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A new report by Andrew Stettner of Century Foundation finds that 7.5 million Ameicans are expected to lose all of their unemployment benefits by September.
Throughout the pandemic, jobless workers have been receiving benefits from two federal programs including Pandemic Unemployment Assistance (PUA) and Pandemic Extended Unemployment Compensation (PEUC).
The report anticipates that 4.2 million workers will be collecting PUA and 3.3 million will be collecting PEUC at the time of expiration. When these benefits are cut off, around 3 million workers will lose their weekly $300, which could amount to $3.5 billion less going into the economy.
Due to the rise of the Delta variant, the report claims that these benefits are being pulled too early and could leave workers struggling.
“We’ve been trying to undo the mistakes of the past by having a more aggressive program of assistance, but we’re still making that mistake of pulling back too soon from assistance and economic stimulus,” said Stettner.
Stettner argues that this is more than just taking benefits from the unemployed — it also can impact the amount of money people inject into the economy. He added that it would make more sense to pull benefits after the country reaches pre-pandemic unemployment levels.
