Economy

Kudlow: Extra $600 in unemployment a 'disincentive' to return to work

Kudlow: Extra $600 in unemployment a 'disincentive' to return to work”

The Trump administration is not seeing a second major wave of COVID-19 cases in the United States, White House Economic Adviser Larry Kudlow said on Friday.

Kudlow said the $600-a-week bonus payments made to some Americans laid off during the coronavirus pandemic will end as planned on July 31 to prevent a "disincentive" for workers to return the jobs market.

Kudlow presented an optimistic outlook on State of the Union, saying "we are in the recovery stage" as he forecast rapid job and financial recovery. I mean that testing itself has jumped, so you will get a little more positive than that. "It's better than their salaries" in some instances.

He said the payments will end in late July.

"The distinction between being unemployed and out of the labor force likely has become especially blurred", the report said.

Fed Chair Jerome Powell acknowledged the continuing employment hardship for millions of Americans.

Though job loss is still high in the USA, the number of new jobless claims has continued to decline each week since peaking in mid-March, as more businesses begin to reopen with the loosening of restrictions.

"Unemployment remains historically high", he said at a news conference.

More news: 'Still My President': Twitter Celebrates Donald Trump's Birthday by Honouring Barack Obama

The country is still reporting unemployment numbers not seen in decades.

The national unemployment rate dropped to 13.3% in May from 14.7% in April as states relaxed stay at home orders and allowed businesses to reopen under certain conditions.

But Kudlow appears to contradict himself practically right away by expressing some places are up - although he is rapid to say the Trump Administration has it managed.

"We want people to go back to work", Kudlow said.

Pressed by host Jake Tapper on whether he believes people also should be wearing masks at President Donald Trump's first campaign rally since lockdown in Tulsa, Okla., Kudlow said: "Well, okay. I really do not know in which that acquired started out on Wall Road", he stated.

"We are on our way, we are reopening, and businesses are coming back, and therefore jobs are coming back, and we don't want to interfere with that process", he said.

"However, at the margin, incentives do matter". She has a degree in journalism from the University of North Carolina at Chapel Hill.

Bailey Aldridge is a reporter covering real-time news in North and SC.



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