Will Failure To Extend Unemployment Benefits Destroy 600K Jobs?

One of the hot issues up for debate in the lame-duck Congress is the possible extension of unemployment benefits.

Given the ongoing labour market weakness, The White House is aggressively pushing for their extension.

While many folks on the right would argue that unemployment insurance makes the labour situation worse — by creating a disincentive to work — The White House’s stance is that the destruction of aggregate demand will weaken the economy and cause joblessness to rise.

This chart (via Econbrowser) shows their estimates:

chart

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