The House of Representatives failed to pass a bill
to extend unemployment benefits.
If allowed to expire on schedule at the end of the month, 2.5 million Americans will lose their unemployment benefits, right in the midst of the holiday season. In the past 40 years, the U.S. has not allowed extended benefits to expire with unemployment above 7.2 percent, so having them lapse at 9.6 percent would easily set a new record.
Unemployment benefits are providing a vital lifeline for millions of Americans, at a time when there are five unemployed persons for every job opening. There are so few job openings, in fact, that even if every open position in the country were filled, four out of five unemployed workers would still be out of work.
But even without getting all mushy/pussy pinko-commie baby "oh, but the children!!" "do the right thing nonsense", this doesn't make any economic sense either:
In September, the Census Bureau reported that 3.3 million people were kept out of poverty due to unemployment benefits. Providing UI benefits is also the most stimulative step that the government can take, as they create nearly two dollars in economic activity for every dollar spent.
And, of course, the punch line:
It’s quite absurd that Congress is having an intense discussion over whether or not to spend $830 billion on tax cuts for the richest two percent of Americans, but can’t summon the will to extend unemployment benefits while millions of Americans cope with the lingering effects of the Great Recession.
No comments:
Post a Comment