'A focus on the replacement rate — how much of workers' previous income is covered by their unemployment benefits — reinforces counterproductive, damaging ideas about how the economy and the labor market actually work,' writes Michael Linden | Perspectives
Michael Linden is the executive director of the Groundwork Collaborative and a fellow at the Roosevelt Institute. The opinions expressed in this commentary are his own.
.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Earlier this week, Senate Republicans unveiled their stimulus proposal to help Americans who continue to suffer from the economic effects of the coronavirus pandemic.
Conservatives in the Trump administration and in Congress say the current unemployment insurance benefit is too generous, and may even be discouraging people from going back to work. It is true that for many people who have lost their jobs, their unemployment benefits are, thanks to the $600 boost, greater than their wages were while they were employed, according to a working paper from the Becker Friedman Institute.
The results of these studies may seem counter-intuitive. After all, if the income that someone gets while unemployed really is higher than the wages that they would be making at their job, how could that not discourage people from working? Well, there are several reasons why this intuition is wrong.Read MoreIt's important to note that under many state unemployment insurance systems, a recipient could lose their benefits entirely if they"refuse an offer of suitable work.
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