Saturday, August 4, 2012

Obamanomics: Millions About to Lose Their 99 Weeks of Unemployment Checks



Obama will just have to pay them out of his "Stash".


New post on Scotty Starnes's Blog

Obamanomics: Millions About to Lose Their 99 Weeks of Unemployment Checks

by Scotty Starnes

Three absolute failures!

It's OK, Obama said the private sector is doing fine and his plan is working

From USA Today:

Since abruptly losing her $312 weekly unemployment check in June, Laurie Cullinan has depleted her savings, sought food from the Salvation Army and lit candles to save electricity.

If she can't find a job this month, the Royal Oak, Mich., resident worries she'll be evicted from her apartment, an unthinkable prospect for the 52-year-old, who enjoyed a solidly middle-class lifestyle until she lost her office-manager job two years ago.

"What am I going to do if I'm homeless?" says Cullinan, who collected unemployment for 1½ years. "My mind won't let me comprehend that."

Cullinan is among about 1 million long-term unemployed Americans whose jobless benefits are phasing out this year as the federal government reels in Great Recessionlifelines that provided unemployment checks for as long as 99 weeks in many states. By year's end, another 2 million will see their checks cut off sooner than Cullinan's were, because extended unemployment benefits will end beyond the standard 26 weeks that states pay for. Congress could renew the program, but many economists say that's unlikely.

What happened to Pelosi & Reid's claims about unemployment checks being the best way to stimulate the economy and create jobs?

The cutbacks, required by a federal law passed in February, are already taking a toll. They are nudging some Americans into poverty, straining social services just as states and localities face their own budget woes and further crimping weak economic growth as those who lose benefits spend less.

The number of jobless workers has fallen from over 15 million in early 2010 to about 13 million now, but the share of unemployed workers collecting jobless benefits has dropped more sharply. It was about two out of three in 2010, but it's less than one in two now. Next year only about one in four will receive payments, according to the National Employment Law Project (NELP).

Surprisingly, no mention of the millions who have given up and dropped out of the labor force, which happens to be at a 30-year low.

Continue reading>>>

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