they earned while working, according to researchers from the University of Chicago, this additional income has been one of the main reasons we have seen growth in the stock market and in improvement in the economy for the may jobs report. When the extra benefits run out, jobless benefits will revert to their typical pre-pandemic levels, which is on average $387/ week in the US. This low by design to encourage people to look hard for work; however, the president of MacroPolicy Perspectives and a former Federal Reserve economist says “that this may pressure some people short on cash to risk their health to take a low-paying job at a restaurant or delivery company, which may expose them to the virus” which isn’t right. In addition to this, she said that “with unemployment expected to stay high and businesses in some sectors unable to open, many won't be able to find even those jobs” even if they do look. Ultimately Congress may consider at least a partial extension of the benefits, but the uncertainty is making some families cautious about their spending, said Mark Zandi, chief economist for Moody's Analytics. “The stimulus package has been a life saver," she said. And many people don’t have prospects to return to their jobs or a job for a while
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