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1 Economic Effects of Additional Unemployment Benefits of $600 per Week 1 (June 4, 2020)

handle is hein.congrec/ecesoalut0001 and id is 1 raw text is: 1 CONGRESSIONAL BUDGET OFFICE Phillip L. Swagel, Director U.S. Congress Washington, DC 20515 June 4, 2020 Honorable Charles Grassley Chairman Committee on Finance United States Senate Washington, DC 20510 Re: Economic Effects of Additional Unemployment Benefits of $600 per Week Dear Mr. Chairman: At the request of your staff, the Congressional Budget Office has examined the economic effects of extending the temporary increase of $600 per week in the benefit amount provided by unemployment programs. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, that increase in unemployment benefits is in place through July 31, 2020.1 CBO estimates that extending that increase for six months through January 31, 2021, would have the following effects: Roughly five of every six recipients would receive benefits that exceeded the weekly amounts they could expect to earn from work during those six months. The amount, on average, that recipients spent on food, housing, and other goods and services would be closer to what they spent when employed than it would be if the increase in unemployment benefits was not extended. See Congressional Budget Office, cost estimate for H.R. 748, the CARES Act, Public Law 116- 136 (April 16, 2020, revised April 27, 2020), wwwcbo.gov/publication/56334; and Julie M. Whittaker and Katelin P. Isaacs, Unemployment Insurance: Legislative Issues in the 116th Congress, Report R45478, version 10 (Congressional Research Service, April 10, 2020), https://go.uisa.gov/'xwCCP. www.cbo.gov

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