Unemployment Income Will Fall as Much as 64% if Congress Doesn't Act

COVID-19 has caused economic havoc, leaving millions of Americans without work. In fact, the country is facing an unemployment rate of 11.1% right now, which is nearly a record high.

Sadly, things could get much worse for those who are without a job if Congress doesn't take action soon. That's because while the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided an extra $600 in weekly unemployment benefits, this increased benefit is set to expire on July 31.

If that happens, unemployed workers could see their income fall to the average benefit states provide -- which would mean a drop of just over 64% compared with the expanded benefit. This could affect not just the unemployed, but everyone who depends on a functioning U.S. economy, including investors and those lucky enough to still be working. 

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Source Fool.com