The millions of Americans who have filed for unemployment since the pandemic walloped the economy in March face an unwelcome surprise next month.
“A lot of Americans don't have a strong safety net, and this is helping them make it through the pandemic,” said Ken Lin, CEO of Credit Karma. The end of the extra unemployment benefits may be “a bit of a rude awakening.”
Once the extra $600 in weekly benefits ends, she'll receive about $179 per week from unemployment, far less than what she earned while working."I can't live on $179 a week," she said. Two-thirds of out-of-work Americans are earning more with the extra pandemic benefits than they did working, according to a University of Chicago study published last month. That’s prompted some critics to argue that the newly generous benefits could provide a disincentive to return to work.
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