RUN OUT AND LAWMAKERS ARE
ABANDONING THEM.
BENGIE, TALK TO US ABOUT WHAT
THE REAL-LIFE EXPERIENCES ARE
FOR PEOPLE BECAUSE JUST THIS
WEEK THE PRESIDENT’S NATIONAL
ECONOMICS ADVISER LARRY KUDLOW
SAID, LISTEN, THE RECOVERY IS
NOT EASY, BUT IT’S GOING SO
WELL, WE MAY NOT NEED MORE
FEDERAL STIMULUS TO KEEP THE
ECONOMY GOING.
IS THAT HOW PEOPLE FEEL?
>> THAT IS IT.
PART OF IT IS THE NATURE OF THE
JOBS PEOPLE WERE WORKING BEFORE
THEY BECAME UNEMPLOYED OR
FURLOUGHED DURING THIS PANDEMIC.
A LOT OF PEOPLE WE SPOKE TO
WORKS IN RESTAURANTS, BARS,
HOTELS, SPORTS ARENAS, PLACES
THAT ARE SOME OF THE HARDEST TO
REOPEN DURING THE PANDEMIC AND
HAVE SEEN THE MOST REVENUE LOSS.
SO THE IDEA THAT JUST BECAUSE
JOBS ARE COMING BACK, THEY’RE
COMING BAG IN THOSE AREAS IS
COMPLETELY NOT TRUE.
EVERYONE SAID THEY’RE URGENTLY
SEARCHING FOR NEW WORK AND NOT
ABLE TO FIND IT BECAUSE THE
ENTIRE INDUSTRY IS DEPRESSEDED.
LEISURE AND HOSPITALITY JOBS ARE
STILL DOWN 25% IN THEIR PEAK.
WHAT DOES THAT MEAN?
THEY’RE TRYING TO NAVIGATE THE
COMPLICATED UNEMPLOYMENT SYSTEM
WHERE SOME ARE STARTING TO GET A
$300 TEMPORARY BENEFIT THAT THE
PRESIDENT PUT INTO PLACE, BUT
IT’S BEEN DIFFICULT.
IT SHOWED UP ONLY AFTER A FEW
WEEKS.
IN OTHER CASES THEY RECEIVED A
FINAL PAYMENT.
THAT LEAVES THEM ON THE HOOK FOR
RENT, UTILITIES, AND OTHER
EXPENSES, AND A COMPLETELY
UNCERTAIN FUTURE.
EVERYONE IN CONGRESS, THE WHITE
HOUSE, THE CONSENSUS SEEMS TO BE
THAT THERE NEEDS TO BE SOME
EXTENSION OF UNEMPLOYMENT
BENEFITS
BENEFITS.
BUT, STEPHANIE, THERE’S NO WILL
TO GET THIS DONE AND THE ENTIRE
SYSTEM OF BENEFITS SEEMS TO BE
EXPIRING.
>> CAN YOU TALK ABOUT HOW THE
DAISY CHAIN EFFECT IMPACTS THE
WHOLE ECONOMY BECAUSE WHEN THE
SUPPLEMENTAL INCOME RUNS OUT,
THEY SUDDENLY DPOENLT HAVE THAT
MONEY.
THE SMALL AMOUNT THE SMALL
BUSINESSES ARE GETTING, THAT
EVAPORATES TOO.
>> RIGHT.
WE’RE ALREADY SEEING ANALYSTS
STARTING TO INCORPORATE THE FAST
IS NOT GOING TO ADD TO IT.
WHEN PEOPLE HAVE LESS MONEY,
THEY’RE LESS LIKELY TO SPEND,
BUT THE SAME RELIEF TALKS BEING
HELD UP THAT STOP THEM FROM
GETTING THEIR UNEMPLOYMENT
BENEFITS ARE CREATING NEW AIDS
FOR THE BUSINESSES THAT THEY
WORK FOR OR WHO HAVE FURLOUGHED THEM.
SO YOU HAVE A POTENTIAL TO SEE
THE BARS AND RESTAURANTS CLOSING
EN MASSE IN WHICH THE TEMPORARY
FURLOUGHS BECOME PERMANENT AND
THIS COULD BECOME A MUCH LONGER
PERIOD OF ANKH EMPLOYMENT FORAS
WHOLE.
IT’S EASIER TO COME BACK WHEN
THEY SURVIVED THE PANDEMIC THAN
IT IS TO START A NEW BUSINESS
AND GO THROUGH THE WHOLE PROCESS
OF HIRING AGAIN.
>> BENGIE, I THINK THERE’S AN
IMPORTANT QUOTE IN THE PIECE AND
I YOU CAN READ IT ON MSNBC.COM
THAT SPEAKS TO ALL THAT’S
HAPPENING HERE.
IT’S FROM MICHELLE EVERMORE
WHERE SHE SAYS I FEEL LIKE THE
ATTITUDE OF UNEMPLOYMENT
INSURANCE IS LIKE THE ATTITUDE
TOWARD THE VIRUS ITSELF AT THIS
POINT.
THERE ARE SO MANY PEOPLE TIRED OF THINGS BEING BAD THEY’RE
OF THINGS BEING BAD THEY’RE
PRETENDING THEY’RE NOT BAD
NECHLT BEN
ANYMORE.
BENJY, WE KNOW THESE BUSINESSES
CAN’T BE OPEN OUTSIDE FOREVER.
HOW DO WE ALLOW THE PEOPLE IN
CHARGE TO START IGNORING IT?
>> WHAT’S REALLY FRIGHTENING TO
THOSE ON THE RECEIVING END AND
TO THE ADVOCATES WORKING ON THE
ISSUES IS THEY’RE WORRIED THE
PEOPLE ARE STARTING TO FIGURE
OUT THE RICH ARE COMING BACK
JUST FINE FROM THIS, THETOCK
MARKET HAS JUST RECOVERED, THE
WHITE COLLAR JOBS ARE COMING
BACK LIKE YOU AND I ARE DOING
RIGHT NOW.
THE SITUATION HAS STABILIZED
RIGHT NOW.
FOR MORE LOWER INCOME JOBS, NOT
ENTIRELY BUT TEND TO BE, LIKE I
MENTIONED, BARS, RESTAURANTS,
HOTEL WORKERS, THE SITUATION IS
A LOT MORE DIRE AND THEY SATE
WILL BE EASIER TO IGNORE.
IT’S A VERY UPSETTING AND SCARY