Will you be ready for the next recession?
Over the years since inception, much has been said but little done regarding the need to for strengthening Unemployment Insurance (UI) to allow it to remain relevant to the current economic, social and political environments.
Unfortunately, the focus on real and substantial reform seems to take place only in the brief periods around the expiration of Extended Benefits enacted to deal with recessionary events. Nonetheless, UI remains the major force available to address three current issues the country is facing right now: the declining labor force participation rate, the increasing challenges in working through future recessions and the changing nature of the employer/employee relationship.
In this article the writer notes that the broader economic context should drive UI reform. He discusses the benefits and trade-offs within the current UI system and some specific shortcomings in the system that require immediate attention. It is a thought provoking piece for those interested in the UI system and concerned about its continued relevance as times and conditions change.