UPDATE 2: DeMint and Rangel support UE extension…Reid confirms: Rep. McDermott (D-WA)to introduce 13 wk Unemployment extension Bill in Fall…

Update 2: Tuesday 8/11: More support for the 13 wk UE extension in the Fall session as Geithner says UE will peak in second half of 2010..

Bloomberg:

The U.S. unemployment rate may not peak until the second half of 2010, even as the broader economy shows signs of improvement, U.S. Treasury Secretary Timothy Geithner said.Another extension in unemployment benefits “is something that the administration and Congress are going to look very carefully at as we get closer to the end of this year,” Geithner said in an interview yesterday on ABC’s “This Week” program.

…Summers said the Obama administration will work with Congress to “do what’s necessary to make sure appropriate unemployment benefits are available.”

Congressman Charles Rangel, chairman of the House Ways and Means Committee, said he supports extending unemployment insurance benefits for another 13 weeks. “There’s no question, they deserve it,” he said on Fox News Sunday. “They are the true victims of this fiscal disaster.”

Senator Jim DeMint, a South Carolina Republican, said he’ll “definitely support” extending unemployment benefits….


Update Friday 8/7: Reid confirms they will move to extend unemployment after the recess. This will be a catch 22 for TOTUS, DOL reported today the people seeking work who fell OFF the UE rolls ROSE to 10.2% If they extend bennies again the UE which dropped to 9.4% for July will also go back up….

….The U.S. Congress will consider extending unemployment benefits after it returns in September to help 1.5 million Americans who risk exhausting them, Senate Majority Leader Harry Reid said on Friday.”Soon after Congress returns to Washington we’ll need to address this matter,” Reid said. “There is an economic case to be made for extending unemployment benefits.”…

More on that UE data today:

A blogger over at The Atlantic points out that the 9.4 percent unemployment rate — while better than expected — doesn’t really mean unemployment has dropped in real terms.

Factoring in discouraged workers who have taken themselves out of the workforce, and this may actually be a slight increase.

Blogger Daniel Indiviglio explains the data:

Given this change in unemployment including discouraged workers, I think it’s pretty clear that the 0.1% decrease in the reported unemployment rate can be misleading. In reality, those who would like a job but don’t have one increased by 0.1% up to 10.2%…

As a recession drags on for this long, and people are unable to find jobs, they begin leaving the workforce. They become discouraged regarding job prospects. BLS offers an unemployment rate that includes these discouraged workers. In June 2009, that was 10.1%. For July, it was 10.2%. ..

Of the three anecdotes the NYT presents of folks whose unemployment bennies have ended, only 1 qualifies as an actual hardship IMO, people seem to have forgotten the difference b/w WANT and NEED in many cases…

One couple will lose their home and are on SS, that is a hardship, that is someone who needs assistance IMO:

…Raymond Crouse of Columbus operated heavy construction machinery but has found no work since 2007. Mr. Crouse is 72 and receives Social Security but said that was not enough to live on. The $190 a month he has received in unemployment benefits enabled him and his wife to hang on to the house they bought 15 years ago, he said. But with the benefits ending next month, he fears that they will not keep up….

But look at the other 2 examples given:

…She was unable to afford summer camp and baseball activities for her children, despite scrimping on basics….

They also note she will lose her home, again the home loss is a serious crisis, the summer camp is not.

Here is another horror story in NYT land:

..she and her husband, who still has work as a machinist, were sinking into debt. Now, still poorer, she feels devastated because they cannot buy their son a laptop to take to college and she cannot give her 9-year-old son money for the movies….

What???! The kid wants a laptop, OH POOR BABY! Get over it, go to the G-D library!!! Holy Cow!

The NYT wants an extension beyond the 79 weeks some states have.

Here’s an idea, STOP SPENDING YOU CLUELESS CONGRESS CRITTERS!!!

Larry Summers and Tim Geithner were chattering about MIDDLE CLASS TAX HIKES, ‘well the money has to come from somewhere for health reform’ Summers says...

…Rather, Mr. Summers told CBS News’s “Face the Nation” that key to controlling the deficit were elements of the Obama economic program, “the first and more important” one being “substantial reform of the health-care system.” But he said the proposed health overhaul needs funding from somewhere…”

Uhm NO LARRY IT REALLY DOESN’T. JUST DON’T DO IT NOW. WE DON’T HAVE IT. YOU CANNOT GET BLOOD FROM A STONE..

Meanwhile some states do NOT have 79 weeks, (which is 1.5 yrs folks, that’s enough). The states with UE over 11% with bennies of less than 45 weeks IMO, do need an extension…The WH is supporting the extension…

NYT:

…Representative Jim McDermott, Democrat of Washington and chairman of the House Subcommittee on Income Security and Family Support, said he would introduce a bill in September to provide yet another 13 weeks of coverage in states with unemployment rates of 9 percent or higher. “Legislators will line up quickly when they start getting calls from desperate constituents,” he said in a telephone interview.

The cost would be $40 billion to $70 billion, but the expense would be temporary, Mr. McDermott said.

Some business groups remain skeptical. Douglas Holmes, president of UWC, a group in Washington that represents businesses on unemployment issues, said that there were early glimmers of economic progress and that it was premature to extend benefits again. The money might be better spent, Mr. Holmes said, creating jobs and training people to move into emerging industries.

Traditionally, many economists have been leery of prolonged unemployment benefits because they can reduce the incentive to seek work. But that should not be a concern now because jobs remain so scarce, said Lawrence Katz, a labor economist at Harvard….

Office Prank courtesy of cheeksdown:

Questions about this prank? Visit cheeksdown.com . One night we walled off 11 senior offices at work for a prank…people didn’t know wtf to do the next day. this is 100% true.

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August 7, 2009. Tags: , , , , , , , , , , , . Finance, Foreclosures, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics.

5 Comments

  1. Unemployment Update: House to consider McDermott UE Extension Bill this week… « Moderate in the Middle replied:

    […] Our previous post on the bill here […]

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  2. RON RON replied:

    ANOTHER EXTENSION WILL HELP PEOPLE STAY IN THEIR HOMES BECAUSE EACH CHECK IS SPENT TO BUY FOOD, CLOTHES ,MEDICINES ,AND HELPS STIMULATE THE ECONOMY.

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  3. doug replied:

    THANKS FOR THINKING OF US

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