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Unless Congress Acts, 3.2 Million Will Lose Unemployment Benefits in Early 2010

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posted on Jan, 23 2010 @ 01:03 PM
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Unless Congress Acts, 3.2 Million Will Lose Unemployment Benefits in Early 2010


www.alternet.org...

The study estimates that in January, one million Americans will lose their unemployment benefits -- and by the end of March, a total of 3.2 million workers will lose that very essential lifeline.

Here's a breakdown of which states will see the most dropped-off beneficiaries in the first three months of 2010: California (588,913), Florida (314,264), New York (238,619), Illinois (192,965), Michigan (183,996), Texas (195,687).
(visit the link for the full news article)



[edit on 23-1-2010 by djzombie]




posted on Jan, 23 2010 @ 01:03 PM
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I'd expect people to be destitute by summer 2010. Alot of us are already there now.

I think mine is going to be cut off this week and I'll have to take some menial job working 20 hours a week getting paid half of what I was before, it probably won't even be as much as my measly unemployment checks were.

www.alternet.org...
(visit the link for the full news article)

[edit on 23-1-2010 by djzombie]



posted on Jan, 23 2010 @ 01:23 PM
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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.



posted on Jan, 23 2010 @ 02:04 PM
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Not good.

There should be a watershed mark...stop extending unemployment once it reaches like 6% or so...

10% of the country living on the streets would be a disaster...6% is bad enough but maintainable...

and once that happens, things will progress really fast, crime will spike in a big way, which will make our whole law/punishment phase out of control...taxes will raise because of all the new cops that need to be added, prisons built, and more unemployment from a tax spike, starting the circle more and more.

but ya, one thing dems are good for is extending unemployment...its money that goes right back into the community anyhow...so one of the more logical bailouts that both sides agree upon.



posted on Jan, 23 2010 @ 02:34 PM
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On one hand, it could be a reason for deflation...if people can't afford the present rates being charged for rent and food. That could be good, and bad. Deflation is pretty nice when you have a job that pays well.

On another hand, where has the motivation been for these people to get a job? I had to learn a new job. I never received any of the $7000 unemployment money I was due, because of a glitch that says that those who are on commission don't get any. So, it's hard to feel sorry for those who did not go to school or get requalified in the two years or so that they have had to make those changes.



posted on Jan, 23 2010 @ 02:39 PM
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I think it will, not get extended and everyone will get mad/biatchy, and make it through the summer....
But, come fall, I think it will hit home when thoses that are now behind by atleast 2 months in bills are losing power/heat, and are hungry with no other means.

But, being a christian/based nation I doubt it will ever get that far bad, without rebutle!



posted on Jan, 23 2010 @ 02:52 PM
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So, it's hard to feel sorry for those who did not go to school or get requalified in the two years or so that they have had to make those changes.


I'm in school right now, the program I'm involved in would take 2 years and 8 months if I was allowed to go to school full time. It's going to take double that because I can't get a loan to pay for full time without a cosigner that I don't have.



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