Some unemployed workers received nearly twice as much money through unemployment insurance (UI) payments authorized through the CARES Act than they earned when they were employed, a new study from the Foundation for Government Accountability found.
The United States gross domestic product (GDP) fell 32.9% in the second quarter of 2020, marking the largest decline the country has ever seen. The Department of Labor reported Thursday that over 1.43 million Americans filed initial claims for unemployment last week.
Gov. Phil Scott doesn’t think the universal mask mandate he announced Friday will make Vermonters less willing to patronize businesses in-person. The opposite will be true, he predicted.
Democrats support extending the current benefits, while Republicans want a more limited plan with incentives to return to work.
“Vermont’s June data mirrored national level changes with an increase in the number of jobs and a decline in the unemployment rate. This captures only some of the economic story here and across the country. Unemployment insurance claims continue to be elevated.”
“It’s wrong. It’s dangerous. It’s selfish. It’s unacceptable,” Cuomo said of violating restrictions placed on businesses during the coronavirus pandemic. “It’s also illegal, so today beginning in New York City we’re going to enact a ‘three strikes and you’re closed’.”
While Vermont remains in a state of emergency with burdensome restrictions on businesses, the reopening and subsequent recovery across the Connecticut River are moving along at a more aggressive pace.
The federal unemployment insurance emergency payments of an additional $600 per week to those laid off because of COVID-19 restrictions discourages work and slows down economic recovery, several reports indicate. Several congressmen have introduced proposals to address the issue.
Vermont is learning that starting and stopping the economy is anything but easy. The most glaring issue is that when the economy does come back, many organizations — most specifically smaller health care providers — will have gone extinct.
This week we learned that two stalwart Vermont companies are cutting jobs due to the Covid-19 economic shutdown, and an iconic Vermont business is leaving the state. Darn Tough socks announced that they are laying off 50 of their 330 workers, a 15% cut.
“While the May numbers show a positive change from the prior month, we are still in the middle of a global pandemic that is significantly impacting Vermont’s economy.”