The $600 weekly unemployment benefit likely ends next week—here's how some are bracing for the drop in aid. (via CNBCMakeIt)
for Americans and the U.S. economy. Low-income Americans are more likely to use their federal stimulus dollars for basic goods, while high-income households are more likely to save the money rather than funnel it back into the economy.
Furthermore, "it's not that lots of folks who have jobs to go back to are choosing not to go, but there's no work to do," Chetty says. "We should be focusing on unemployment insurance and expanding safety net programs like SNAP fundamentally because those programs provide social insurance — they mitigate economic hardship in a time of crisis.
Tanjila was temporarily laid off from her job when the pandemic shut down the city and received $182 per week from New York State. Now, though many of her colleagues remain out of work, she's back to working 10 hours over two days per week, and she continues to collect a partial unemployment benefit of $130 per week.
"With my hours being cut so much, even with the unemployment, combined I am making far less then I did when I was working full-time," she says. "Without the $600, I really don't know what I will do. I've tried looking for other jobs, but pretty much every business out there is struggling the same and not really hiring."
Tanjila's reduced income has required her to cut down her spending, including on housing. She made her last rent payment in April for her share of a $3,200 four-bedroom apartment, and she's worried what will happen once moratoriums on evictions"Our building went on strike in hopes that evictions would be taken more seriously," she says.
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