The emergency federal unemployment insurance (UI) program is set to expire at the end of the month. If Congress fails to extend it:
Besides the obvious benefit of supporting unemployed workers and their families at a time when there is still only one job opening for every four unemployed workers, UI is one of the most cost-effective ways to support the economic recovery. CBO ranked it first in its bang-for-the-buck effectiveness among the measures it examined. Mark Zandi, Chief Economist of Moody’s Economy.com, estimates that failure to continue emergency UI benefits could reduce GDP by 0.3 percentage points this year and cost hundreds of thousands of jobs.