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Thousands of Tennesseans are about a week away from losing all or part of their unemployment benefits.
The cuts, scheduled to occur July 3rd, include the extra $300 per week from the feds, an end to all unemployment benefits past the standard timeframe, AND those who are gig workers or self-employed. New data, (here) however, suggests that cutting off unemployment won't push people into finding work. A dozen states ended their extra unemployment benefits over the past two weeks...and yet job searches are about 4% below the national average in those states. The data, comprised by Indeed, says clicks on job posts in those states is well below that of the average job seeker. Why these numbers are still remaining stagnant is anybody's guess. Economists are struggling to find answers. One tweeted that "no one says it's a 'consumer shortage' if companies offer high prices and bad service...yet some say it's a 'labor shortage' if companies only offer low wages and bad benefits." A quick search on Indeed's website (here) shows Jackson Tennessee had 269 full time job openings posted over the last week. More than half of the jobs pay $15 or less an hour. There is also the negative retail impact that shutting down the benefits will create. Studies have found that Tennessee retailers will lose over $450 million in sales that would have been fueled by continued unemployment benefits. If your family is struggling because you didn't qualify for unemployment, or are about to lose your benefits....call us at the law office of T. Verner Smith. Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach. Call us at (731) 423-1888 and schedule a free consultation.  Much has been talked about in the news about the number of jobs available in Tennessee. Most cite the state's 'Job Board' currently listing of over 260,000 job openings. But a recent analysis found that only 3% of those jobs listed pay $20K or more. The federal poverty line for a family of three is about $22K. So 97% of the jobs available on the state's site pay less than the federal poverty line for the average family? Apparently so. The number of 'available' jobs, at more than 260,000, may also be inaccurate, as the analysis also found almost 200,000 of those listings are more than a month old.
Will Tennesseans who have been looking for a job to support their family be forced into taking one of those 'under $20K jobs'? Maybe so. Will that magically fix the problem? Of course not.  Last week's blog explored the likely results of the July 3rd shutdown, and how $480 million will also be taken out of Tennessee retail cash registers as a result. Read that blog here.
If your family is struggling financially....call us at the law office of T. Verner Smith. Through restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach. Call us at (731) 423-1888 and schedule a free consultation. More than half of Tennessee's unemployed about to lose benefits - here's why this is a bad idea.6/8/2021
 Tennessee residents have known for weeks that 'federal' unemployment assistance is coming to an end on July 3rd. But a new report explains how that loss can impact ALL Tennesseans. The report, (here) issued by the Joint Economic Committee in Nashville, found that 64% of those who qualified for unemployment in May, will no longer qualify after July 3rd. Those groups are primarily folks who have exhausted their state benefits, gig workers, and the self-employed. That's not great news for businesses either. Here's why... The report also found that every 'dollar' distributed through the unemployment system generates $1.61 in local spending. Based on those numbers, when Tennessee's unemployed lose $300 million in benefits over the next few months, Tennessee businesses will feel a $480 million negative impact. As the report states, "By ending these programs early, states are refusing billions of already appropriated federal dollars that could be spent in local groceries, restaurants, and retail shops.  This will not force the unemployed to go to work.
Another report (here) notes that all indicators suggest this 'cutting off' of unemployment benefits just won't work. The chief economist for the AFL-CIO noted that the share of unemployed workers flowing into employment has gone unchanged since last summer. Even the best estimates suggest about 25% of the unemployed workers will find jobs. So what will the other 75% turn to? The options are few, and most will impact the general public in a negative way: alcohol, drugs, and crime almost always follow. If your family is struggling because you didn't qualify for unemployment, and stimulus checks and child credits are still keeping you behind the eight ball....call us at the law office of T. Verner Smith. Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach. Call us at (731) 423-1888 and schedule a free consultation.  A new study has found that 60% of jobless workers never received any unemployment aid. (study)
Surprisingly, the study found that young workers, black workers, Asian workers, and those without a 4-year degree were all less likely to be receiving benefits compared to other groups. The reasons for not receiving benefits included, being unsure how to apply, ineligible, applied and waiting, and applied but never received. The study also found that those who became unemployed early in the pandemic were much more likely to receive benefits (40%), compared to those who were unemployed late (18%) . Studies such as these have added fuel to the fire of a potential 4th stimulus check and/or a continuing monthly stipend for qualified families. Analysts, however, think those additions are 'on hold' while the White House wants the focus to be on the $2 trillion 'infrastructure' bill currently being debated. If your family is struggling because you didn't qualify for unemployment, and stimulus checks are a drop in the bucket compared what you need to stay afloat....call us at the law office of T. Verner Smith. Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach. Call us at (731) 423-1888 and schedule a free consultation. |
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