Hi everyone! This is Dr. Nitin Chhoda and in this important episode of Ignition Time.
I'm going to give you both points of
view about the $600 a week unemployment benefits extension.
Economists support this and they have been
Presidential advisors and there are Presidential advisors who reject the
idea and who want to see an end to these
ongoing benefits. I'm going to talk to you about THREE things
in this video. I'm going to talk to you about economists who support
the extension of the $600 a week unemployment benefits.
I'm going to talk to you about Presidential advisors
who want to put an end to the $600 a week unemployment benefits extension and
most importantly, I'm going to talk to you about how you can make your voice
heard and what you can do after you watch this video.
So let's start from the point of view of
the economists. Julia Wolff is a state economic analyst at the
economic policy institute and she wrote an article and I'll link
you to the article in the description below so you definitely want to check
out that insightful article. So she said in
the article, extending the $600 a week unemployment
boost would support millions of workers. The article states
that as of last week more than 35 million individuals in the
workforce are either receiving or have recently applied for
unemployment benefits, regular unemployment benefits as well as the PUA.
In fact, in FOUR STATES and the District of Columbia
more than 1 in every 6 workers are receiving regular UI benefits
or waiting for their claim to be approved. This includes Hawaii,
almost 20%, Nevada - 19.3%, New York almost 18%, the District
of Columbia 17.6% and Oregon 17%. Now what really struck me
about this article are TWO charts that I'm going to
actually show you in this video here. The first chart showed the new and
cumulative jobless claims by state. This gives you
an idea of the extent of joblessness in specific states. I'm
actually going to highlight specific states and focus on them. And
the second was, if the $600 a week unemployment insurance booster,
the federal booster, was allowed to expire, how many jobs
would be lost over the next 12 months? In other words, how many
people would essentially lose their jobs over the next 12 months?
So the first chart will show you all the jobless claims
as a share as a percentage of the entire labor force. It will really give you a
high level idea of where things stand in specific states.
And again I will link you to that article below so
you can click on that article and look at specific data about your
specific state and surrounding states. And the second
chart that I show you will show you the potential job loss if the $600
week federal booster is taken away and the potential job loss
as a share of total employment. So here on your screen you will see the
new and cumulative jobless claims by state. I'll focus on specific states.
I'll start with California and this is data from the department of
labor. So in California regular UI as a share of labor force was
16%. More than 3 million individuals received
or applied for regular unemployment insurance. Let's move on to New York
18 and 1.7 million individuals currently receiving or applied for regular
ui let's move on to new jersey the regular ui as a share of the labor force
is 12 more than half a million people 537 000
people currently receiving applied for regular ui
pennsylvania 11 as a share of the total labor force
total currently receiving applied for regular ui almost 700 000 people
let's move on to texas 1.4 million people almost currently receiving or
applied for regular ui 10 of the labor force now let's move on
to another state a very important state
florida florida regular ui has a share of labor
for seven percent and the total people receiving or
applied for regular ui more than 700 000 people georgia
almost 750 000 people and the share of the labor force
is 15 that's the ui so it's you know quite
interesting statistics virginia the regular ui as a share of labor force is
9 and the total currently receiving
applied is over 400 000 people moving on to north carolina
the regular ui as a share of labor force is nine percent and the total currently
receiving applied for regular ui is 432 000 people
and michigan 11 unemployed as a share of labor force
total currently receiving applied 560 000 people
and illinois 11 regular ui as a share of labor force
total currently receiving applied 707.000
people and finally ohio let's take a look at ohio eight percent
and 443 959 people are currently receiving or have applied
for unemployment insurance benefits so
here's the second chart if the 600 weekly booster was to be removed what
impact would it have on jobless rates let's go ahead and take
a look at the exact same states we analyzed with the first chart
and we'll get an idea about what's going on let's look at california
the job cost as a share of employment would be 4.7
836 000 jobs are projected to be lost according to the economic policy
institute new york 463 968 jobs will be lost new jersey almost
150 000 jobs will be lost without the 600 a week
federal booster in pennsylvania 252 642 jobs
could potentially be lost to the 600 weak federal booster
is taken away in texas 364 576 jobs could be lost in florida 244
921 jobs could potentially be lost in georgia we're looking at 186
605 jobs in virginia we're talking 106 549 jobs which could potentially be lost
over the next year in north carolina we're talking 142 496
jobs in michigan 194 520 jobs in illinois 3.2
195 149 jobs could be lost and then finally in ohio
we could be looking at jobs lost 129 599 jobs
could potentially be lost i've been reading all the comments on my videos
and i see that there's a consensus about the need
to extend the 600 week unemployment booster
and clearly this economist agrees in fact the economy said to mitigate the
economic harm to workers congress should extend
the across the board 600 increase in weekly unemployment benefits
well past its expiration at the end of july
if congress does not extend these benefits
through next year it could cost us more than 5 million jobs
and 500 million dollars in personal income
and i already showed you all the job losses the potential job losses
for specific states over the next year if the 600
week federal booster is taken away and in the third chart and this
also is a pretty important chart you can see the new and cumulative regular
jobless claims by state now this is the most recent data at the time
i'm recording this video again i'll link you to that article below so you can
check out this table and you can look at information specific
to your state by simply clicking on the link in the description below because
this is an article worth checking out now the important
thing in this table when you look at specific data for the states are those
two columns on the right side of your screen the total receiving
ui or waiting for approval gives you a
total number of individuals who are receiving unemployment benefits
or waiting for approval and then the last column all the way to the right
side of your screen shows you these
individuals as a share of the total labor force let's look at some specific
states so you get an idea of how widespread this problem is and
the need to continue the 600 a week unemployment federal booster
let's take a look at california over 3 million individuals specifically
3 million and 51 489 individuals in the state of
california are either receiving unemployment
benefits or waiting for approval and this represents 15.6 percent of the
workforce that is a whopping number now again if you want to
look at these statistics specific to your state i encourage you to click
on the link in the description and check out that article
and you'll be able to get this data for any state not just your state
but also surrounding states and now let's talk about the presidential
advisors and you've actually heard this from various republican senators
who want to put an end to the 600 a week unemployment
benefits extension i have done another video where i talked about the
u.s labor secretary eugene scalia who specifically said it was needed now i'm
going to give you some information i'm going to present the other point of
view but again please don't blame the messenger
i'm giving you data here and this is information that allows you to
understand their point of view you're free to make your own decision
about what makes sense and i believe there is a consensus about what makes
sense and you know my point of view about this as well now an
article in the new york post said why congress must say no
to the 600 unemployment bonus extension yep
that was the that was the title of the article now this article was written by
brian blase casey mulligan and doug badger brian
blais was a special assistant to president trump at the national
economic council casey mulligan is a professor of economics at the university
of chicago and served as a chief economist at the
white house council of economic advisors and doug badger is a senior fellow with
the gallon institute let's hear about what they had to say in
this article so here's what they said in the
article and i'm going to highlight certain segments
from this article you can read it on your own i will link you
to the article in the description below so make sure you check that out if you
want to read their entire argument here's what here
are some segments from the article as a recent two jobs reports show the
economy is in a much stronger position than many thought it
would be back in the spring and then they go on to talk about the
gains in jobs in the recent two job reports
and they also say congress enacted a 600 weekly unemployment insurance bonus
that lifted the average weekly benefit to nearly a thousand dollars and now
this is the important part making it harder for many businesses to
get employees to return to work even with additional precautions put in
place to minimize the pandemic spread five out of six recipients are receiving
unemployment benefits that exceeded their previous earnings according to the
congressional budget office this is in the article this
significantly depresses employment and makes it
more difficult for businesses to reopen what i find interesting about this
article is that there's a significant focus on businesses reopening
what about safety what about individuals who've lost their jobs permanently that
by the way was not addressed in this article the article
goes on to say the add-on payment expires on july 31st
it should not be extended this is in the article
doing so would encourage workers to remain unemployed longer than they
otherwise would and depress the economic recovery we estimate that
if the add-on is continued more than 60 percent
of those unemployed after july 31st would be out of work
specifically because of the add-on congress should create additional
incentives for people to return to work in part because longer term spells of
unemployment can harm a worker's lifetime earnings as
skills atrophy if political considerations lead to an extension of
the unemployment bonus the amount should be as small as
possible for the shortest possible period and then it goes on to
talk about health insurance and again you can read the article
this is the important part congress and the administration face
enormous challenges in pursuing policies aimed at mitigating
the economic effects of the pandemic america needs businesses to smartly
reopen and workers to return to their jobs
policy makers must structure assistance in ways that minimize
impediments to recovery so there you have it that is the point of view
of white house economic advisors that have worked with the white house in the
past and also we are hearing these kinds of
trends these kinds of statements from individuals like steven mnuchin who
is the us treasury secretary and the u.s labor secretary eugene
scalia now at the end of the day you're free to
make your own decision i would like you to sound off in the
comments below and tell me whether you're a supporter
or whether you're a detractor are you for the 600
week unemployment benefits extension or do you have a different point of view
and are you against the 600 a week unemployment benefits
extension i would love to hear your comments in the comments section below
so i think that there are two things we can do number one please comment in the
comment section below because i think that your point of view
will help all the other members of our community
our community is growing very very rapidly as you can see for yourself
so sound off in the comments section below so you can see what others are
saying you'll get responses from other members of our community
and also i recommend that you talk to your senators
i will provide you with a link to the contact information
of your senator below so click that link find
your local senator and call them talk to them express your frustration
express your anger express anything that you want them to be aware of
because it is when they hear from you when they understand how you're feeling
when they listen to their constituents because
that's what they're supposed to be there for
that we can then get them to change their mind and that's when we can create
meaningful change that is what our system is all about they are elected
officials and they should be and they must be
listening to us so what i recommend you do is click on the link in the
description below talk to your senator and let them know
how you feel about this with this video i think you can now make an educated
decision about which side you support i know which side most of my viewers and
subscribers support and if you look at other videos i've done
you'll know what i support what i want you to do
is once again watch this video one more time if you feel you need to understand
both aspects please comment below let me know which
side you support and please talk to your local senator in
order to make a difference thank you so much for watching
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ignition time thank you so much i'll see you in the next video bye