22.8 C
New York
Monday, September 27, 2021
spot_img

America and Americans Must Get Up & Running

#NFP #jobs

The emergency Unemployment Insurance program is now penalizing people for going back to work”— Paul Ebeling

Now, as millions of Americans are being vaccinated each day, the US has got crummy job numbers Friday.

Republicans have always hammered the COVID-19 stimulus that incentivizes Americans to not work by paying them more to remain unemployed than they would get working.

The GOP answer is to get people to go back to work sooner than later.

Now there is a $300/wk federal unemployment benefit that runs through Labor Day, passed in Mr. Biden’s $1.9-T American Rescue Plan. GOP Senators are proposing legislation that provides a 2-month signing bonus equal to 101% of their current unemployment payment.

We should be clear about the policy failure at work here: There are 7,400,000 jobs open in the US – but fewer than 300,000 people found new work last month,” Senator Ben Sasse (R-NB) wrote in a Friday statement, lamenting Friday’s NFPs report. “Why? This tragedy is what happens when Washington know-it-alls decide to pretend they’re generous by paying more for unemployment than for work.

GOP governors in Montana (Gov. Greg Gianforte) and South Carolina (Gov. Henry McMaster) announced that their states will opt out of the federal $300 wkly bonus at the end of June.

“I hear from too many employers throughout our state who can’t find workers,” Governor Gianforte said last wk. “Nearly every sector in our economy faces a labor shortage.

“We need to incentivize Montanans to re-enter the workforce,” he added.

Governor McMaster echoed that saying, “What was intended to be a short-term financial assistance for the vulnerable and displaced during the height of the pandemic has turned into a dangerous federal entitlement, incentivizing and paying workers to stay at home rather than encouraging them to return to the workplace

“Why should I return to work for more than half the States have unemployment benefits in excess of $11 per hour or $450 per week. Some like Utah at $15 per hour or $580 per week, Oregon at $17 per hour or $673 per week are even higher. But the kings of the giveaways are: New Jersey at $18 per hour or $713 per week, Minnesota at $19 per hour or $740 per week and Washington, the highest,  at $20 per hour or $844 per week who prior to March 14, 2021 was at $1,144 a week, or about $28 per hour. 

The above benefits are in effect through September 6, 2021. 

Note that New Jersey, Minnesota and Washington are state governments under Democratic control – each having a Democratic Governor and House.

Interesting, when comparing a single worker’s unemployment benefits of $41,600 in the State of Washington ($20 per hour x 40 hours per week x 52 weeks) to that of the average family income in 2020 for 2 people (husband and wife) as defined by the US Census Bureau.

Here, they purposely have omitted the wealthy and the poverty income levels: For example; in Arkansas, the average family income was: $47,597, West Virginia –  $46,711 and in Mississippi – $45,081. Why work? Move to the State of Washington!

In case, you are unaware, below are the spotlight changes to Unemployment Benefits Under the Consolidated Appropriations Act:

  • An additional $300 per week in Federal Pandemic Unemployment Compensation payments will be added to all unemployment benefits through September 6, 2021 (FPUC)
  • Regular state unemployment benefits will be extended for up to an additional 29 weeks through September 6, 2021, beyond the 50 weeks of benefits provided for by previous laws, through Pandemic Emergency Unemployment compensation (PEUC)
  • Pandemic Unemployment Assistance for categories of workers excluded from regular benefits (such as the self-employed and gig workers, will be extended for up to an additional 29 weeks beyond the 24 weeks of benefits provided for by previous laws (PUA)
  • Six months of free COBRA (Consolidated Omnibus Budget Reconciliation Act) health insurance will be available to the unemployed (a benefit estimated to have a monetary value of about $100 per month) (COBRA Subsidy)
  • Workers who have at least $5,000 in annual self-employment income but were previously ineligible for regular state unemployment benefits will continue to receive up to $100 per week (Mixed Earners Unemployment Compensation – MEUC).

So why work, just stay home! This is why America is in trouble in accelerating its recovery program with thousands of unfilled jobs today and more likely tomorrow if such practice continues after their current expiration dates.” says LTN’s economist Bruce WD Barren.

Working to make and an keep America great again!

Have a healthy week, Keep the Faith!


Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

Related Articles

Stay Connected

15,334FansLike
43,300FollowersFollow
2,855SubscribersSubscribe
- Advertisement -spot_img

Latest Articles