According to an analysis from economists at the University of Chicago, 68% of unemployed workers in The United States are making more money than they did while they worked.
A new analysis by Peter Ganong, Pascal Noel and Joseph Vavra, economists at the University of Chicago,1 uses government data from 2019 to estimate that 68 percent of unemployed workers who can receive benefits are eligible for payments that are greater than their lost earnings. They also found that the estimated median replacement rate — the share of a worker’s original weekly salary that is being replaced by unemployment benefits — is 134 percent, or more than one-third above their original wage.
This shows us just how much of a failure our government solutions have been to the Chinese Coronavirus. The goal should be to keep Americans living well. The goal should be to allow Americans to feed their families and have jobs to come back to. However, it is clear that all we have done is incentive Americans not to work while making sure that they may not have a job to come back to after the pandemic is over.
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