Britain’s vote to exit the European Union—coupled with June’s less than robust U.S. jobs report—is a reminder that even in times of job growth, the United States must be ready for an economic downturn. While the latest labor-market data suggest that June’s jobs number were a one-off rather than a trend, a persistent sense of economic insecurity on Main Street and volatility in financial markets underscore the urgency of preparing for the next recession.
Worryingly, however, our nation’s first line of defense—unemployment insurance, or UI—is severely underprepared for future downturns. This leaves millions of working families financially vulnerable in the event of job loss and endangers our macroeconomic stability.
The above excerpt was originally published in Morning Consult.
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