If Congress extends the extra $600 per week in unemployment benefits that it previously enacted for six more months, what portion of people who collect those benefits will receive more income by not working than by working?
The Congressional Budget Office recently reported that if Congress extends the timeframe for the extra $600 per week in unemployment benefits from July to December, "Roughly five of every six recipients would receive benefits that exceeded the weekly amounts they could expect to earn from work...." That equals 83%. Per the same report: "The additional $600 per week in unemployment benefits" would allow "people to continue to consume goods and services that they might otherwise be unable to afford, and this effect would have a positive impact on employment. However, "the effects from reduced incentives to work would be larger than the boost" from increased consumption of goods and services. Thus, the overall impact on employment would be negative.