. @RyanDNunn, @janamkparsons, and @JayCShambaugh released a new analysis on one of the most important pieces of economic policy support since the onset of #COVID19 in the U.S.— the rapid expansion of #unemployment insurance ( #UI): https://www.hamiltonproject.org/blog/incomes_have_crashed_how_much_has_unemployment_insurance_helped

As tens of millions of jobs evaporated nearly overnight, output fell rapidly, and personal incomes took a major hit due to #COVID19, Congress expanded UI eligibility, added a $600 weekly payment, and extended maximum length of time under the #CARESAct.

During the month of April, #UI payments totaled over $48 billion—the equivalent of over 3x more than paid out at the monthly peak of the Great Recession.

As a result, #UI has begun to offset income losses resulting from the pandemic. While UI payments only offset less than 15% of the drop in income in March 2020, our preliminary calculations suggest it offset roughly 50% of lost income in April.

However, administrative challenges have slowed the flow of UI payments to many eligible recipients, leaving them stranded without income. For example, it has taken longer for states to accommodate the expanded eligibility under Pandemic Unemployment Assistance (PUA).

If #UI payments were made as soon as UI claims were reported, total UI payments would have been quite higher, roughly $32 billion more in the first four weeks of April than was actually paid. #unemploymentbenefits

There are other ways in which #UI is not reaching all who need it. Many people simply have not filed for #unemployment insurance due to either a lack of awareness or because of the difficulties in accessing state UI systems.

For #UI to continue helping to fill the gap in income loss, @RyanDNunn, @janamkparsons, and @JayCShambaugh say it is essential that:

Eligible individuals receive their UI payments

Expanded benefits are maintained according to economic data, not arbitrary timelines