2 million lose jobless benefits as holidays arrive

Extended unemployment benefits for nearly 2 million Americans begin to run out Wednesday, cutting off a steady stream of income and guaranteeing a dismal holiday season for people already struggling with bills they cannot pay.

Unless Congress changes its mind, benefits that had been extended up to 99 weeks will end this month.

Ninety-nine weeks may seem like a long time to find a job. But even as the economy grows, jobs that vanished in the Great Recession have not returned. The private sector added about 159,000 jobs in October — half as many as needed to reduce the unemployment rate of 9.6 percent, which the Federal Reserve expects will hover around 9 percent for all of next year.

http://www.foxnews.com/us/2010/12/01/mi ... ys-arrive/

I do sympathize with people loosing their employment benefits, however 99 weeks is way to long IMO, it's like these people are on Welfare and don't want to ever get off. I realize that they were laid off or maybe the places closed up shop, there are jobs available, perhaps working 2 part time jobs rather than relying on unemployment?

States with lower unemployment like Colorado & Arizona don't have benefits that extend up to 99 weeks. In previous declines, families packed up and moved to where the jobs are, but under the new system with "permanent" unemployment benefits, people are actually paid to stay in depressed states like Ohio & Michigan.
BTW, expect new benefit extensions to pass, the Republicans just want to take the money from another program rather than add more debt.

Yes... They still won't answer where they'll get the $700 Billion from to extend the tax cuts for millionaires...but, by God, you'd better pay for giving those folks their unemployment benefits.

Compassionate Conservatism at its finest...

LadyJazzer wrote: Yes... They still won't answer where they'll get the $700 Billion from to extend the tax cuts for millionaires...but, by God, you'd better pay for giving those folks their unemployment benefits.

Compassionate Conservatism at its finest...

And the ICP wannabe pops to the surface like liquid feces in a bowl.

Cut-off of Jobless Aid Would Lower Economic Growth
Cut-off of jobless aid would shrink economic growth and raise unemployment and poverty rates
The Associated Press
4 comments
By PAUL WISEMAN AP Economics Writer
WASHINGTON November 30, 2010 (AP)

If Congress lets unemployment benefits expire this week for the long-term unemployed, they won't be the only ones to feel the pain. The overall economy would suffer, too.
In this Nov. 22, 2010 photo, Yvette Ward who has been unemployed for two years displays a sign... Expand
In this Nov. 22, 2010 photo, Yvette Ward who has been unemployed for two years displays a sign during a "Vigil for the Unemployed" at the Arch Street Methodist Church in Philadelphia. Unemployed persons, the Philadelphia Unemployment Project and other organizations gathered to draw attention to federal unemployment benefits that are scheduled to expire. (AP Photo/Matt Rourke) Collapse
(AP)

Unemployment benefits help drive the economy because the jobless tend to spend every dollar they get, pumping cash into businesses. A cut-off of aid for millions of people unemployed for more than six months could squeeze a fragile economy, analysts say. Among the consequences they envision over the next year:

— Annual economic growth could fall by one half to nearly 1 percentage point.

— Up to 1 million more people could lose their jobs.

— Hundreds of thousands would fall into poverty.

"Look for homelessness to rise and food lines to get longer as we approach Christmas if the situation can't be resolved," says Diane Swonk, chief economist at Mesirow Financial.

http://abcnews.go.com/Business/wireStory?id=12273133

If unemployment is so crucial to the economy lets fire everyone and we will have a booming economy rofllol

99 weeks = approximately 23 months.

A standard applied to calculate the average time it takes to become re-employed is 1 month for every $10,000 a person makes (i.e., if your normal income from your job is $50,000 and you become unemployed; on average, it will take up to 5 months to find another job.)

So, does this mean that all of those people whose unemployment benefits will run out after 99 weeks (23 months) were making over $230,000 annually?

Might be time to consider working for less people and toss the expectation that your neighbors should pay for your holiday parties.

:thumbsup:

The fight for jobs taken by illegals will now commence - take away the benefits and all of sudden people will start to work.

Yeah, the timing may suck, but look how many businesses are hiring over the holidays - Retail stores, UPS, etc. Get a job folks - 2 years without finding anything - how about lowering your standards a little bit, or taking on 2 jobs? I understand being out of work sucks, believe me, I've been there enough times to know that, but come on! I was dying to take any sort of job when I was looking and having a positive attitude when looking can certainly benefit the job seeker!