Today, millions of Americans who rely on the unemployment extension passed several months back, especially those dubbed the 99ers, are wondering how they will be able to handle the holidays, feed their family and pay their rent come January. Benefits are set to run out for vast amounts of American households, and so far, Congress has stalled and voted down further unemployment extension efforts.
What Will Happen With Unemployment Benefits Extension? Should You Re-Apply For New Extension?
According to one economic analyst on CNN Tuesday morning, a failure to pass more unemployment extension benefits will result in two million out-of-work Americans having their back-up cash supply cut off by the end of December. By February of 2011, which is just around the corner, that number would double. Four million out-of-work Americans who are suddenly potentially without even the most limited, basic means to support their families during the harshest, coldest time of the year.
Economists and those well-versed in the unemployment benefits process say to file for extensions even if you don’t think you will get them. You may not find your application helps in the immediate, but if the new Congress passes new legislation in January or February, it may aid you in getting retroactive unemployment benefits.
The Cost Of Unemployment: Does Jobless America Need A Bail-Out?
According to CNN Tuesday, the last round of unemployment extension benefits cost 34 billion dollars. That is a lot of zeros, but you’d have to add one or two more to account for the total spent on jobless benefits extensions so far this year. Yet, a survey by the National Association of Business Economics this summer showed two-thirds of economists surveyed agreed with the stimulative aspect of the unemployment extension which passed only after several stalemates in Congress.
What do you think of the unemployment mess in America right now? Do we need another extension to keep American families afloat during these turbulent times? Do you feel as if the unemployed have had as much assistance as we can collectively afford to dole out right now, and they’re going to have to sink or swim on their own?
Let us know exactly how you feel and how another round of unemployment extensions would affect your family or those you love. You can leave a comment below!
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NABE Survery – http://www.nabe.com/publib/pol/10/08/fiscal.html
CNN broadcast news – 11/30/10