posted on Jan, 23 2010 @ 01:23 PM
This is exactly why many people predicted a financial collapse in the US in the first quarter and early part of the second quarter.
I'm fairly certain that Obama will extend benefits again. My guess is that this will be done AFTER he presents his budget in the beginning of
February. The extension will be approved in time for the end of March deadline as that affects the most number of unemployed persons. Where he will
get the money from is a whole other issue. I couldn't tell you since according to my figures, if he extends unemployment benefits again, by the end
of May / early June he will have to raise the maximum debt level for the US again as well. I can't imagine that this will be well accepted by the
international community and / or wall street.
Everybody is kind of looking to the US for signs that the recession has stopped sliding and is at least stable. Meanwhile, unemployment rose in 43
states last month -- so those of us in the U.S. know it hasn't.
I have a feeling that other countries are beginning to think (realize?) that they are following a sinking ship and once they begin to abandon it --
you can bet it will be a very fast, far fall from grace.
As an after thought, I can't imagine Obama saying that he won't (can't) extend unemployment benefits. He just gave $100 million to Haiti and I'm
sure that would have covered at least a huge chunk of those needing unemployment. I'm not saying that Haiti doesn't need the money -- but I can't
fathom turning his back on the American people after he very generously gave our money to Haiti. Again, I'm glad we are supporting Haiti -- but not
at the expense of creating penniless, hungry, homeless Americans in the process.