Opinion: What a successful economic recovery plan must look like
. The job growth was bolstered by massive governmental intervention, and most of the fiscal policies are coming to an end. In order to protect families from the worst pain, more will be required — but with the flexibility to respond to changing economic needs.
With the highest unemployment rate since the Great Depression, maintaining unemployment insurance support is essential both to protect families and support demand. This makes economic sense: Evidence shows that every $1 paid in unemployment insurance adds $1.50 to the economy.
Coupled with these supports for the unemployed and low-income households are additional incentives to and rewards for work. The fairest way to create these would be an across-the-board increase that would apply to all lower-wage workers equally in the form of a Pandemic Earned Income Tax Credit that would give those in the labor force additional money. Alternatively, a more targeted approach would limit support to a hiring bonus for newly employed workers.
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