The enhanced unemployment benefits are critical to the economy continuing to recover. They can be changed or replaced, but they can’t be allowed to expire at the end of July. As one of the nation’s top employment analysts shows, they are *not* inhibiting hiring. 1/7
https://twitter.com/ernietedeschi/status/1283829018735910917
It isn’t only about the crisis it would cause for 18 million American households in every state, both Red and Blue. It would also cause all sorts of massive follow on issues for many, many other households. 2/7
Today we talked to a client who owns lower-middle income apartment complexes. To his surprise he’s been getting nearly full rental payments each month since the pandemic started. 3/7
What happens if enhanced unemployment benefits end and his unemployed tenants see their income drop 70%? How far will rent collection drop? How many apartment owners won’t be able to stay current on their mortgages? 4/7
Remember most of the unemployed don’t have jobs because the government ordered their company to close and made it illegal to operate. These are not “bad businesses” and the laid off employees are certainly not asking for a “hand out”. 5/7
The government has done the right thing in ordering closures. But this is like “eminent domain” where private assets are claimed for public benefit and *the affected private citizens are compensated for their loss*. 6/7
The enhanced unemployment benefits are not welfare. They are an incredibly smart economic recovery plan that the government should be roundly applauded for approving them so quickly at the beginning of the crisis. But the economy still needs material, ongoing support. 7/7
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