Even with Unemployment Extensions, 4 Million More 99ers in 2011 - YahooNews

[WillyT]

Even with Unemployment Extensions, 4 Million More 99ers in 2011
99er Population Could Triple in the Coming Year
Saul Relative, Yahoo! Contributor Network
Dec 6, 2010

<snip>

The jobless situation seems to be reaching a crisis point. The Department of Labor's Bureau of Labor Statistics noted that not only was the unemployment rate at 9.8 percent (15.1 million individuals) for November, but that 6.3 million of those jobless were long-term unemployed (27 weeks or longer). And since statistics indicate that it takes at least 34 weeks for the average jobseeker to return to work, that would be eight weeks without an income if not for the unemployment benefits extensions currently used by Congress -- that expired on November 30. Still, even if Congress reauthorizes the unemployment benefits extensions and emergency extensions (the Tier I-IV categorizations), 4 million more 99ers could join the already over 2 million 99ers who have seen the exhaustion of their regular, extended, and emergency extended benefits and still remain unemployed.

As Shahien Nasiripour reported in the Huffington Post, the President's Council of Economic Advisers concluded in a study that the rising number of 99ers could have a negative impact on the overall economy in the coming year. A staggering number, some 4 million individuals, will lose their unemployment benefits extensions in the coming year -- and many of those will not return to work.

According to the study, 40 percent of the long-term unemployed are the sole income earners in their households. Income in those homes would fall at least 90 percent.

Part of the reason the cut-off of benefits to so many would be so devastating to the economy is that the poor and those living on the economic margins tend to put their income directly back into the economy by paying bills and buying foodstuffs and necessities. This would have a ripple effect on not only those that would be impacted by the loss of that income directly but indirectly (grocery stores, gas stations, utility companies, landlords).

<snip>

More: http://www.associatedcontent.com/article/6090804/even_with_unemployment_extensions_4.html?cat=3

:mad:

:kick:

[bluethruandthru]

1. Oh, but haven't you heard? The extension of these tax breaks for rich people

are going to create all sorts of jobs so we won't have an unemployment problem for long. That's what I've been hearing on Fox news and the sunday talk shows and all the right wing radio shows. Tax breaks for the rich will solve all our problems. I can hardly wait! (do I need the sarcasm thingy?)

[WillyT]

3. What I Don't Understand... Naive Silly Me, Is...

If we were gonna cut that many people loose on Unemployment, why not call the Republican's bluff and let the tax cuts expire and blame it all on them?

I mean the ONLY reason to capitulate to those assholes was to rescue the Unemployed.

And apparently we did THAT in a half-assed way.

:wtf:

:shrug:

[RKP5637]

2. Recommend!!! n/t