Business Experts Say Prematurely Ending Federal UI Could Harm Economy

Experts Say Prematurely Ending Federal UI Could Harm Economy

-

- Advertisment -sslate

More than twenty states are voluntarily ending their participation in a federal unemployment program, but Gov. Andy Beshear says he’s not ready to do that yet.

Experts say prematurely ending the extra $300 a week authorized by the American Rescue Plan could harm Kentucky families and the economy. The extra pay is slated to expire on September 6.

Dustin Pugel, senior policy analyst with the Kentucky Center for Economic Policy pointed out the money has helped gig workers, independent contractors, and other workers left out of the system.

unemployment

“Unemployment insurance hasn’t been meaningfully changed since it was created 80 years ago,” said Pugel, “in terms of its function and who it serves.”

Beshear has he said would consider ending the extra benefits before the fall.

U.S. Senate Minority Leader Mitch McConnell – R-Louisville – and others have called for immediately ending participation the program, arguing the extra money is preventing people from seeking employment and harming businesses who need workers.

Pugel added the benefit has brought almost $4 billion into Kentucky since the start of the pandemic.

“And since the $300 benefit was reinstated it’s brought in $360 million,” said Pugel. “And I credit this benefit in large part to ensuring that we didn’t have an even worse employment situation.”

And while critics say the program disincentivizes people from seeking work, Pugel says the data indicates otherwise.

“But we’re seeking the exact opposite,” said Pugel,. “Leisure and hospitality accommodation and food services, they really rebounded incredibly compared to how many jobs they lost.”

He says that if Kentucky were to get rid of the $300 a week in benefits it would cost the state an estimated $229 million.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Your Future is Now: an immersive Party to Live your Dreams

Join TaDā Wellness in living out your dreams by actualizing your 5 year goals

Two Women From Different Countries Create a Skincare Brand That Illuminates Melanin Skin

Despite the thousands of skincare products on the market, representation and advocacy for Women of Color are still limited.

3 Indulgent Ways To Kick Back and Relax With Your Family

Take a look at these three indulgent ideas that could allow your family to enjoy a fun time together.

Albin Hagstrom & Son Officially Begins Christmas Wreath, Garland and Decor Production for 2021 Holiday Season

Offered by one of the nation’s top growers and shippers of cut floral greens, Christmas products made from American grown greenery from Florida, are now available for ordering online and at wholesale through Christmas week.
- Advertisement -

With The Holidays Near And Retail Crime Up, Stores Begin Adding Security Guards

With an increase in retail crime and the holiday shopping season approaching, more retail stores are hiring security guards

Dance & Dystopia: Freaks With Lines Present…Nilus Cogus

Freaks With Lines, a Los Angeles-based Dance Company dedicated to nurturing classical ballet, has produced an entirely original contemporary...
edealo.com
- Advertisement - sslate
transformerscon

Must read

Your Future is Now: an immersive Party to Live your Dreams

Join TaDā Wellness in living out your dreams by actualizing your 5 year goals

Two Women From Different Countries Create a Skincare Brand That Illuminates Melanin Skin

Despite the thousands of skincare products on the market, representation and advocacy for Women of Color are still limited.
- Advertisement -sslate

You might also likeRELATED
Recommended to you