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Will unemployment benefits drive even more businesses to close their doors?
There are more than 8 million jobs available to workers across the United States.
Normally, we’d celebrate this news: It’s a sign of growth. Unfortunately, right now, it’s a crisis. The number of openings is a direct result of overly generous unemployment benefits — including allowing people to refuse work offers and stay on state unemployment programs.
It all began last March as Congress passed the CARES Act to help workers navigate unprecedented times by giving unemployment recipients a $600 weekly bonus, a cash benefit that was made in addition to what the state already provided. This move turned a temporary, limited program that was meant to help people who lost their jobs, through no fault of their own, into a lucrative benefit. This initial bonus expired last summer, but it was extended, and then extended again at a lower rate. Worse, eligibility rules for other programs were relaxed, key work search requirements were suspended, and fraud ran rampant.