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Since June 1, when federal unemployment benefits began to expire, an estimated 325,000 jobless workers have been cut off. That number will swell to 1.25 million by the end of the month unless Congress extends the benefits. The Senate, so far, has failed to act.
Some senators, including Democrats, have balked at an unrelated provision that would begin to close a tax loophole enjoyed by some of the richest Americans. You heard right. Desperately needed unemployment benefits have been held hostage to a tax break for the rich, and the Senate’s Democratic leadership has had to delay and finagle to get its own caucus in line.
State-provided unemployment benefits generally last for 26 weeks, and the federal government picks up the tab after that, provided Congress approves the extensions. There is no disagreement over the need: 46 percent of the nation’s 15 million jobless workers have been unemployed for more than six months — a higher level than at any time since the government began keeping track in 1948.
New York is an “employment-at-will” state. Therefore, an employer in New York may generally terminate an employment relationship at any time and for any reason. (Keep in mind that a federal or state law, collective bargaining agreement, or individual employment contract may place further limitations on an otherwise at-will relationship.)
The Economist notes that the nice big positive jobs created number for May - 431,000 - is at first blush great news. However, once one takes into account the fact that the majority of those jobs were temporary hires for the 2010 census, it isn't quite as heartening. Only 41,000 jobs were created by private firms.
Along the same lines, drilling down into the data a bit beyond the headline number, the drop from 9.9% to 9.7% unemployment doesn't mean much, because it takes into account many job-seekers who have given up hopes of finding employment in the current economic environment.
The key question is if extending unemployment benefits will actually reduce the deficit in the long term. Certainly it will increase the budget in the short term, but in essence UI benefits are a public investment in a current liability (unemployed citizen) to produce a future asset (productive citizen) which will allow us to combat the deficit more effectively over the medium-long term through increased GDP.
Originally posted by hotpinkurinalmint
reply to post by fockewulf190
The problem with this suggestion is that when a person pays social security taxes, those monies do not go into some sort of account or trust for that person. Today's workers' social security taxes go towards paying today's retirees' social security benefits.
Unfortunately, there is a large wave of baby boomers that are hitting retirement age. There might not be enough money to take care of today's retirees and today's unemployed workers.
Originally posted by kupoliveson
Extend it as long as needed! If people are not hiring they are not going to go out and find jobs! This is just typical
What I would like to see happening is the government offering further financial aid for these out of work people to go to college or trade schools and become educated to work a job that is needed in this country.