Principles of Macroeconomics / Unit 5 MAC 0422 short lesson, about 20 seconds
Unemployment Insurance
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The idea
Unemployment insurance pays a share of prior earnings for a limited period to workers who lost jobs through no fault of their own.
In practice
It cushions the loss and keeps spending up in a downturn.
Where people slip
Receiving benefits is not what makes someone count as unemployed, and research finds longer benefits lengthen search, which is the tradeoff.
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