Title: Over 25 million people will lose the $600 unemployment boost next week
Headings: More than 25 million Americans are set to lose the $600 unemployment boost next week
More than 25 million Americans are set to lose the $600 unemployment boost next week
What happens once the $600 boost ends
Possible we need to do more, Congress needs to do more: Fed’s Powell

Content: In June, the Congressional Budget Office estimated that up to 42% of those receiving unemployment benefits were non-white. And in most states, the majority of unemployment benefit recipients are women, according to the Century Foundation’s research. While Democrats have pushed for extending the benefits, some Republicans have questioned whether the $600 boost is deterring Americans from returning to work. Typically, unemployment benefits replace about 45% of a worker’s pay, but with the boost, some workers may earn more money while unemployed than by returning to their jobs. Some policymakers have introduced alternatives to extending the $600 benefit, including paying workers a “bonus” when they return to work. It’s not just those who are unemployed who will be affected when the $600 boost is cut off. “ I think most people think that when the $600 gets cut off that if they’re not unemployed, it’s not going to affect them. But when 30 million people are no longer getting $600 extra dollars, that’s going to have a multiplier effect on the whole economy,” Evermore says. In fact, in a recent Congressional testimony, economist Jason Furman estimated that the extra $600 unemployment benefit will boost GDP by 2.8% and support just under 3 million jobs. “Letting this extra $600 in unemployment insurance benefit expire at the end of July would by itself cause more job loss than was seen in either of the recessions of the early 1990s or early 2000s,” writes Josh Bivens, director of research for the Economic Policy Institute.