Helping Or Hurting The Economy?

NewsMax reported yesterday that according to Morning Consult’s latest poll, an estimated 1.84 million Americans turned down work to stay on the Biden administration’s jobless bonus payroll.

The article reports:

About one-third of unemployment benefit recipients have turned down job offers during the pandemic, including 45% of those who cited the unemployment benefits as a major factor in turning down the job and 13% who said unemployment benefits were the direct reason they turned down the job.

The article continues:

The national average of statewide unemployment payers was $387, so the average jobless American collecting the $300 bonus was netting $687 a week, which would equate to $17.17 hourly wage to remain out of work. That is more than double the current federal minimum wage and even higher than progressive Democrats’ plan to impose a $15 minimum wage nationwide.

The governors of 26 states nationwide have opted out of the Biden bonus early, shortening the duration from 12 weeks to five and excluding gig workers and independent contractors, according to Morning Consult.

The ending of the Biden bonus is a motivator for the unemployed to get back to work sooner, though, according to the poll.

Not only do 35% of all unemployment recipients feel a lot of pressure to find work, those who know their bonus is expiring soon are more likely to be feeling the pressure to find work. The difference is 20 percentage points as 45% whose benefits expired with a month feel pressure to find work, while just 25% over three months into the future said they feel pressure to get back to work, the poll found.

I don’t claim to be a rocket scientist, but it seems to me that if people can earn more by not working than by working, their choice is rather obvious. The extra unemployment benefits need to end quickly to get America back to work.