Permanent Funemployment

by | May 9, 2020

Permanent Funemployment

Millions of people have filed for unemployment… and some might keep it that way.

In mid-March, the pandemic started to force millions of people out of work and applying for unemployment. According to the San Diego Union Tribune, that was true for the Southern California city as well.

About two weeks later the first phase of the Federal Cares Act was passed, which gave people in the city an extra six hundred dollars a week. One man told the tribune that with unemployment and the assistance from the government he is making two hundred and fifty dollars more a week than when he was actually working.

The extra six hundred dollars runs out at the end of July but businesses looking to reopen are concerned. It could be tough for companies to lure back employees who discover they can make more by doing nothing. Especially with some lawmakers introducing bills to extend compensation payments through the end of the year.

Some businesses have secured loans to hire employees back but have been turned down. Hard to compete with more cash for no work.

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Brian Banmiller

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CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.

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