One-Third of Unemployment Benefits Have Yet To Reach Americans
On Tuesday, Shawn Donnan and Catarina Saraiva of Bloomberg reported that only two-thirds of Americans struggling after unemployment due to the pandemic have received owed unemployment benefits, according to Business Insider.
A Bloomberg analysis revealed that the Treasury has only distributed $146 billion out of its promised $214 billion in unemployment benefits over the last three months. The missing funds include the White House’s additional passed $600-per-week benefit during the stalled economy.
The news follows April’s highest unemployment rate since the Great Depression: 14.7 percent.
Bloomberg’s report also does not count the 7.8 million claims filed through the Pandemic Unemployment Assistance Program, as many need to be “back-paid.”
Political clashes continue over the $600 unemployment boost, and whether it needs to be held past July or disbanded. Controversy surrounds some of the government’s stimulus designations, as employees earning less than $50,000 annually are set to receive more funds now than while at work. Critics of stimulus have argued that the payments encourage workers to stay home.