Unemployment Benefits Expiring

Reports from Washington indicate progress is being made on a new round of stimulus support in the U.S. The proposed $908 billion bipartisan plan would offer relief money for local and state governments, as well as liability protections for businesses. It would not include more direct payments. With 2021 quickly approaching, the absence of a passed bill would mean millions of unemployed Americans would once again be ousted from any coronavirus relief benefits passed earlier in the year.

Survey data from Morning Consult shows 19 percent of respondents had unemployment benefits expire already in November, with another 47 percent saying their benefits expire in December. The final 34 percent expect their benefits to expire sometime during the next year.

In the same survey, over half of the respondents said their current unemployment insurance is insufficient for paying basic expenses – a trend that has risen substantially since July. After falling at the end of summer, anxiety about the security of existing jobs is also rising for many Americans. Overall, Morning Consult’s survey shows a growing number of U.S. adults are becoming financially vulnerable to end the year. High-income Americans making more than $100,000 a year remain some of the few that are optimistic in their ability to weather the financial storm during 2021.