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Cutting unemployment benefits won’t bring back workers but will hurt millions of families, new research finds
A total of around 3.5 million workers will lose supplemental funding.
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FILE - San Antonians react to Abbott opting out of federal supplemental unemployment program
A push to decrease financial support for the unemployed could cause millions of Americans to lose their jobless benefits, a new report finds.
In the wake of a disappointing April jobs report, which showed that a mere 266,000 new jobs were created, even with a record high 8.1 million job openings in the economy, 22 states all with Republican governors have announced plans to wind down supplemental $300 weekly unemployment benefit payments ahead of the program’s scheduled end in September, according to NBC News reporting.
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Among Americans with earnings in the top 60 percent, 57 percent have an associate degree or higher, compared to only 28 percent of earners in the bottom 40 percent, the report says. Only 21 percent of Latinx adults and 31 percent of Black adults have a postsecondary degree, compared to 46 percent of white adults.
The report examines what could happen if the bottom 40 percent of earners got college degrees at the same rate as the top 60 percent and if higher education attainment rates were the same across racial groups. According to the analysis, over half the population, 58 percent, would have a postsecondary degree in that scenario, including an additional 12.9 million low-income white Americans, 10.2 million Latinx Americans, 5.9 million Black Americans and 498,000 Asian Americans.
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Washington, DC, May 12, 2021 (GLOBE NEWSWIRE) Inequality in the US education system has high costs for society, according to a new thought experiment from the Georgetown University Center on Education and the Workforce (CEW). If the United States committed to achieving more equal postsecondary educational attainment by income and race/ethnicity, with an initial investment of $3.97 trillion, our country could see annual public benefits of $956 billion, in addition to numerous nonmonetary benefits.
The report also highlights nonmonetary benefits associated with increasing educational attainment, including increased critical thinking abilities, stronger civic engagement, lower inclinations toward authoritarianism, better health, more pluralistic orientations, boosts in agency and empowerment, and a rise in happiness.