loader image
Sunday, November 10, 2024
91.3 F
McAllen
We Welcome your Press Release
- Advertisement -

Second Stimulus bill Needed to Prevent Additional Job Losses

Translate to Spanish or other 102 languages!

Russell Weaver (Cornell University)

Mega Doctor News

- Advertisement -

By Cornell University

On Thursday, the Senate failed to pass a pared-down coronavirus relief package and the U.S. Department of Labor reported more than 857,000 workers filed new unemployment claims in the past week.

Russell Weaver, an economic geographer with Cornell University’s School of Industrial and Labor Relations (ILR) Buffalo Co-Lab says an increase in job losses are likely if appropriate actions are not taken to stimulate the economy.

- Advertisement -

Weaver says: 

“State and local governments are facing huge revenue shortfalls that will necessitate budget cuts. Those cuts could result in additional public sector job losses at a time of elevated demand for public sector services. Similarly, new weekly unemployment insurance (UI) claims are ticking up again, as are cases of COVID-19 both nationally and across New York State.

“There is compelling evidence that the extended $600/week UI benefits substantially lessened the pandemic’s negative economic impacts, as they enabled households to continue to spend and pay rent despite unprecedented job losses. The expiration of those benefits will likely coincide with reduced household spending on average, particularly among working class households. Lower consumer spending will mean lower sales tax revenues for state and local governments, and lower revenues for many private sector businesses, large and small. 

“In both cases, public and private, prospects of lower revenues mean that additional job losses are possible if appropriate actions are not taken to stimulate the economy. Renewing the extra UI benefits and providing additional direct cash support to households are two components of a people-centered recovery. Additional federal aid to state and local governments is another one.” 

- Advertisement -
- Advertisement -

- Advertisement -

More Articles

STHS Children’s Pediatric Intensivist Receives Honorary Doctorate in His Native Country for Excellence in Medicine

Mega Doctor News Home to the largest pediatric intensive care unit (PICU) in the...

Texas A&M Public Health Students Lead Health Events in RGV Colonias, Nov. 9th & 16th

Mega Doctor News McALLEN, Texas - Students from the Texas A&M University Higher Education...

Groundbreaking for New Behavioral Health Hospital, Nov. 12th

Mega Doctor News PHARR, Texas – The City of Pharr and DHR Health will...

STHS Introduces New Digital Resuscitation Training & Education

Mega Doctor News Patients who suffer a cardiac arrest must receive the...
- Advertisement -
×