August 5, 2020 at 5:00 am ET
The supplemental benefits from the CARES Act expired July 31, 2020, and many of the protections for renters and borrowers have expired or are set to do so shortly.
Monthly Morning Consult survey results from May, June and July show that roughly 5.4 million unemployed Americans are unable to cover basic expenses for a full month without financial support from unemployment insurance. These financially vulnerable unemployed Americans weaken U.S. households’ balance sheets, drag down spending and increase the risk of consumer delinquencies and defaults.
Unemployed workers who received more in unemployment insurance benefits than they did from their previous job did not return to work at a slower rate than those who received less in UI, casting further doubt on the distortionary effects of expanded UI benefits on workers’ incentives.
This analysis was authored by Morning Consult Economist John Leer.
Five days after