Title: $600 Unemployment Checks — Congress Has No Choice But To Extend Benefits
Headings: $600 Unemployment Checks — Congress Has No Choice But To Extend Benefits
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Final Thoughts

Content: This raises a critical question of whether there are enough jobs and whether it is safe for workers to return to work.” The Ripple Effect of the Unemployment Benefit Expiration
Apart from the direct impact of the expiration of federal unemployment benefits on individual households, there’s a powerful macroeconomic component as well. Consumer spending accounts for approximately 68% of the total US economy. The sudden absence of those benefits will almost certainly cause consumer spending to contract. That will make an already bad employment situation worse. A research paper conducted by J.P. Morgan Chase & Company earlier this month noted that households that receive unemployment benefits are spending 29% more during the pandemic than they would in ordinary times. A reversal of that trend could have swift and devastating consequences for the economy. The fallout won’t be limited to consumer spending
According to a survey commissioned by LendingTree earlier this week, 53% of mortgage borrowers have experienced income loss due to the coronavirus pandemic. That includes 61% of Millennials, 57% of Generation X and even 37% of Baby Boomers. Meanwhile, nearly one in five mortgage borrowers have missed a mortgage payment since March.