Three programs covering a combined 12.1 million people will cease on Monday without action from the White House or Congress.
Twenty-six states pulled out of at least some of those programs earlier this summer as businesses fought to fill a record-breaking 9 million job openings.
Though there are still 5.4 million gig workers, contractors, and others not covered by traditional unemployment insurance who will lose their weekly benefits early next week. Another 3.9 million Americans getting extended support will see those payments disappear on Monday as well.
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And a different 3.9 million Americans will no longer get a $300 weekly supplement to other job assistance programs, leaving them with substantially less money.
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On top of that, the August jobs report issued on Friday showed a notable slowdown in the rate of hiring, indicating a tougher job market in September.
President Biden, moderate Democratic lawmakers, and virtually all Republicans have claimed that it’s time for the further support to expire after several months of rapid job growth, up until August, and inflation lingering at uncomfortable heights. Recent studies have further bestowed a noticeable uptick in job growth in states that pulled out of those unemployment insurance (UI) programs though with limited impact on labor force participation.
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“The question is, is expanded UI substantially holding back job growth? And I do think that it is,” announced Adam Ozimek, chief economist at Upwork.
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“I think that the end of UI expansion will accelerate job growth and get people back to work, but it won’t end the economic damages from the pandemic,” he continued.
While economists have quarreled for months over how much the federal programs have held back job gains, they generally agree that it’s not the only factor keeping potential workers on the sidelines. About 5.6 million Americans announced they were unable to work because their employer closed or lost business because of the pandemic, and another 1.5 million announced they weren’t even able to look for a job because of a pandemic-related restraint, according to the August jobs report issued by the Labor Department on Friday.
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The steep plunge in last month’s job gains, driven almost solely by surging COVID-19 cases, has further raised alarms among those who see little benefit to pulling back aid.
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“It's not because we're seeing some sort of change in how people are doing. These benefits are expiring now because they are tied to an arbitrary political deadline,” announced Rakeen Mabud, chief economist at Groundwork Collaborative, progressive economic research, and activism nonprofit.
“The fact that we are collectively choosing to play with people's lives and well-being in this way is really frankly sad,” she went on.
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