ON THE JOB
THINK ABOUT THIS
Despite headline strength, with 4.8 million jobs created in the month of June, the Labor Department’s report on Thursday has not reduced the sense of urgency for another round of stimulus. Although we are glad that so many workers are returning, we note an uncomfortable underlying trend. Long-term unemployment continues to rise. Many workers are returning to jobs, but increasing numbers of jobs are being permanently lost.
Although we believe a deal will be reached before the July 31 deadline, unemployment insurance is becoming controversial. Democrats want to extend the weekly payments until next year and reduce aid gradually as the unemployment rate falls. The White House and congressional Republicans have been discussing replacing unemployment checks with temporary back-to-work bonuses. The progress of the next bill will not be as smooth as recent emergency measures, which were as impressive as much for their bipartisan support as for their speed and scale.
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