The ongoing coronavirus pandemic has ensured that tens of millions of workers across the US lose their jobs. Return-to-Work Supplement Program (RTWSP) help people return to work after a workplace injury, accident, or incident, but sadly there are fewer jobs to return to. Here are some ways the government can generate new jobs and help revive the economy.
The current unemployment insurance system in the country and most states is underfunded and unreliable. People who have lost their jobs need to wait for months for the payments they deserve and often tolerate website glitches. A lot of people in the US have been unemployed for more than three months, and if this pandemic doesn’t get over soon, the finances and economic security of more people will be in danger. People want to return to work but they can’t as they fear for their health and because there are no jobs to return to.
The government needs to generate new jobs by adopting one or more of the following methods that most people agree can be quite successful in helping people return to work not only during the pandemic but in the post-COVID era as well. Here they are
- Reduce the Interest Rates
The central bank, like the Federal Reserve, should use its tools to stimulate the economy. It should reduce the fed funds rate as it will boost money supply, allow banks to lend more, customers to borrow and spend more. When customers spend more, businesses need to hire more, and the workers also get better purchasing power.
- Increase Spending on Public Works
People get to work when the government increases spending on public works like construction projects. The higher the number of projects kicked off, the better would be employability and return to work numbers.
- Boost Spending on Unemployment Benefits
When unemployed people have money to spend, the demand for goods like clothing, groceries, housing, etc. increases and it leads to more job creation.
- Cut the Taxes
If the government reduces the taxes, people/businesses keep more money they have earned, and they spend on stuff and again the demand increases, which leads to job creation.
- Spend More on Defense
The government can also increase defense spending, it leads to job creation and helps prepare the country to prepare for the worst-case scenarios. Exporting of defense equipment to other countries that need it can also help boost exports and generate new jobs in the US.
If you are looking for help in returning to work and you want to know more about a Return-to-Work Supplement Program (RTWSP), then you can trust the team of Laura M. Wilson & Associates Inc. We are a leading provider of Return-to-Work Supplement Program (RTWSP) assistance that can help you to restart your career and steer it in the right direction. Have a free consult with us by calling toll-free on (800) 531-5608. Our executives will be delighted to fix an early appointment.