Insights into Economic Trends and Policies
Explore a variety of economic data and policy measures including unemployment rates, fiscal stimulus programs like the CARES Act, and the challenges of implementing universal basic income (UBI). Gain a comprehensive understanding of economic implications and potential solutions.
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Presentation Transcript
An unequally distributed depression Paul Krugman
Unemployment over the long run 25 20 15 10 5 0 1974 1929 1934 1939 1944 1949 1954 1959 1964 1969 1979 1984 1989 1994 1999 2004 2009 2014 2019 Backcast BLS+estimate
Change in furniture employment, 2000-2007 US North Carolina Hickory 0 % of total 2000 employment -1 -2 -3 -4 -5 -6 -7 -8
The CARES Act: $1200 one-time checks Payroll protection : Forgivable small-business loans Expanded and enhanced UI, $600/week supplement
The CARES Act v UBI Consider just the supplemental UI: $600/week, would be $30K/year if extended US nonelderly adults ~200 million So unconditional grants UBI on the same scale would cost $6 trillion/year = 30% of GDP, which is inconceivable UBI would have to be much less generous => extreme hardship for laid-off workers
