The $20 billion missing from this economy


Los Angeles I'm Carl Rozelle Thursday I believe the twenty second of October has always to have you along everybody. We're going to start today with a story about something in this economy that is not there that isn't happening and what that means. We're going to set it up by noting that seven hundred, Eighty, seven, thousand people lost their jobs last week and made first time claims for unemployment benefits less than the week. Prior, it should be said, and also that the Labor Department adjusted downward is numbers for the previous couple of weeks. And that's good. It really is but the number of people on government assistance because they have lost their jobs is still stratospheric. Lee High millions of them are running out of benefits and as you know, those extra six, hundred dollars a week went away in August. And that to get back to the thing that's missing is sucking billions of dollars out of this economy compared to earlier in the pandemic how many billions? Marketplace's Mitchell Hartman gets the lead story today. The answer is. Twenty billion dollars a week. That's how much is not getting into out of work Americans, pockets since a bunch of federal assistance programs for the unemployed started running out in midsummer Andrew Statler at the Century Foundation says based on Treasury data, they were getting twenty six, billion a week that as come crashing down to just six billion dollars, it's much less support to. Families and to the economy than we had six hundred a week in federal pandemic payments expired at the end of July the President's partial replacement program ran out of money last month also folks laid off back in March and April are now running out of their twenty six weeks of state jobless benefits some but not all are getting a thirteen week federal extension. Unemployment benefits now average three twenty a week across the country. It's even less for gig workers on pandemic on employment assistance and that has made a huge dent in the purchasing power of households suffering unemployment says Mark Hamrick. Dot Com, they are really having to scrape to get by these days just for basic needs such as pay for shelter, pay the bills to put food on the table and forget about luxuries. That's exactly what Brooke Wetzel has seen play out in her florist business in La when the economy started to open up late spring sales picked up but since August things have gotten pretty slow people might have that you know extra fifty to seventy five dollars per fire arrangement. So woetzel's working part time now spending the. Rest with her homeschooling kids I'm Mitchell Hartman for

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