Title: How The $600 Pandemic Unemployment Payment Upended Household Economics : NPR
Headings: $600 A Week: Poverty Remedy Or Job Slayer?
Analysis
$600 A Week: Poverty Remedy Or Job Slayer?
The Coronavirus Crisis
'Tsunami' Of Evictions Feared As Extra $600 Unemployment Payments End
'I make less money' working than those who lost their jobs
The Coronavirus Crisis
As 'Hero' Pay Ends, Essential Workers Wonder What They Are Worth
When the unemployment office is competition for business owners
Universal basic income is here. Should it stay?
Coronavirus Live Updates
The End Of $600 Unemployment Benefits Will Hit Millions Of Households And The Economy
So who's getting the $600?
The economy now relies on it
Corrections July 28, 2020
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Content: So even if the government paid money for people to go back to work — as proposed by some — there won't be jobs to return to. The economy now relies on it
What's clear is that low-income households and the economy are now hooked on it for survival. The extra pandemic payment achieved a basic goal at the heart of it, which was that it has helped boost pockets of the economy. People who got the extra money did spend more than those with jobs. JPMorgan Chase Institute, a think tank associated with the bank, found that households receiving benefits spent 10% above pre-pandemic levels, compared to a spending drop of 10% for employed households. " Now more than ever, unemployment insurance benefits play an outsize role in the U.S. economy," said Diana Farrell, CEO of the institute. And while it is not a magic bullet, until the economy stabilizes and more jobs come back, it is clear that taking away the extra boost will be devastating for both households and the economy. Pallavi Gogoi is NPR's chief business editor. NPR's Alina Selyukh and Scott Horsley contributed reporting for this piece. Corrections July 28, 2020
An earlier version of this story incorrectly said the average take-home pay would be $940.