We’re All in Big Trouble Without Renewed Jobless Benefits
Unemployed workers will suffer and a wounded economy will endure yet more damage.
Can he get it done?
Photographer: Al Drago/BloombergThe U.S. has made many big mistakes in handling the coronavirus pandemic. But it got one big thing right. When the economy was collapsing amid fear of the virus, the federal government passed an unprecedented relief package. The centerpiece was what has come to be called pandemic unemployment insurance -- a $600 weekly payment to anyone who was out of work because of the coronavirus, on top of normal unemployment benefits. This became a lifeline for millions of Americans.
Pandemic UI was so generous that poverty in the U.S. has actually gone down during the outbreak, despite a stunning spike in unemployment. This represents a monumental accomplishment, and it shows that a government renowned for partisan gridlock and dysfunction is still capable of flashes of effectiveness.
