Recipients of Social Security Benefits Are Fewer in Number!
The U.S. government has spent $6 trillion on humanitarian aid since the Great Recession began. A total of $804 billion in stimulus funds were distributed.
People and families with low to moderate incomes benefited from this money. Three rounds of stimulus payments were used to disburse the funds.
American citizens, on the other hand, were able to rely on unemployment insurance payments. In the wake of the pandemic, unemployed assistance grew to unprecedented proportions.
From March 2022 to July 2021, around $794 billion in payments were paid out. People who are jobless receive nearly $1.5 billion per week in government assistance.
In early April 2020, the number of people claiming unemployment benefits hit a record high of 6.137 million.
The Number of People Working in the United States Has Increased
In March, 431,000 new workers were added to the American workforce. The current unemployment rate is 3.6%. In 2019, the pre-pandemic rate was 3.5%.
However, it is a step forward. Economists had predicted a higher rate of job growth. To get back to where it was in February 2020, the economy will have to hire an additional 1.6 million people.
In March, the number of persons without jobs dropped by 60,000 to 6,000,000. The number of those who have lost their jobs for good has dropped to 1.4 million.
Read More:
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- This Week, Social Security Offices Reopen After a Two-year Absence!
- Social Security: 4 Ways You Might Not Expect to Lose Your Benefits| Latest Updates!
Decreases in Weekly Jobless Claims
There has been a decrease in the number of people claiming unemployment benefits. Thus, claimant numbers have fallen to their lowest level in 53 years. The number of claimants dropped by 5,000.
The number of people applying for state unemployment benefits has fallen to 166,000. Michigan and Texas were the two states that saw the biggest decreases in payments. California, Ohio, and Pennsylvania all saw decreases as a result of this adjustment.
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Max Hawdon
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