The Unemployment Benefits Secret – Why It Pays to Stay Unemployed

Unemployment Benefits Playlist – Everything You Need to Know

Does it pay more to be unemployed right now? For low to middle wage earners, the answer is YES.

In this video, Dr. Nitin Chhoda outlines the current state of unemployment benefits in the country, and explains THREE things related to your unemployment insurance claims:

1. The state will make the final interpretation
2. Depends on your job before the crisis started
3. Every situation is different

Roughly 40% of workers stand to make more money while unemployed than from their former jobs, according to one analysis of expanded benefits. This is especially true for lower-wage earners, who are concentrated in certain industries like retail, accommodation and food services.

We will also cover the ‘dark side’ of unemployment benefits. The real unemployment rate, which includes people who are not looking for work or are underemployed, already stands at 22.8%.

The Secretary of the Treasury Steven Mnuchin acknowledged that the jobless rate may be even higher and stand at 25%. “The reported numbers are probably going to get worse before they get better,” he said.

“This is no fault of American business, this is no fault of American workers, this is a result of a virus,” Mnuchin told Chris Wallace during an interview on “Fox News Sunday.” “The reported numbers are probably going to get worse before they get better,” he said, adding that “next year is going to be a great year.”

In just over a month, the pandemic has erased all job gains since the Great Recession, bringing the country’s decade-long economic growth to a screeching halt.

However, many unemployed people (who have had their applications successfully processed) are now reaping a financial benefit from their layoffs. Some could more than double their prior salaries. These variations are largely a function of a state’s wages and unemployment generosity.

Generally, the lower the wages and the greater the unemployment benefits in a state, the more it pays to be unemployed. (This does not account for the negative effects of long-term unemployment such as suppressed wages or benefits like health insurance that an employer may offer.)

In normal times, state unemployment benefits replace less than half of prior wages for out-of-work Americans. That’s meant to incentivize individuals to find a new job and provide financial support until they do. The $600-a-week booster from the Federal Government changes the dynamics of unemployment benefits

Note – just because a worker is unemployed doesn’t mean they will be necessarily be deemed eligible by a state. And workers in most states have had significant challenges filing applications for unemployment benefits and getting them processed amid record volume surges. Some have waited months without seeing a single payment, and are still waiting.

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  • Florida Rideshare driver here. Was earning $400-$500 less expenses per week. Now collecting $125 Weekly UI and $600 Booster. Also approved for $1000 from SBA Disaster Loan Assistance program. All while collecting monthly SS payments as a senior. Stay on top of your applications,. Be patient and be positive.

    EJ Knowes May 31, 2020 6:45 am Reply
  • I was working part-time job more than 8 years with same Company and never get lack of. My last day is April 22 . Am work between 6 hour a day and about 36 hour a weeks. And for the first time I get my Unemployment benefit or UC yesterday and total is $1350. Did any body had any idea about $600 Benefits is ? Am life in PA

    Salsa Sokolski May 31, 2020 6:45 am Reply
  • Were are the jobs you never talk about and a lot of persons still have not received or been able to apply so there is no income for those persons July the 600a week unemployment Will be no more
    Keep in mind some have young kids at home because of schools closed

    deb ray May 31, 2020 6:45 am Reply
  • I was on temporary disability from workers Comp , I haven’t been denied but I have not been approved either but I’m hoping I get better soon I already lost my job as a pre school !! They closed down the preschool.. something that I’m concerned it’s that no one has talk about non profit organization that don’t pay unemployment so we don’t get unemployment because is no money paid for us😢 like me that I worked for a church preschool a nonprofit organization, that doesn’t pay unemployment I got injured at work and dislocated and had fractured in my arm

    Norma Avina Elera May 31, 2020 6:45 am Reply
  • Trump makes 1200 stimulus every hour maybe minutes it's peanuts to him

    Me You May 31, 2020 6:45 am Reply
  • But how do you know WHEN to return to work to maximize your income? Gig Drivers should check out
    for a state-by-state breakdown…

    Jim Thompson May 31, 2020 6:45 am Reply
  • Go back to work you lazy bastards 😂

    Sonic Cruz May 31, 2020 6:45 am Reply
  • If I cash out my old 401(k) now, will it reduce my current UI benefit?

    David C. May 31, 2020 6:45 am Reply
  • I filed 03/22/20 live in Florida and haven’t received a dime. Electrician and HVAC license due in June and still no help.

    Dee Smith May 31, 2020 6:45 am Reply
  • Hey I'm on unemployment…it was hard to find a job in logistics sales is you are 42zyears old like me who is good at sales but not a fucking millennial in a field where millenials are doing all the hiring…that being said before the 600 per week I was making 350 per week and it was a struggle to survive in this economy…if you think that I want to be unemployed you need to get a fucking clue. I am saving the extra cash to get a new place when I get a job in the next few months. I dont plan on being on ot forever. You dont sound that sympathetic and need to get a clue bro. I dont think I'm gonna be getting a job as a coal miner.

    Sam Nathan May 31, 2020 6:45 am Reply
  • If USA cut the super bloated military spending budget (which doesn't produce anything really productive just destructive) everybody could stay home and get paid for a few years and culture would bloom.

    Marc Bell May 31, 2020 6:45 am Reply
  • What's the secret ?

    CANDIDVOICE 4Humanity May 31, 2020 6:45 am Reply
  • Yeah but it's know secret that extra money will end in July

    CANDIDVOICE 4Humanity May 31, 2020 6:45 am Reply
  • why i havent recieved my unemployment check furlowed 4/20

    Linda Kane May 31, 2020 6:45 am Reply
  • Mine has been pending payment for mnth now!! No letter from Ct DOL but I got 3 emails 1st saying my claim was processed..2cd said it was put in temporary shutdown..3rd email said I can begin to file reg claim on ct dol website…so what gives why am I not gettin my payments!!!????????

    sara byczynski May 31, 2020 6:45 am Reply
  • What if your a school bus driver who has high blood pressure and nervous about returning to work due to the high volume of children your exposed to in August when schools resume ?

    Tru Vision & Sound LLC May 31, 2020 6:45 am Reply
  • It 13 week umploment boost $600 . Yes or no

    Alvin Gomez May 31, 2020 6:45 am Reply
  • Stay home? You should be ashamed of yourself. Only if there is no other choice. Doesn’t matter if it pays more!!! Where do you think this money is coming from???

    Michael McGregor May 31, 2020 6:45 am Reply
  • How do I get the unemployment Application for the state of Tennessee Can somebody help me I’ve been looking online and cannot find it

    Bonnie Marks May 31, 2020 6:45 am Reply
  • G

    Jason Leonard May 31, 2020 6:45 am Reply
  • Omg. This is horrible.

    yamile rodriguez May 31, 2020 6:45 am Reply

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