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Blog Post May 13, 2020

Incomes Have Crashed. How Much Has Unemployment Insurance Helped?

The rapid contraction of the economy this spring has shattered records for the speed of onset of a recession. One of the most economically important pieces of the nearly $3 trillion policy response has been the rapid expansion of unemployment insurance (UI). Our preliminary calculations suggest that UI offset a small portion of personal income loss in March 2020, but roughly half of lost wages and salaries in April.