Majority of economists say $600 unemployment boost should be extended or increased for rest of the year
Republican lawmakers have cast doubt on extending the $600 per week boost to unemployment insurance during ongoing coronavirus relief bill negotiations, but economists think it should remain at least for the rest of year, a new survey shows.
The FiveThirtyEight survey, conducted in partnership with the Initiative on Global Markets at the University of Chicago Booth School of Business, polled 33 economists on whether the federal benefits should continue at the same rate, increase, decrease, or lapse completely for the rest of year. A plurality think it should stay the same, and a majority support keeping it as is or increasing, while only 7 percent back getting rid of the benefits altogether.
Another IGM survey of economists -- this one, of quantitative macroeconomic economists -- finds that they generally believe best thing for economy would be to continue or *increase* the $600 federal UI top-up https://t.co/yGuukWD51V pic.twitter.com/Ec1hp8Ex00
— Catherine Rampell (@crampell) July 21, 2020
Going forward, though, the most popular idea among the surveyed economists was to tie the unemployment insurance rate to key economic indicators, so that the benefit gradually decreases as the economy improves. Read the full results here and check out more analysis of the study at FiveThirtyEight.
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