Laffer Associates, the economic research firm founded by renowned economist Dr. Arthur B. Laffer, issued a report detailing the vast economic benefits of digital solutions that can dramatically shorten periods of worker unemployment, particularly in the COVID-19 economic recovery.
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“Dr. Laffer and team have identified a half-trillion-dollar economic gap, and Merit is standing by ready to help states take swift action.”
Accounting for the labor needs in a job market recovering from the COVID-19 pandemic, the Laffer report estimates that full implementation of a digital instant-placement program would benefit the U.S. economy to the tune of $437.6 billion per year.
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“America faces a crossroads, and there’s one sure way to speed up economic recovery — by compressing the amount of time it takes to get a job and creating a more efficient labor market,” Said Dr. Laffer. “The sooner we can get the 40 million unemployed Americans back to work, the sooner they’ll be gainfully employed, off government assistance and back to contributing as taxpayers—a win, win, win. Companies like Merit are ready to step in and make a meaningful difference in the coming economic recovery, having already established a robust verified identity platform. Government leaders at the federal, state, and municipal levels would be wise to employ their innovations.”
Even during healthy economic periods, the hiring process costs employers an average of 42 days and $4,129 per hire. The COVID-19 pandemic and the ensuing economic downturn has brought increased urgency to reduce the time between a worker losing a job and starting a new employment opportunity — a period of time known as “frictional unemployment.”
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