Benefit cut in half but it's coming
Economic advisor Larry Kudlow says a new order will be issued that eliminates the requirement that states kick in 25% of the emergency unemployment funds, according to CBS. So the Federal Government will pay $300/week by itself.
However Kudlow said it will take two week to get running, which takes us to the 25th of the month and that's going to leave a big dent in consumer spending. However it will be backdated to Aug 1 and that should be a decent windfall when it comes.
Still, $300/week is still much less than $600 and that's going to cut discretionary spending going forward. Congress also appears to be stuck on progress towards a real deal and the legality of this proposal is dubious and will be challenged.
So for every answer there is a new question but at least some real money appears to be on the way.
The problem with the state-matching proposal was that states had to administer it and they simply weren't set up to send out the checks in a reasonable timeframe, let alone spending the money they don't have.
