The weekly unemployment booster payments were meant to help displaced workers replace their income, but we now know that almost 70% of those who qualify make more by staying at home than going back to work.
That can’t be a good thing for businesses trying to get their workers back. The kicker payments are supposed to end on July 31, but many people want them extended at least into the fall, if not through the end of the year.
Now U.S. White House economic adviser Larry Kudlow dismissed the idea of extending unemployment benefits, even though he acknowledged the nation’s unemployment rate could still be in double digits when Americans vote in November.
It’s great to hear someone, anyone, in Washington call for slowing the gusher of money, but there are other choices. Instead of ending it suddenly, the government could taper the payments. They could even start the process before July 31.
It’s just an idea.