The chart above only covers continuing claims through June 20, but we can combine the most recent data on both continuing claims and initial claims to get a measure of the total number of people “on” unemployment benefits as of July 4th. See next tweet… 10/
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DOL numbers indicate that right now, 35.8 million workers are either on unemployment benefits, have been approved and are waiting for benefits, or have applied recently and are waiting to get approved. That is more than one in five workers. 11/pic.twitter.com/kL5xfGJvyU
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One note about UI and PUA claims: they *should* be completely non-overlapping—that is how DOL has directed state agencies to report them—but some states may be misreporting claims, so there may be some double counting. 12/
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Further, some states may be including some back weeks in their continuing claims. 13/https://www.bloomberg.com/news/articles/2020-06-29/u-s-jobless-claims-figures-inflated-by-states-backlog-clearing …
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Note that of the 35.8 million workers DOL’s numbers indicate are “on” unemployment benefits, close to half (45.8%) are on PUA. This is a stark reminder of the huge gaps are in our regular state UI programs and how important it is that Congress established PUA. 14/
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Today’s data highlight the deep hole the labor market is in. It’s important to remember that this recession is exacerbating existing racial inequalities by causing greater job loss in black households than white households. 15/
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Policymakers must do much more. For starters, they need to extend the across-the-board $600 increase in weekly unemployment benefits, which was probably the most effective part of the CARES Act. 16/
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The extra $600 expires in a little more than TWO WEEKS. (CARES says the $600 applies to weeks “ending on or before July 31,” which is a Friday. Since, in the UI world, weeks typically end on Saturday, the last payment will be for the week ending July 25.) 17/
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Letting the extra $600 expire would be a disaster for UI recipients, who would have to drastically cut their spending, and for the economy, which is being held afloat by this spending. It would cost more than 5 million jobs over the next year. 18/https://www.epi.org/blog/cutting-off-the-600-boost-to-unemployment-benefits-would-be-both-cruel-and-bad-economics-new-personal-income-data-show-just-how-steep-the-coming-fiscal-cliff-will-be/ …
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Replying to @hshierholz @DanielleFong
Unfortunately you can't just print your way to prosperity. It has been tried many times over human history.
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their plan is to delay it
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