The Nomad Economist: How Trillions in Stimulus Money Created a Labor Shortage

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The Nomad Economist
Premiered May 10, 2021

If you’re tired of binge-watching Netflix, there are likely a few restaurants in your neighborhood who would love to hire you. A job might help relieve the boredom.

On the other hand, why work when one can just be one of the more than 6 million former workers now collecting “pandemic unemployment insurance”? Those millions are in addition to the 3.6 million former workers collecting ordinary unemployment insurance. For many workers, these benefits now total $300 per week. In March, President Biden extended the program until September.

And then there are the many millions more who have recently received a piece of the third round of stimulus payments. All three bailouts combined to total around $460 billion in checks mailed out to Americans.

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