The labor force participation rate was 62.1% last month, notably lower than the 63.4% mark it was at before the coronavirus pandemic struck the United States in March 2020.
There are numerous reasons that unemployed Americans aren’t entering the workforce, including ongoing fears of COVID-19, disabilities such as “long COVID,” and other care responsibilities. One factor that is contributing to the relatively low labor force participation rate is the combination of unemployment benefits and recently expanded Affordable Care Act (ACA) subsidies, according a new study by the nonprofit Committee to Unleash Prosperity.
In 14 states, unemployment benefits and ACA subsidies for a family of four with two people not working amounts to an annualized equivalent of $80,000 a year in wages and benefits, the study found.
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