According to "anonymized bank data" the recent $600 weekly unemployment benefit the government handed out was very beneficial to American saving. Moreover, it helped pay workers more than enough to make up for lost wages and enabled spending during unusual times. Not only that, but workers were starting to save more as well. However, when the weekly money stopped the same workers had to blow through the savings in just under four months. The reasoning is that households have to make a choice between stopping everyday purchases or stop paying mortgages and student loans. This is causing a dilemma and a terrible choice for "the macro economy. My question would be do you think that the governments unusual generosity should have been enough or do you believe that the government needs to lend out more money? Furthermore, should the lent money be equal across all jobs or should your usual wage depict the amount of money you should receive?
https://www.nytimes.com/2020/10/16/upshot/stimulus-checks-unemployment.html
1 comment:
I think that the government needs to put in one last effort to aid those in need because the current situation is bad. The new stimulus results show that people benefitted and spent wisely while not blowing up their savings. With a rise in women unemployment households now more than ever need further aid so people would be lent different amounts based on their wages as that should depict the amount they get. There should be a standard amount being given and on top of it a bonus which is purely based on your type of income levels/ job. Overall, a very interesting read!
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