According to the Wall Street Journal, unemployment benefits for some workers are now paying more than their old jobs did - while for others, safety concerns or difficulty finding childcare amid mass school closures have kept them from returning to work.
That means reopening may not go as quickly or as smoothly as some elected officials and business owners had hoped.
Friday’s jobs report showed that U.S. employers cut 20.5 million jobs in April, or nearly all of the 22 million jobs added in the past decade.
The longer it takes to recover that lost employment, the more extended the economic downturn caused by the pandemic will be.
“That’s going to get in the way of any real recovery,” said Douglas Holtz-Eakin, president of American Action Forum and former director of the Congressional Budget Office. -Wall Street Journal
Thanks to the March CARES Act which boosted unemployment benefits by $600 per week, around half of all US workers stand to take in more money while laid off than they did before the pandemic - at least until that increase expires at the end of July.
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