How to Reform Unemployment Insurance for a Reopened Economy
Beth Akers, E21
Over the past several weeks, since Covid-19 outbreaks have largely closed down the US economy, 36 million people have lost their jobs and filed for unemployment insurance benefits. For as many as two-thirds of them, a funny thing happened—they got a raise. During normal circumstances, workers laid off from their jobs can get somewhere between 35 and 55 percent of their lost wages replaced by unemployment insurance benefits. Unemployment insurance programs are administered by states rather than the federal government, so the exact benefit depends on where the worker lives and the specific policies adopted in their state.
Read more here....
Beth Akers, E21
Over the past several weeks, since Covid-19 outbreaks have largely closed down the US economy, 36 million people have lost their jobs and filed for unemployment insurance benefits. For as many as two-thirds of them, a funny thing happened—they got a raise. During normal circumstances, workers laid off from their jobs can get somewhere between 35 and 55 percent of their lost wages replaced by unemployment insurance benefits. Unemployment insurance programs are administered by states rather than the federal government, so the exact benefit depends on where the worker lives and the specific policies adopted in their state.
Read more here....
Emi Nakamura Interview: on Price Dynamics, Monetary Policy, and This ‘Scary Moment in History’
Douglas Clement, Federal Reserve Bank of Minneapolis
Douglas Clement, Federal Reserve Bank of Minneapolis
America's coronavirus nightmare: Debt, deflation, and mass unemployment
Desmond Lachman | The National Interest
Desmond Lachman | The National Interest
Mexico: Economy Goes Deeper Into Recession. The government released a report on Thursday that showed Mexico’s economic activity has declined 1.6% in the first quarter compared to the final three months of 2019. President Andrés Manuel López Obrador has been criticized by many for not doing enough to help keep the business sector afloat. This decline was the biggest since 2009 and the fifth consecutive quarter of economic contraction. U.S. News & World Report
Mexico’s president, Andrés Manuel López Obrador, has been criticized in recent weeks for failing to take the effects of the pandemic seriously. Roger Noriega took to the AEIdeas blog to argue that if Mexico mismanages the COVID-19 crisis, it could do collateral damage to an already weakened US economy. President Trump has restricted nonessential crossings at the US borders with Mexico as part of the coronavirus response. However, an abrupt economic downturn in Mexico could have significant consequences at the border and to the bilateral relationship. Read more here.
The debt cleanup that awaits us
James Capretta explains that when the crisis recedes, the entire federal budget needs recalibration to head off an intractable cycle of rising interest payments crowding out necessary public investments.
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James Capretta explains that when the crisis recedes, the entire federal budget needs recalibration to head off an intractable cycle of rising interest payments crowding out necessary public investments.
READ MORE
Forget about a V-shaped recovery
Desmond Lachman | The Bulwark
The toxic combination of a record-high global debt-to-GDP ratio and the deepest worldwide economic recession in the postwar period do not indicate a quick recovery. As policymakers in the US mull opening up the economy in an attempt to prevent further damage, they must recognize that there is no miracle bounce back coming. Even if the virus disappeared tomorrow, the world economy and global financial markets will still be stalked by structural risks.
Desmond Lachman | The Bulwark
The toxic combination of a record-high global debt-to-GDP ratio and the deepest worldwide economic recession in the postwar period do not indicate a quick recovery. As policymakers in the US mull opening up the economy in an attempt to prevent further damage, they must recognize that there is no miracle bounce back coming. Even if the virus disappeared tomorrow, the world economy and global financial markets will still be stalked by structural risks.
Conversations with E21: Edmund Phelps on the COVID-19 Response
Allison Schrager, E21
Edmund Phelps, the winner of the 2006 Nobel Prize in Economics, is Director of the Center on Capitalism and Society at Columbia University. He did and continues to do groundbreaking work on unemployment, growth, and innovation. His most recent work addresses how to restore dynamism to the economy. Read more here.
Allison Schrager, E21
Edmund Phelps, the winner of the 2006 Nobel Prize in Economics, is Director of the Center on Capitalism and Society at Columbia University. He did and continues to do groundbreaking work on unemployment, growth, and innovation. His most recent work addresses how to restore dynamism to the economy. Read more here.
MI Responds: NYC’s Budget Crunch
Hendrix, Kober, Gelinas, Malanga, Armlovich & Husock, Manhattan Institute
Hendrix, Kober, Gelinas, Malanga, Armlovich & Husock, Manhattan Institute
James Robinson: The narrow corridor to liberty
James Pethokoukis | @JimPethokoukis | "Political Economy"
Why do some nations become free and prosperous while others don't? According to guest James Robinson, freedom and prosperity arise when a state is strong enough to secure liberty and provide public services and a society is strong enough to prevent the state from becoming despotic.
James Pethokoukis | @JimPethokoukis | "Political Economy"
Why do some nations become free and prosperous while others don't? According to guest James Robinson, freedom and prosperity arise when a state is strong enough to secure liberty and provide public services and a society is strong enough to prevent the state from becoming despotic.
The American dream in 2020: How to strengthen it
Aparna Mathur, Abby McCloskey, and Erin Melly | American Enterprise Institute
Aparna Mathur, Abby McCloskey, and Erin Melly | American Enterprise Institute
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