One-Third of Unemployment Benefits Have Yet To Reach Americans

Gene Naumovsky

The distribution of unemployment benefits payments has received backlash as one third of recipients await needed funds.

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.

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Comments (1)
No. 1-1

What I don't understand about the issue is so what if people are staying home. We didn't create this pandemic and a lot of us are in that age or health bracket that makes it really difficult to choose work over breathing. I thought that the extra money was to help the unemployed people spend money so that businesses could open back up. And to make sure they could eat and pay rent - the only employers that are having difficulty finding help are those that don't pay enough to make the work worthwhile. If pay=risk they will have absolutely no problems finding people to work for them - quit blaming the unemployed for the lack of pay increase in the United States since the 1980's The wealthy people in the Senate have lost touch with the people that put them in office and they need to see what unemployment feels like so that maybe they will see how much $600 a week gets you in today's price points. It helps to catch the things up that were not getting paid but it absolutely does not allow for a lavish lifestyle. Tax The Rich - it's the only thing that works - the only thing that has ever worked - and the only thing that will work i the future. I don't want them to no longer have wealth - but pay your fair share.

Economics, Finance and Investing