Mnuchin: White House to Propose Reducing Federal Unemployment Payments

Treasury Secretary Mnuchin

The Trump administration has finally figured out that paying unemployment benefits, that are greater than what the unemployed could get working, provides an incentive not to work

Goodbye $600 per week federal unemployment checks on top of state unemployment checks.

Treasury Secretary Steve Mnuchin said on "Fox News Sunday" that the White House will propose capping supplemental unemployment insurance in the next stimulus package to replace only 70% of individuals' lost wages, which means that almost all unemployed will be getting federal checks less than the $600 per week they are getting now.

Of course, House Speaker Nancy Pelosi has said Democrats will not accept just a short-term extension of unemployment aid and that she supports maintaining the $600-per-week benefits in the next stimulus.

Buy some popcorn for this circus routine (and more gold coins for when the routine is over).

-RW