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In March 2020, in response to the COVID-19 pandemic, Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Included in this relief package was a program that expanded unemployment benefits, known as the Federal Pandemic Unemployment Compensation Program (FPUCP). FPUCP automatically provided $300 per week in unemployment for qualifying Americans, in addition to existing state-based unemployment benefits.
Unfortunately, this misguided program has allowed millions of Americans to make more money while unemployed than they were while employed before the onset of the pandemic, disincentivizing people from re-entering the workforce.
Thanks in large part to the FPUCP, countless business owners are now desperate for workers. Many have raised wages in an attempt to get more job applicants, raising costs for consumers and making it more difficult for business owners to invest in their companies.
In many parts of the country, however, even higher wages are failing to incentivize people to seek employment. An analysis by economists at the University of Chicago estimates 68 percent of unemployed workers who are eligible for the federal bonus unemployment benefits are receiving payments greater than their pre-pandemic wages.
It shouldn’t come as a surprise then that so many people are refusing to find a job. If one is earning more while unemployed than he or she normally would on the clock, why would one want to gain employment?
Making matter worse, this disincentive could not come at a more inopportune time. COVID-19 cases are waning and restrictions are being lifted. Businesses are reopening throughout America, albeit with skeleton staffs. At this point, we should be in the midst of a hiring frenzy, but such is not the case.
In maintaining high unemployment bonuses, America’s overzealous federal government has created a choking hazard in the labor market that could end up asphyxiating the entire U.S. economy—or, at the very least, substantially slow the United States’ economic recovery. What’s more, the torrent of COVID-19 “relief spending” (all $6 trillion and counting) has led to inflation unseen since the Carter administration.
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Thankfully, many governors and state lawmakers have recognized the harmful nature of this program. Several states have announced […]
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