While the labor picture in America has greatly improved since the American Rescue Plan was passed in March, over seven million people will lose unemployment benefits today after the expiration of federal programs meant to bolster the economy during the pandemic (and which disincentivized millions from seeking work while inflation seeped into just about every facet of life).
As we noted last week, when the ARP was passed, extending pandemic-related unemployment until today, nearly 14 million Americans depended on the programs, while job openings continued to soar.
According to the Century Foundation, 7.5 million workers receiving two federal unemployment assistance programs will be cut off from aid, Axios reports. Additionally, nearly 3 million people will lose a $300 weekly boost to their state unemployment benefits.
Overall, the US Department of Labor reported last week that 12.19 million Americans still received unemployment benefits in the week ended August 14. As we reported at the time, while the number of people receiving help through regular state programs has fallen to 2.8 million, from a peak of more than 22 million in May 2020, more than 9 million Americans still relied on aid provided through either of the two aforementioned programs, as many who lost their job during the first wave of the pandemic have exhausted their regular unemployment insurance benefits or never qualified in the first place.
If you think those fucking slackers from the story above are going back to work…..refer to the link above.
When congressional committees meet this week to begin formally drafting Democrats’ ambitious social policy plan, they will be undertaking the most significant expansion of the nation’s safety net since the war on poverty in the 1960s, devising legislation that would touch virtually every American’s life, from conception to aged infirmity.
Passage of the bill, which could spend as much as $3.5 trillion over the next decade, is anything but certain. President Biden, who has staked much of his domestic legacy on the measure’s enactment, will need the vote of every single Democrat in the Senate, and virtually every one in the House, to secure it. And with two Democratic senators, Joe Manchin III of West Virginia and Kyrsten Sinema of Arizona, saying they would not accept such a costly plan, it will challenge Democratic unity like nothing has since the Affordable Care Act.
That is largely because the proposed legislation would be so transformative — a cradle-to-grave reweaving of a social safety net frayed by decades of expanding income inequality, stagnating wealth and depleted governmental resources, capped by the worst public health crisis in a century.
The pandemic loosened the reins on federal spending, prompting members of both parties to support showering the economy with aid. It also uncorked decades-old policy desires — like expanding Medicare coverage or paid family and medical leave — that Democrats contend have proved to be necessities as the country has lived through the coronavirus crisis.
“Polls have shown for a very long time that these issues to support American families were important, and were popular, but all of a sudden they became not a ‘nice to have’ but a ‘must have,’” said Heather Boushey, a member of Mr. Biden’s Council of Economic Advisers who has been developing such policies for decades.