Newswars reported that a large majority of unemployed Americans can receive more in unemployment benefits than what they were earning while being gainfully employed.
During the last few months, 36.5 million Americans have filed for unemployment benefits, which prompted Congress to take action in order to tackle this abrupt increase in jobless claims.
However Newswars noted one problem with Congress’ response:
But by giving all of these unemployed workers a repeating 600 dollar bonus on top of existing unemployment benefits, Congress has actually created a very powerful incentive for Americans to be unemployed and to stay unemployed for as long as the bonuses last.
According to a number of well-known economists at the University of Chicago, 68 percent of Americans that are currently unemployed can now earn more money than when they actually held work.
A new study by Peter Ganong, Pascal Noel and Joseph Vavra, economists at the University of Chicago, takes government data from 2019 to estimate that 68 percent of unemployed workers who are able to receive benefits can qualify for payments that are greater than their lost earnings. They also discovered that the estimated median replacement rate — the portion of a worker’s original weekly salary that unemployment benefits are now replacing — is 134 percent higher than their original wage.
Per CNBC, workers in the restaurant and hotel industry can potentially receive “182% of their previous wages”
With these facts in mind, the temptation for Americans to not go back to work is quite high. After all, these benefits are quite generous and can foster dependency.
Additionally, many of these jobs may never come back. According to the Atlantic, “hundreds of thousands of companies” have shut down during this state-induced economic collapse.
Newswars offered a bleak picture regarding these closures:
Small-business activity has plunged nationwide by nearly 50 percent. Hundreds of thousands of companies have already failed. Big retailers such as J.Crew and Neiman Marcus have filed for bankruptcy, while others, including Macy’s, are teetering. By some measures, scarcely one-third of Americans say they are working. Next month’s jobs report will likely show that, for the first time since World War II, a majority of Americans aren’t officially employed.
America will need to get back to work.
Prolonging these shutdowns will leave millions vulnerable and put an even larger fiscal strain on the government as it spends even more money to keep people afloat.
The lockdowns are clearly taking a toll and Americans need a coherent reopening plan to get back on their feet.
HISTORIC: President Trump Brokers Two-State Solution Between Israel and Palestine
On August 13, 2020, Israel and the United Arb Emirates announced that they will normalize diplomatic relations and establish new broad-based ties.
This represents a pivotal moment in Middle Eastern politics, as the hot-button political issues shift from the issue of Palestine to Iran. The Trump administration helped broker this deal.
Under this new agreement, Israel has nominally agreed to stop its plans to annex the areas of the occupied West Bank. This agreement also solidifies opposition to Iran, which has become stronger ever since the U.S. launched its disastrous invasion of Iraq in 2003. At the moment, the U.S. views Iran as the principal threat in the Middle East.
Israel previously signed peace agreements with Egypt in 1979 and Jordan in 1994. Up to this moment, the UAE and most other Arab countries did not maintain formal diplomatic or economic relations with the country until now. In normalizing relations with Israel, the UAE became the first Gulf Arab country to reach such an agreement with the Jewish state.
According to White House officials, the agreement was the result of extended discussions between Israel, the UAE, and the U.S.
In a joint statement featuring President Donald Trump, Israeli Prime Minister Benjamin Netanyahu, and Abu Dhabi’s Crown Prince Sheikh Mohammed Bin Zayed, they declared that they had “agreed to the full normalisation of relations between Israel and the United Arab Emirates.”
“This historic diplomatic breakthrough will advance peace in the Middle East region and is a testament to the bold diplomacy and vision of the three leaders and the courage of the United Arab Emirates and Israel to chart a new path that will unlock the great potential in the region,” the statement read.
Reuters reported that in another statement, the crown prince highlighted that the agreement would prevent further Israeli annexation of Palestinian land, which Israel claims to have been waiting for U.S. approval.
The agreement is known as the Abraham Accords. It provides Trump a foreign policy accomplishment as he pursues re-election in November.
“HUGE breakthrough today! Historic Peace Agreement between our two GREAT friends, Israel and the United Arab Emirates,” Trump Tweeted.
HUGE breakthrough today! Historic Peace Agreement between our two GREAT friends, Israel and the United Arab Emirates!
— Donald J. Trump (@realDonaldTrump) August 13, 2020
In a separate tweet, Jared Kushner, Trump’s son-in-law and senior advisor, announced that the Trump administration was able to get Israel to agree with Palestinian people on a two-state solution.
The White House’s Twitter account announced this development:
President @realDonaldTrump was able to get Israel to agree to a two-state solution with the Palestinian people—and, for the first time in history, agree to a map that outlined the territory.
President @realDonaldTrump was able to get Israel to agree to a two-state solution with the Palestinian people—and, for the first time in history, agree to a map that outlined the territory. pic.twitter.com/8r3DWmzzOx
— The White House (@WhiteHouse) August 13, 2020
The Trump administration revealed that deals similar to the UAE and Israeli agreement are being crafted by Israel and other Arab states.
This marks a change in strategy from the nation-building of the Obama and Bush administrations, which largely benefited the defense industry, and relied upon misguided hard power instead of smart diplomacy to settle disputes.
Time will tell if such policies will last.
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