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Lets discuss the details of the new $450 per week back to work stimulus check proposal and what this means for everyone watching – Enjoy! Add me on Instagram: GPStephan
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On May 20th, Senator Rob Portman discussed the need to incentivize employees to return to work, because as it stands right now – a study found that 63% of those who are receiving unemployment, are now making MORE money from unemployment than they do from working.
This was somewhat done intentionally, because it would be a logistical NIGHTMARE to cap someone’s unemployment benefit to a certain percentage of what they were making…and implement that on a wide scale, all at once, when tens of millions of people are out of work…so, the thinking was: we’re just going to give a flat $600 per week to EVERYONE, some people will make more, some people less..but it’s better to give too much, than too little…and that’s that.
However, the worry is – with unemployment paying more than half of its recipient MORE than they made while they were working…that many of those people won’t have an urgent incentive to return back to work. Plus, alongside that…many employers are hesitant to tell their employees to return to the workforce, when that mans their employees would be earning less money. At the same time…you can’t just cut out the unemployment benefit altogether, without giving people time to adjust, return back to work, and get situated…so, that’s where THIS plan comes in.
Rob Portman suggested that workers should receive a $450 per week BONUS to return back to work, that they can keep in addition to the money they earn working. According to him, “$450 per week represents the amount that would be needed to make a person making the average minimum wage better off in the workforce than on unemployment.” That means that they’d now make, on average, more money working than on unemployment…and that would be the ideal way to shift people back into their work.
In addition to that, it would put more cash in people’s pockets, it would make employers more likely to see their employees return, and it’s slightly cheaper than giving out $600 per week as it stands now. HOWEVER…there are some downsides with this…
One, is that this does NOTHING for frontline employees, or employees who were already working throughout the entire crisis.
Second, is that this doesn’t provide any assistance to those who are living on social security, disability, or retirement income…
And third…this does nothing to help people who don’t have a job to return back to. When you begin looking at it from THIS perspective…then it becomes apparent that, even though it’s well intentioned, it does nothing for people who are laid off and can’t find work….and, arguably, those are the people who are most in need of stimulus.
At the end of the day…we’re all trying to figure out a solution, but it’s not an easy problem to fix – and there are a LOT of variables that come with this. As of now, the current plan of action seems like: we’ll re-open the economy, wait and see what happens around late June…and then, if it’s absolutely necessary, we’ll CONSIDER dispersing more money. And that’s the main update everyone has been waiting for.
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