Kate Davidson

speaker

334 appearances 5 recordings 1 series first heard Dec 2017 last heard Jun 2021

Kate Davidson’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Unemployment Benefits Feature in Debate Over New Stimulus Bill · 12 Jun 2020 podcast

So states are facing a big budget shortfall, and they really need to know whether they're going to get support from the federal government to help them with that.

Otherwise, they have to start cutting spending.

They have to start laying people off.

And we're already starting to see some layoffs happening.

We saw that in the jobs report numbers that came out last week.

unemployment benefits.

Also, one thing that Congress did in March was they enhanced those payments.

People who are unemployed collecting jobless benefits, they get an extra $600 a week, but that's only through the end of July.

So there's a concern that if those payments just stop, all these unemployed people, they're going to see like a 50 to 75% pay cut immediately, which given how many people are still unemployed, that could be a huge hit to the economy.

That is a very big elephant.

I think it's been puzzling, I think, for some people watching this debate is that clearly, as Fed Chairman Powell said this week, more fiscal support would be better, would do more for the economy more quickly.

And so you would think, actually, that Republicans might be supportive of a lot more spending, which a lot of folks think the economy may need in order to boost the

president's reelection chances, just if he can say, I delivered all this aid for Michigan, for Wisconsin, for Florida, that that would be a good thing.

So it is a little bit puzzling that Republicans are so hesitant to do that.

But I suppose it's not all that different from what we saw in the years after the last recession when

You had this wave of Tea Party Republicans who were very nervous about rising deficits.

And that's kind of what we're starting to hear right now.

A lot of economists are saying it's just way too soon.

The economy is still too fragile to be worrying about that.

Thank you.

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