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April 13, 2023
1.8 million Americans turned down jobs to remain on unemployment following COVID-19 induced lockdowns.
The data was gathered in a poll by Morning Consult, claiming “Unemployment insurance benefits reduced the number of accepted job offers by an estimated 1.84 million over the course of the pandemic.” According to the poll, 20 percent of unemployment insurance recipients who previously worked full time and 28 percent of workers who previously worked part-time are better financially equipped while depending on the government.
Morning Consult’s report suggests, “Even acknowledging that this estimate likely overstates the true impact on net job creation, an additional 1.84 million jobs still leaves the economy roughly 4.7 million jobs short of where it was in February 2020 prior to the pandemic.” In July, the Federal Reserve made a similar remark regarding the recovery of the economy.
FBA reported, “The Federal Reserve released its semiannual report to Congress last week, and widespread unemployment insurance was shown to be a huge factor in the United States’ weak post-Covid economy. The report explained how the market has largely reopened and over a million jobs have been added. However, although the unemployment rate has been decreasing, it has been doing so at a slow pace. In fact, the unemployment rate is still higher than it was pre-pandemic.” Numerous states, including South Carolina, Montana, and Florida “prematurely ended” unemployment benefits in May of 2021.
ARTICLE: ANTOINETTE AHO
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: BLOOMBERG