The results of our study, as well as other emerging work, suggest there was not a significant effect of the expansion in unemployment benefits created by the CARES Act on overall employment. The vast majority of employment loss was due to a decrease in job opportunities rather than a decrease in the willingness to work. This does not mean that incentives are erased. When people report anecdotes about some workers not wanting to go back to work, it does reflect their reality. But at the same time, there are so many people who DO want to go back to work despite the benefits, and there are so few jobs, that the disincentive effects of very generous unemployment benefits turn out not to be a problem for the aggregate employment level. When there are too many applicants per job, one person not applying makes no material difference to the job being filled.