The US economy has reopened and remains strong despite rising unemployment rates expected to skyrocket to almost twenty-percent. Over a ten-week period, there have been over 40.8 million unemployment benefit claims filed, and the count is still rising. The US workforce market has taken a beating, and it will take time to recover, but the whole country has fortunately received a much-needed lift thanks to the CARES Act. However, this has no effect on rising unemployment rates. After all, May 2020 alone saw an additional 7.5 million people out of jobs. Let’s delve closer into the current state of US stimulus and unemployment.
$2.2-Trillion in Stimulus
The Federal Government has pulled out all of the stops to keep the economy stable. The Recovery Act of 2009 delivered massive relief arriving at a value of approximately $787 billion, but not even this compares to the $2.2 trillion-and-growing stimulus package rolled out to grant security to the nation amidst the coronavirus pandemic by President Trump. Stimulus checks create cash flow, allowing spending in a time when the economy needs it the most. This is why it is vital for every citizen who has had their income compromised by COVID-19 to claim due compensation in the form of either unemployment benefits and Pandemic Emergency Unemployment Compensation, or Pandemic Emergency Unemployment Compensation by itself.
The Heroes Act
The USA’s current economic stimulus package is set to run out at the end of July, but there is already another package in the pipeline to provide further funding in order to prevent a drop and spending while rising incomes. Democrats have proposed the 1,815-page “Heroes Act” that dictates an additional $500-billion in funding for the state government, and an additional $375-billion for local officials. The total proposal comes to approximately $3-trillion in relief. Should this be passed, citizens will see another round of stimulus checks to the value of $1200 maximum for those earning a maximum of $75,000 per year. The Heroes Act would extend unemployment benefits through the beginning of 2021.
The US Economy’s Future
All of the stimuli supplied and the stimulus in the pipeline are being provided to counteract the effects of a stressed economy. Exports are down, trade goods are in a deficit, and sector-wide difficulty is being experienced. Low-income earners and those on the threshold of medium-earnings are receiving benefits equal to or exceeding their conventional salaries. There has never been a better time to put your finances toward your career and focus on growing yourself or a business endeavor. Whether you’re pushing money into marketing yourself using a paid platform or bootstrapping a new startup, putting our stimulus checks to work is going to guarantee that we come out thriving as individuals and as an economy.
Opportunities During A Time of Pandemic
Look towards remote work, the gig economy, and even consider starting up a new business or initiative with the help of a grant. Government grants and funding are a constant source of economic turnover and a wonderful resource for the driven entrepreneur during times of crisis. The way that we do business has changed, and this brings with it a completely new approach to opportunity. There’s never been a better time to create your own opportunities, while at the same time, all labor is being valued more than ever. Yes. Jobs are scarce, but conventional services and basic products are no longer delivered in the same way and skilled labor is sought-after. New roles are emerging, with even more lying latent soon to emerge. Job seekers and entrepreneurs need to stay aware of all happenings within their sector and adjacent industries. Never stop searching, and don’t stop pushing.
Change Is Here – Stay Positive, And Keep Pushing Forward
US Unemployment rates are the highest that they’ve ever been, but they still haven’t reached the Great Depression’s 25% Today, in spite of COVID-19, we are better equipped, better prepared, and better funded than ever. Even though certain low-income households are seeing more cash in hand, almost half the country isn’t seeing even half their income returned. All this means is that we are going to have to work smarter, more cohesively, while minimizing our costs and, in turn, lessening the overall impact on the environment.
Everything has its upside, and by focusing on the things that matter, we’ll make it through this together. Stretch that budget, and never stop looking forward. Business is changing, and we too must shift our mindsets and methodologies. Get yourself back into the rat race but kick things up a gear, and look towards new opportunities. MyOpportunity has you covered with premier posting, matching and messaging to a network of people, companies, and brands best matched to your job search, gig marketing, or business networking. Give us a try and kickstart your job search today to help the USA make a turn-around in unemployment.