Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

As the White House lauds falling unemployment claims, a former Obama economist says benefits must stay in place to ensure a full recovery

Published by Business Insider on Fri, 11 Jun 2021


<p><img src="https://static3.businessinsider.com/image/6093f812f22c6b00185dc998-2222/GettyImages-1313960783.jpg" border="0" alt="Now Hiring man with mask" data-mce-source="Alexi Rosenfeld/Getty Images" data-mce-caption="A man wearing a mask walks past a &amp;quotnow hiring&amp;quot sign on Melrose Avenue amid the coronavirus pandemic on April 22, 2021 in Los Angeles, California."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Thursday brought two big numbers for the American economy: Another significant rise in inflation, and the lowest level of weekly <a href="https://www.businessinsider.com/weekly-jobless-claims-pandemic-low-labor-market-shortage-hiring-unemployment-2021-6">jobless claims</a> since the onset of the pandemic.</p><p>They show the paradox that is the current economic recovery. Goods are still getting pricieralthough inflation shows signs of cooling down soonand fewer people are losing work and remaining on unemployment. The White House says its recovery plan is working.</p><p>In a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/10/statement-from-brian-deese-on-unemployment-insurance-claims/">statement</a>, Brian Deese, the director of the National Economic Council, said the recent economic data "reinforce that US fiscal policy and vaccination progress are positioning the economy for growth and job creation." Deese also noted that the jobless claims come "as independent analysts project that economic growth in the United States will outpace growth for our peer nations and reach the fastest pace in nearly four decades."</p><p>On Wednesday, a day ahead of the jobless data release, Heidi Shierholz, the director of policy at the left-leaning Economic Policy Institute and an <a href="https://www.businessinsider.com/obama-staffers-amazed-biden-stimulus-infrastructure-plans-economic-recovery-recessions-2021-3">Obama Labor Department veteran</a>, broadly agreed with Deese.</p><p>"Things are getting back to normal," Shierholz told Insider. "I think the key is we don't want to make drastic policy changes at this point." When it comes to relief and recovery measures for this recession, "we are doing it so right," she said. But she warned that could still change.</p><p>Shierholz said she expects to see a quick bounceback and strong recovery, but changing course could threaten that. "If we start pulling back with those measures now, we're going to just cut that off at the knees," she said.&nbsp;</p><p>One thing that could weaken the recovery is the move to prematurely end federal unemployment benefits in <a href="https://www.businessinsider.com/republican-states-cutting-unemployment-benefits-expanded-300-weekly-biden-stimulus-2021-5">25 states</a>, where GOP governors cited labor shortages as a reason to pull the plug on benefits and get workers back. Both the jobless claims and May's jobs report show the recovery happening even with enhanced benefits. As <a href="https://www.businessinsider.com/may-jobs-report-strong-despite-enhanced-ui-gop-cut-2021-6">Insider's Ayelet Sheffey reported</a>, payrolls saw a strong increase even as benefits remained intact.</p><p>The decision to prematurely end unemployment benefits will impact about 4 million workers, according to an estimate from Andrew Stettner at the liberal-leaning Century Foundation. Some of those workers, who receive benefits through federal programs that expanded both the eligibility and duration of benefits, will lose all benefits<a href="https://www.businessinsider.com/gop-states-scrapping-federal-jobless-benefits-depriving-aid-2021-6">not just the additional $300 weekly</a>.</p><p>Some <a href="https://www.businessinsider.com/advocates-and-politicians-say-gop-states-cant-cut-off-ui-2021-5">advocates and politicians</a> have argued that the Labor Department is legally required to continue to pay out Pandemic Unemployment Assistance (PUA), which expanded eligibility for benefits to gig workers, among others. However, the Department of Labor <a href="https://www.businessinsider.com/the-department-of-labor-probably-wont-pay-out-unemployment-2021-5">has concluded</a> it's probably unable to pay those out.</p><p>The White House has signaled acceptance for benefits ending. Last week, White House Press Secretary Jen Psaki <a href="https://www.businessinsider.com/psaki-gop-states-federal-jobless-aid-every-right-2021-6">said</a> the GOP-led states that are cutting off benefits "have every right" to do so.</p><p>Shierholz said many people that have been unable to find work or are unable to return due to health concerns. Cutting off benefits would also cut off the money those people have been spending in the economy.</p><p>"Cutting them off too early deeply unnecessarily increases human suffering," she said. "It also weakens the recovery."</p><p><a href="https://www.businessinsider.com/white-house-celebrates-falling-unemployment-expert-says-keep-benefits-2021-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/wasabi-expensive-sushi-what-is-wasabi-paste-plant-2019-1">Why wasabi is so expensive</a></p>
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs