Wa Exam: The $600-a-week boost in unemployment benefits currently provided by the federal government is not disincentivizing people from returning to their jobs but instead has been helpful to the jobless and for the economy, according to two new studies.
Evercore ISI, a macroeconomic advisory firm, and Goldman Sachs, the investment bank, each put out new analyses this week based on unemployment insurance benefits data from the past few months and found the increased benefits don’t appear to be a drag on job-finding for the time being.
Ernie Tedeschi, an economist with Evercore ISI, said that the country needs to shift from the “economic bedtime story” that unemployed individuals are not going back to work because they’re getting paid more through the jobless benefits. Instead, he said, the focus should be on “another bedtime story” based on new evidence that shows there aren’t enough jobs for most workers at the moment and that most workers are farsighted enough not to turn down a full-time job in favor of a few more weeks of unemployment benefits.
“Overall, emergency unemployment benefits don’t appear to be a drag on job-finding right now. Its positives are far outweighing its theoretical negatives, and that’s likely to continue in the near-term,” said Tedeschi, who served as a senior economist at the Treasury Department during the Obama administration. more here
Right, and I have a bridge I would be willing to sell you.
Actually, they are partially right. When the extra money stops in a week, they will be incentivized (I hate making nouns into verbs) to go find a job.
Higher benefits = more government control over the individual.
It’s ALWAYS about their control over the populace. remember that.
If I reject the fact that I’m old will I be 25 again?
How do the assholes who supposedly run these corporations make a dime? What idiot stockholders vote to hire them?
My brother who has asthma ask his doctor about COVID. His doctor told him that if he gets it this summer that most likely it will be like bronchitis or a bad cold. If he were to get it in the late fall or winter it would be bad news. That in his opinion that it would be best if he caught it during the summer and had the antibodies to fight getting it in the winter.
The graphic used is hilarious, I can’t tell you how many times I’ve seen Caltrans workers on a job, one guy with a shovel and 4 guys standing around supervising.
There is some truth to the study in that the truly conscientious or motivated realizes that unemployment benefits are temporary and in no way advances his career, better to work and grow in your chosen field.
But all things being equal, of course anyone would prefer something for nothing. I retired at a very early age because I was given the choice of working for 100% of my salary or retiring early and getting 94% for life, pretty easy choice to make.
Years ago a study was conducted which found that when more money was made available to welfare and relief programs, more people signed up to collect it. Nothing has changed.
So we totally ignore the fundamental fact that people act in their own self interest and no one in their right mind would take a job that pays less than unemployment. And we now are finding evidence that ActBlue Texas has been paying people hundreds of dollars probably to be rioting/protesting night after night. So you get your unemployment bonus AND you can even make more money ‘protesting’. There was a help wanted sign in at least 25% of businesses I passed yesterday that have been up and growing for months.
I’ve been trying to hire someone since 5/1. No luck. Instead, I closed my business one more day a week. I’ll try again in 2 weeks. Unfortunately, this means the lazy idiots who would rather not work are going to flood the market and all I’m going to get to choose from is crap.