Jobless benefits to increase as another payment of $300 starts next week
The economy of the US has been battered with the COVID-19 pandemic. Many people now survive on the benefits handed over to them by the government. Another payment of $300 will begin to cushion the effects of this pandemic on citizens.
As joblessness soars, the US government begins a $300 handout
The number of unemployment benefits is expected to soar as another $300 will be paid to individuals every week. The coronavirus pandemic has affected lots of US citizens with many losing their jobs and businesses.
Now huge members of the population depend on handouts from the government. These unemployment benefits have a crucial impact on the economy, however, after President Biden’s inauguration, it is expected that economic policies will fare better.
The recent increase in the COVID-19 virus has harmed the economy leaving many jobless. In December, lawmakers spent a lot of time debating stimulus to be shared with citizens. Although President Trump has pushed for more economic benefits of up to $500 for unemployed US residents, it wasn’t economically viable for now. Lawmakers and the executive has been able to agree on a $300 dole out.
Unemployment claims to increase as pandemic continues
The new numbers of claims from jobless citizens have increased immensely, in what is the highest since September. About 700,000 claims were made in December, but it looks like we will see an increase in early January. The pandemic employment commission has said that there is an increase in claims made in recent times.
With the increase in COVID-19 cases and fatality rates, there is very little chance that the economy will witness positive growth till the first quarter of the year. According to recent statistics, growths in October to December are in the negative, a trend that will continue, according to Robert Frick, an astute economist.
Financial experts have continued to tell the government to help citizens with better economic packages if they don’t want the economy to crash. These packages could be for private individuals or small and medium businesses to survive.