The extra $600 a week that Congress gave to the millions of Americans who lost their jobs due to the coronavirus pandemic played a big role in keeping the US economy afloat during the steepest downturn on record
Economists differ somewhat in their estimates of the extent to which the generous federal supplement buoyed the country financially during the pandemic. But they agree that it helped keep companies in business, restaurants and retailers open and more Americans employed.That aid, however, runs out this week, and lawmakers are wrestling with how much to assist the unemployed in coming months.
Slicing the federal supplement to $300 would lead to a 1% contraction in the economy by the end of 2020 and cost 800,000 jobs, said Ernie Tedeschi, an economist at Evercore ISI."Emergency unemployment insurance is supporting the economy through this extraordinary pandemic and recession and putting a floor under what would otherwise have been an even worse situation," said Tedeschi, who also served as a senior adviser at the Treasury Department during the Obama administration.
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