Title: 12 million Americans to lose unemployment benefits December 26 | 10tv.com
Headings: 12 million Americans face losing unemployment benefits the day after Christmas
12 million Americans face losing unemployment benefits the day after Christmas
Two programs authorized and funded by the CARES Act are set to expire on Dec. 26, meaning about 12 million Americans will lose extra benefits, an analysis says.
Credit: AP

Content: The analysis claims that despite the slight recent economic recovery, "there are simply not enough jobs being created to support all of the workers running out of aid before the end of 2020." It pushed the need for extending unemployment benefits, especially as the coronavirus spikes across the United States before the holidays. Congress has so far failed to agree on any new stimulus package for jobless individuals and struggling businesses. The cutoff of aid will sharply reduce income for the unemployed, force a further reduction in their spending and perhaps weaken the economy. The expiration of benefits will make it harder for the unemployed to make rent payments, afford food or keep up with utility bills. Most economists agree that because unemployed people tend to quickly spend their benefits, such aid is effective in boosting the economy. RELATED: US jobless claims increase to 742,000 as pandemic worsens
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Cutting off benefits with so many people still receiving them would be unusually early compared with previous recessions. In the Great Recession of 2008-2009, the government extended unemployment benefits to 99 weeks, and the additional aid lasted through 2013.