$600/wk Unemployment Insurance cannot deliver the benefits of a $600/wk Job Guarantee. From the outset, I should say JG is not a replacement for UI, no matter what you may have heard. I’ll get to this later, but read this long 🧶 w/ that in mind.
Surprised so many smart people bought into the idea that $600/wk UI is the same as $600/wk job guarantee (or better) or that JG jobs must be inherently inessential. I\u2019ve addressed this many times & will post a thread later. Trying not to spend precious family time on Twitter.
— Pavlina R Tcherneva (@ptcherneva) December 29, 2020
UI is temporary, which makes matters worse. Even if it were permanent, it still won't resolve the problem of job scarcity.
Or we could choose differently. Thanks for reading. For more: https://t.co/jbpiJDgQ7J
More from Economy
The International Monetary Fund (IMF) is analyzing damage due to COVID and projecting further severe consequences if current policies persist. They state “despite involving short term economic costs, lockdowns may lead to faster economic recovery by containing the virus”
1/
Note: This report doesn’t do a dynamic analysis that makes things much clearer, but it does a thoughtful statistical analysis based upon increasingly available data.
https://t.co/5Xmt8y7lCL
A few more quotes:
2/
“The analysis also finds that lockdowns are powerful instruments to reduce infections, especially when they are introduced early in a country’s epidemic and when they are sufficiently stringent.”
3/
“lockdowns become progressively more effective in reducing COVID-19 cases when they become sufficiently stringent. Mild lockdowns appear instead ineffective at curbing infections.”
4/
“The results suggest that to achieve a given reduction in infections, policymakers may want to opt for stringent lockdowns over a shorter period rather than prolonged mild lockdowns...
5/
1/
Note: This report doesn’t do a dynamic analysis that makes things much clearer, but it does a thoughtful statistical analysis based upon increasingly available data.
https://t.co/5Xmt8y7lCL
A few more quotes:
2/
“The analysis also finds that lockdowns are powerful instruments to reduce infections, especially when they are introduced early in a country’s epidemic and when they are sufficiently stringent.”
3/
“lockdowns become progressively more effective in reducing COVID-19 cases when they become sufficiently stringent. Mild lockdowns appear instead ineffective at curbing infections.”
4/
“The results suggest that to achieve a given reduction in infections, policymakers may want to opt for stringent lockdowns over a shorter period rather than prolonged mild lockdowns...
5/
Does raising the minimum wage reduce the number of low-wage jobs?
No.
"We also find no evidence of disemployment when we consider higher levels of minimum wages."
https://t.co/vlgagEHeyy
Minimum wage increases reduce crime.
https://t.co/1G1clXqF9t
When you increase the minimum wage, you decrease infant mortality among poor families.
https://t.co/iwW1FDsLYG
Increasing the minimum wage improves kids' health.
https://t.co/66DLHERpOJ
The minimum wage reduces racial income inequality.
https://t.co/wkn9Ajotlx
No.
"We also find no evidence of disemployment when we consider higher levels of minimum wages."
https://t.co/vlgagEHeyy
Minimum wage increases reduce crime.
https://t.co/1G1clXqF9t
When you increase the minimum wage, you decrease infant mortality among poor families.
https://t.co/iwW1FDsLYG
Increasing the minimum wage improves kids' health.
https://t.co/66DLHERpOJ
The minimum wage reduces racial income inequality.
https://t.co/wkn9Ajotlx