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Tens of Millions Still Relying on Unemployment Insurance

This is a syndicated repost published with the permission of Statista | Infographics. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Federal pandemic unemployment benefits of $600 a week ended at the beginning of August, leaving many in the U.S. desperate for an extension or a new form of income. Despite pleas from Americans to extend the insurance due to continued job losses and business closures, Congress has failed to reach a new stimulus deal, with the Senate adjourning through Labor Day. New data shows how tens of millions of Americans are still relying on unemployment insurance while Congress continues to deliberate.

According to the Economic Policy Institute, nearly 30 million people in the U.S. are either currently on unemployment insurance or are waiting for approval. The bulk of these are continued insurance claims that in some cases have lasted for months. While a majority of these continued claims come from state-issued insurance, nearly 11 million are reliant on the federal government’s pandemic unemployment insurance.

Along with unemployment benefits expiring, the federal eviction moratorium also expired at the beginning of August. Unless a city or state has continued its moratorium, people renting apartments or houses are now required to continue paying rent even if they have no source of income after losing their job due to state- and federal-issued COVID-19 restrictions. Reports of an impending eviction crisis show upwards of 20 million Americans are at risk of eviction in the coming months if a federal moratorium isn’t extended.

This chart shows the number of U.S. workers who are on or are waiting for unemployment benefits.

unemployment insurance covid

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