Friday, December 3, 2010

4 Million set to lose unemployment benefits even without an extension

http://www.huffingtonpost.com/2010/12/03/unemployment-benefits-99ers-obama_n_791682.html

Gee it took them long enough to figure that out, didn't it?

Wanna talk FEMA camps yet?
Those assets can't legally be foreclosed on, so no food stamps pending.
Being stuck between a rock and a hard place
Will now lead to starvation.
Voluntary FEMA committal, will be the only answer, and not a specially hard decision to make if you've got kids.
Your gonna do what you gotta do.
You won't watch them starve to death
Not when you have a sure way to get them food.
3 hots and a cot will seem just like heaven.




Even as Congress debates whether to extend emergency unemployment checks for more than 6 million Americans who are approaching the 99-week limit, some four million others are facing the certain end of their benefits over the next year, unless an entirely new program is crafted.

This is the sobering conclusion of a report released by the President's Council of Economic Advisers on Thursday. The study forecast that the exhaustion of unemployment benefits for so many will curb spending power enough to significantly impede an already weak economic recovery.

Without an agreement to extend the program, the economy will lose about 600,000 jobs, as the spending enabled by continued unemployment checks ceases. National economic output--which expanded at an annual pace of 2.5 percent during the summer months--would fall off by 0.6 percent.

That disturbing prospect does not even account for the roughly four million people who would exceed even the extended limits in the emergency program. Were that many jobless people left to fend themselves without unemployment checks, that would pose significant risks for the broader economy, say economists. They cite the fact that consumer spending accounts for roughly 70 percent of all economic activity.

Yet even those who lose their unemployment checks will not necessarily qualify for other forms of aid, like food stamps, said Burtless.

"Only a pretty small fraction of the people who exhaust benefits are going to qualify," Burtless said. Many of these workers have long been employed and have accumulated savings and assets such as houses, which makes them ineligible for support, he said