When it comes to free money, Americans may be getting too much of a good thing.
Under President Biden’s recently enacted $1.9 trillion American Rescue Plan, workers who lost their jobs to the pandemic shutdowns and scale-backs are now earning more in unemployment benefits than they did in wages. And that is stopping people from returning to work — just when employers are trying to reopen across the nation.
The unemployed are getting an extra $300 a week in federal benefits through Labor Day. That’s on top of state unemployment benefits averaging about $320 per week.
It all adds up to an average of $638 per week in combined federal and state unemployment payments. In 2019, that combined amount averaged out to $348 per week.
The payout had been $938 in April 2020, when Trump passed a temporary plan during the height of the pandemic that boosted weekly unemployment payments by $600 and also gave employed people one-shot stimulus checks.
Read more at NY Post.