The White House and some Congressional Republicans have proposed offering some form of “back-to-work” bonus.
“Policymakers have to navigate this difficult balancing act. There will be a point in time where it makes sense to push unemployed workers back into the labor force, but whether that's right now is an open question,” said Glassdoor senior economist Daniel Zhao.
Job openings are down by about 30 percent from pre-crisis levels. “This is still heavily depressed,” Zhao said. “Right now the ratio of unemployed workers to job openings is just totally out of whack.” Regular unemployment programs, which are administered by the states, often replace less than half of what workers earn. Lawmakers settled on the $600 figure because that amount came roughly closest to making workers whole.
While enhanced unemployment benefits have"shielded millions of people from the financial consequences of unemployment,” turning off the stimulus tap too quickly would"trigger a financial hard landing for everyone who has not been called back to work,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.that most out-of-work Americans spent their benefits on necessities, helping to stimulate demand and drive economic activity.
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