So they are trying to implement more enhanced unemployment benefits as last week was the "last week", we all know its not. , its starting to cause some problems, they say trying to implement a sliding scale would hold up the process from 8 to 20 weeks....i think this is a ploy to keep the $600 benefits in place where literally 2/3 of unemployed were making more than regular pay. The White House wants to end the $600 weekly unemployment checks Americans' have received during the pandemic and replace them with payments of up to 70% of a worker's previous wages. But the National Association of State Workforce Agencies warned Congress it would take between 8 and 20 weeks to transition to this more complex system, https://www.yahoo.com/news/state-officials-warn-8-20-155056605.html
Whenever the gov distorts the market and pays people more than market price it’s bad in the long run...except when it’s the Fed and they distort market prices and help my 401k, then I’m down!
Well just to be clear the government paying people more than market price will indefinitely raise your retirement account. Free money to unemployed is free money to economy is free money to equities is free money for retirement accounts. Its like one big donut of a circle. And trust me they are going to handout more enhanced unemployment straight into 2021!!!!
News should come this week and most likely more stimulus to unemployed will be coming as a week missed is a week too much. If anything they may even give them retro active pay if they can't come up with a definite solution to the enhanced unemployment by the end of the week.
All of this followed by Munichin's , Secretary of the Treasury's babble we want to have a stable $US.
It's not a bad thing. It exposes the market for what it is-- exploitative. How is it that welfare pays more than some 9-to-5? It is so, because wages are suppressed. That's why. How does Uber CEO live in a 70 million dollar mansion, while many Uber drivers earn less than minimum wage after taxes and fuel costs? The market is never right, in my opinion.