Do the math
Is unemployment bonus keeping workers on the sideline?
This Fact Check article in the opinion page of Saturday’s (June 5) Record-Eagle quoted professors from schools like Yale, Harvard and UC Berkeley and President Joe Biden as saying that they were unsure as to whether the federal $300/week unemployment insurance bonus was a major contributor to the 9.8 million people who remain unemployed as many businesses cannot find enough workers to staff their businesses.
Let’s do the math. Here in Michigan and unemployed worker can collect $362/week from the state and the $300/week from the feds for a total of $662/week. So, to beat that, a worker of 40 hours per week would have to make $16.55 per hour and this does not include expenses like a gas, car repairs, child care, etc. needed to return to work. I find it amusing that an average blue collar worker can easily figure out how they can make more money staying home than accepting a job, yet our government and economics professors just don’t seem to get it.
It bring to mind the lyrics of a song by Robert Kraft: “Good looks, money and education are often wasted on the slow.”