The Hill: Dem jobs proposal may add 300 billion in spending…

Update: jobless claims in, another 457,000 jobs lost in November w/e 11/21; Q3 productivity revised down to up 8.1% still huge. Continuing claims 5.464 million w/e 11/21. Monthly number is manyana.

$300 Billion in ideas, and yet they still manage not to have a payroll tax holiday for workers in there. Unbelievable.

TheHill:

A number of the  jobs proposals backed by Democrats make up a $230 billion package proposed by Mark Zandi of  Moody’s Economy.com, who made a presentation to  Senate Democrats Wednesday. The provisions supported by Zandi along with new spending on infrastructure, a favored approach of top House Democrats, would cost between $291 billion and $299 billion, according to estimates by lawmakers and economists.

…The Hill arrived at the $300 billion figure by adding up the following provisions:

Lawmakers are looking to extend unemployment insurance and COBRA healthcare benefits for the unemployed through 2010 at a cost of $100 billion alone, according to the sponsor of House legislation, Rep. Jim McDermott (D-Wash.).

House Transportation and Infrastructure Committee Chairman Jim Oberstar (D-Minn.) and Rep. Peter DeFazio (D-Ore.) pushed Wednesday for $69 billion for highway and transit projects that could be started almost immediately with funding. Oberstar had criticized the earlier stimulus bill for not including enough infrastructure spending, and House Speaker Nancy Pelosi (D-Calif.), House Appropriations Committee Chairman David Obey (D-Wis.) and Sen. Kent Conrad (D-N.D.) have voiced support for more infrastructure spending to create jobs.

And the reason no infrastructure was in the damned shovel ready stimulus is Larry Summers, “doesn’t believe in infrastructure”. Like he thinks roads come from the Tooth Fairy or something. Does he believe in China cause they spent their trillion in stimulus on infrastructure.

Democrats would also increase loans from the Small Business Administration (SBA) at a cost of $20 billion, according to Zandi. He called for raising limits for the SBA loans, removing the interest rate cap on them in order to allow credit to be given more freely and using leftover bank bailout money as small-business credit.

Hey that SBA funding is actually a good idea! But the tax credits for new hires is a waste. 3K is a drop in the bucket. PAYROLL TAX HOLIDAY DAMMIT!

Tax credits for businesses that hire new full-time workers would cost about $27 billion under a proposal by Sen. Russ Feingold (D-Wis.) and the Economic Policy Institute, a left-leaning policy group. A new hiring tax credit has received extensive discussion and is under consideration by President Barack Obama, according to his economic team.

Providing more aid to states, a move to stem further job losses, also has support among lawmakers, The New Republic reported Tuesday. Zandi, noting that the state governments will have a $150 billion budget shortfall in fiscal 2011, has called for $75 billion in federal aid for states.

A federal work-share program backed by Sen. Jack Reed (D-R.I.) and four other Democrats would cost about $600 million. The total cost of all of those proposals would be $291.6 billion.

Zandi has called for a $230 billion job-creation package that includes the small-business loans, state fiscal aid, hiring tax credit, work-share program, unemployment and COBRA insurance and state fiscal aid. His cost estimates for most of the programs are similar to those given by lawmakers.

Adding the Oberstar-DeFazio infrastructure proposal to that sum would bring the total to $299 billion….

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December 3, 2009. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Update 5: Bill signed. Procedural vote now scheduled for Nov 2; Looks like no UE vote until next week; COBRA subsidy Extension? Unemployment Extension Update: Reid still wrangling on amendments..

Update: Bill finally signed! see here

Update 4: 11/2 New thread up to follow the UE vote here

Update 3: Reid has put off the vote as expected to next week. Vote to close debate now scheduled for Nov 2nd (CQ Politics):

The extension and expansion of a tax credit for first-time homebuyers has been incorporated into Senate legislation that would extend unemployment benefits.

The Senate will hold a procedural vote on the legislation on Nov. 2. A vote on final passage of the entire package probably will happen by the end of next week.

The underlying bill on unemployment benefits had been held up by disagreements among Senate leaders about how to handle amendments.

…Reid offered a time agreement that would have allowed for consideration of two Republican amendments aimed at funding the unemployment benefit extension using TARP funds and increasing oversight of the bailout. But no amendments will be taken up next week, a spokesman for Reid said Friday….

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October 29, 2009. Tags: , , , , , , , , . Economy, Labor Department, Obama Administration, Politics, Unemployment Statistics. 18 comments.

Unemployment Extension: Blue Dogs talk tough on second stimulus…

10/23 See Update https://moderateinthemiddle.wordpress.com/2009/10/23/unemployment-update-senate-cloture-vote-on-unemployment-extension-next-tuesday/

Oh boy, some of the Dems are getting in touch with their fiscal conservative side and are talking down the second stimulus, which is a good thing except for the fact that it unfortunately appears to include the UE extension…

If they would just agree to use the unspent stimulus money people would be getting their checks put into the mail already, arrrrgle!!!

Here is Nancy after her economic panel talking big about more job creation measures, but see the blurbs from The Hill this morning below…

Vodpod videos no longer available. The Hill:

…“I think we have just got to get serious about the deficit,” said Rep. Gerry Connolly (D-Va.), the president of the class of freshman Democrats. “I would have to really be persuaded of a dire situation and one that’s getting worse, frankly, to have any enthusiasm for a second stimulus.”

Rep. Baron Hill (D-Ind.), a co-chairman of the 52-member Blue Dog Coalition, said he would have to hear a “very compelling” justification for further adding to the deficit, even for the sake of fostering more job growth. “My constituents, I think, have had it with spending,” Hill said. “And I concur with their sentiments.” Republicans are targeting Hill’s seat in the 2010 cycle.

While the ingredients for another stimulus have not been finalized, House Speaker Nancy Pelosi (D-Calif.) on Wednesday made two things clear: Additional stimulus measures are needed, and Democrats will add to the deficit to pay for them.

Each of the economists who spoke to reporters following the session said everyone in the room had signed off on a strategy of temporarily ignoring the budget deficit for the sake of economic recovery….

Hill said the Blue Dogs have not talked formally about their collective approach to further economic patches embraced by the White House, ranging from unemployment insurance extensions to $13 billion worth of one-time Social Security checks…

October 22, 2009. Tags: , , , , , , , , . Economy, Labor Department, Politics, Unemployment Statistics. Comments off.

Update: House passes bill: Unemployment: House to consider McDermott UE Extension Bill this week…

Update: 10/5: Schumer says Senate will extend UE this week see here for update

Update: 9/22/09 7:43 pm EST: The bill, HR 3548 passes the House:

Jobless workers in imminent danger of losing their unemployment benefits would get a 13-week reprieve under legislation approved by the House on Tuesday.

The House bill, which applies to 27 states plus the District of Columbia and Puerto Rico with unemployment rates of 8.5 percent or higher, would add to the already-record levels of benefits that have been available to the jobless as the country struggles to recover from its prolonged economic malaise.

It would not, however, give any extra benefits to the longtime unemployed in states that have lower levels of joblessness, including Nebraska, North Dakota and Utah.

The bill passed easily, 331-83, although the two parties cast the measure in different lights. Democrats said the relief was still needed despite positive signs that their policies were reviving the economy. Republicans said the high jobless rate proved that the Obama administration’s economic strategies weren’t working.

Now the Senate has to pass ITS bill:  ‘Similar legislation is pending in the Senate.’
unemployment

Our previous post on the bill here

A scaled down McDermott (D-WA) sponsored UE extension bill to be considered by the House this week.

CQPolitics:

The measure sponsored by Rep. Jim McDermott , D-Wash., would allow 13 extra weeks of benefits for workers in states where the unemployment rate has surpassed 8.5 percent. That would come on top of the emergency extensions approved in last year’s supplemental spending bill and this year’s stimulus.

What it covers: (continues after the break):

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September 21, 2009. Tags: , , , . Economy, Labor Department, Popular Culture, Unemployment Statistics. 10 comments.

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….

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August 7, 2009. Tags: , , , , , , , , , , , . Finance, Foreclosures, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics. 5 comments.

Stimulus Unemployment Update: State UE numbers in: Indiana hits 10% unemployment, CA passes 11% and Northwest gets hammered; TX Senate passes stimulus UE benefits, NV: Gov signs bill…

*

Roundup of all the states local reporting of their just released state UE levels here

Bloomberg:

Indiana in March joined seven other U.S. states with a jobless rate of at least 10 percent, and unemployment surged in Oregon, Washington and West Virginia as the worst employment slump in the postwar era rippled through the economy.

Indiana’s jobless rate jumped to 10 percent last month from 9.4 percent in February, the Labor Department reported today in Washington. Michigan, with 12.6 percent, remained the state with the highest unemployment rate, followed by Oregon at 12.1 percent. The rate in California rose to 11.2 percent from 10.6 percent.

Unemployment in Oregon saw the biggest jump for the month, climbing 1.4 percentage points from February’s 10.7 percent. Joblessness rose by 0.9 percentage point in Washington, to 9.2 percent, and in West Virginia, where it reached 6.9 percent, Labor said.

AZ: FORBES- AZ hit 7.8% in March…

Northwest

The Northwest “is getting the double whammy from the slumps in trade and aerospace,” said Michael Englund, chief economist at Action Economics LLC in Boulder, Colorado. “We may be seeing the impact from the collapse in trade along the whole west coast.”

Payroll employment in March decreased in 48 states and the District of Columbia. California led with a loss of 62,100 jobs, followed by Florida with 51,900 workers dismissed. Texas, North Carolina, Illinois and Ohio rounded out the six states with the biggest loss of jobs…

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April 17, 2009. Tags: , , , , , . Economy, Immigration, Labor Department, Obama Administration, Politics, Taxes, Uncategorized, Unemployment Statistics. Comments off.

Updated:Stimulus Unemployment Extended Benefits and Emergency Benefits Weekly State by State Reporting…

Updated with corrected links thanks commenter!! Note there is a more recent post with Triggers eff 4/19 now up as well…

We have a serious lack of reporting on the state level and in national media about eligibility for the extended benefits in the stimulus, so here are some important resources so we can monitor it ourselves:

PDF here from NELP with guidelines for UE Benefit Extensions

Here is the key information for people needing extended benefits, which may be most of us under the ‘new normal’ PIMCO keeps talking about:

6. Where can workers find out whether their state qualifies for EB under the different “trigger” formulas in order to collect EB after running out of EUC benefits?

On a weekly basis, the U.S. Department of Labor (DOL) provides an update of which states have reached the required unemployment level to trigger on to EB.

The most recent notice is summarized in Table 1, and the weekly DOL notice can be found at:

http://ows.doleta.gov/unemploy/claims_arch.asp by selecting
“Extended Benefits Trigger Notice.”

Here is the status of triggered extended benefits by state as of April 5th:

TRIGGER NOTICE NO. 2009 – 12
STATE EXTENDED BENEFIT (E.B.) INDICATORS UNDER P.L. 102-318
Effective April 5, 2009


INDICATORS STATUS
13 Weeks
Insured
Unemployment
Rate
Percent
of Prior
2 Years
3 months
S.A.
T.U.R.
Percent of prior Periods
Year Second
Year
Available
Weeks
Begin Date(B)
End Date(E)

& Alabama 3.83 236 7.6 194 223 E 06-04-1983
@ Alaska 5.52 113 7.6 118 124 13 B 01-25-2009
& Arizona 3.18 286 7.0 159 184 E 10-23-1982
& Arkansas 4.99 170 6.2 129 121 E 03-26-1983
@ & California 5.02 176 9.7 159 197 20 B 02-22-2009
& Colorado 2.82 218 6.5 151 166 E 01-24-1981
#@ Connecticut 5.14 170 7.1 142 161 13 B 02-15-2009
* & Delaware 4.16 166 6.6 169 200 E 07-17-1982
& District of Col 1.44 165 9.1 154 165 E 01-24-1981
* & Florida 3.57 243 8.6 172 238 E 01-24-1981
* & Georgia 3.85 240 8.4 158 195 E 01-24-1981
& Hawaii 3.21 262 5.9 190 256 E 01-24-1981
# & Idaho 6.90 208 6.5 175 232 13 B 02-08-2009
# & Illinois 5.13 175 7.9 138 168 13 B 04-05-2009
# & Indiana 5.53 211 8.8 183 187 13 B 03-15-2009
* & Iowa 4.35 170 4.7 120 127 E 06-04-1983
Kansas 3.42 210 5.6 140 136 E 11-06-1982
* & Kentucky 4.86 216 8.5 154 149 E 03-19-1983
& Louisiana 2.14 182 5.5 144 141 E 02-25-2006
& Maine 4.51 172 7.4 154 164 E 06-25-1994
& Maryland 3.57 195 6.1 169 174 E 07-31-1982
# * & Massachusetts 5.28 159 7.2 156 156 13 B 03-22-2009
# & Michigan 7.74 173 11.3 154 161 13 B 01-25-2009
@ Minnesota 4.48 164 7.4 151 164 13 B 03-29-2009
& Mississippi 3.87 210 8.5 141 130 E 07-16-1983
& Missouri 4.41 189 7.8 144 162 E 06-19-1982
# & Montana 5.63 195 5.5 141 171 13 B 03-15-2009
& Nebraska 2.16 147 4.2 144 144 E 01-24-1981
# & Nevada 5.82 250 9.3 175 211 13 B 02-22-2009
* New Hampshire 3.69 217 4.9 136 132 E 01-24-1981
@ New Jersey 5.49 161 7.4 160 176 13 B 03-15-2009
New Mexico 3.15 189 5.1 137 137 E 11-27-1982
& New York 4.38 171 7.1 151 161 E 01-24-1981
#@ North Carolina 5.26 230 9.5 186 206 20 B 03-29-2009
* & North Dakota 2.89 150 3.9 130 125 E 06-11-1983
& Ohio 4.91 192 8.6 148 156 E 05-14-1983
& Oklahoma 2.28 219 5.0 147 119 E 01-24-1981
@ Oregon 7.28 219 9.6 181 188 20 B 02-15-2009
# & Pennsylvania 6.31 166 7.0 148 162 13 B 02-15-2009
# & Puerto Rico 5.41 149 13.6 124 130 13 B 01-25-2009
@ Rhode Island 5.95 156 10.1 160 210 20 B 11-09-2008
# & South Carolina 5.34 221 10.0 175 172 13 B 03-08-2009
* & South Dakota 1.89 192 4.2 155 140 E 01-24-1981
& Tennessee 4.13 234 8.4 155 182 E 09-25-1982
& Texas 2.20 197 6.1 138 135 E 01-24-1981
* & Utah 3.31 289 4.6 148 184 E 06-25-1983
#@ Vermont 5.38 164 6.6 157 169 13 B 03-22-2009
& Virgin Islands 2.27 177 6.8 212 309 E 08-06-1983
& Virginia 2.47 219 5.9 173 210 E 01-24-1981
@ * Washington 4.97 214 7.6 165 165 13 B 02-15-2009
& West Virginia 4.08 153 5.2 123 123 E 07-13-1991
# & Wisconsin 6.46 170 6.9 153 140 13 B 02-22-2009
* & Wyoming 2.72 203 3.6 128 124 E 06-13-1987

Total Number “ON”: 23 15 8

* – State does not have 6 % I.U.R option in law
& – State does not have T.U.R option in law April 02, 2009

@ – State “ON” by 3-month average T.U.R
# – State “ON” by 13-week I.U.R
I.U.R reflects 13-week period ending March 21, 2009
T.U.R reflects avg. seasonally adjusted T.U.R for 3-month period end February 2009

Here is the status of triggered Emergency benefits by state as of April 5th:

EUC 2008 TRIGGER NOTICE NO. 2008 – 12
SECOND TIER EUC 2008 TRIGGERS UNDER P.L. 110-449
Effective April 5, 2009

State 13 Weeks IUR 3 months SA TUR Status Effective Date
Alabama 3.83 7.6 ON 2/15/2009
Alaska 5.52 7.6 ON 7/6/2008
Arizona 3.18 7.0 ON 1/4/2009
Arkansas 4.99 6.2 ON 1/25/2009
California 5.02 9.7 ON 7/6/2008
Colorado 2.82 6.5 WILL BEGIN 4/12/2009
Connecticut 5.14 7.1 ON 11/9/2008
Delaware 4.16 6.6 ON 3/29/2009
District of Columbia 1.44 9.1 ON 7/6/2008
Florida 3.57 8.6 ON 10/5/2008
Georgia 3.85 8.4 ON 11/9/2008
Hawaii 3.21 5.9
Idaho 6.90 6.5 ON 1/18/2009
Illinois 5.13 7.9 ON 8/3/2008
Indiana 5.53 8.8 ON 10/5/2008
Iowa 4.35 4.7 ON 3/22/2009
Kansas 3.42 5.6
Kentucky 4.86 8.5 ON 8/3/2008
Louisiana 2.14 5.5
Maine 4.51 7.4 ON 2/15/2009
Maryland 3.57 6.1 WILL BEGIN 4/12/2009
Massachusetts 5.28 7.2 ON 2/15/2009
Michigan 7.74 11.3 ON 7/6/2008
Minnesota 4.48 7.4 ON 11/9/2008
Mississippi 3.87 8.5 ON 7/6/2008
Missouri 4.41 7.8 ON 10/5/2008
Montana 5.63 5.5 ON 2/15/2009
Nebraska 2.16 4.2
Nevada 5.82 9.3 ON 8/3/2008
New Hampshire 3.69 4.9
New Jersey 5.49 7.4 ON 1/4/2009
New Mexico 3.15 5.1
New York 4.38 7.1 ON 2/15/2009
North Carolina 5.26 9.5 ON 9/7/2008
North Dakota 2.89 3.9
Ohio 4.91 8.6 ON 8/3/2008
Oklahoma 2.28 5.0
Oregon 7.28 9.6 ON 11/9/2008
Pennsylvania 6.31 7.0 ON 1/18/2009
Puerto Rico 5.41 13.6 ON 7/6/2008
Rhode Island 5.95 10.1 ON 7/6/2008
South Carolina 5.34 10.0 ON 8/3/2008
South Dakota 1.89 4.2
Tennessee 4.13 8.4 ON 8/3/2008
Texas 2.20 6.1 WILL BEGIN 4/12/2009
Utah 3.31 4.6
Vermont 5.38 6.6 ON 2/15/2009
Virgin Islands 2.27 4.0 WILL END 4/12/2009
Virginia 2.47 5.9
Washington 4.97 7.6 ON 12/7/2008
West Virginia 4.08 5.2 ON 4/5/2009
Wisconsin 6.46 6.9 ON 1/25/2009
Wyoming 2.72 3.6
All states are eligible for up to 20 weeks of first tier benefits.
37 states are eligible for up to 13 weeks of second tier benefits as of April 5, 2009.
I.U.R reflects 13-week period ending March 21, 2009.
T.U.R reflects avg. seasonally adjusted T.U.R for 3-month period ending February, 2009.

April 9, 2009. Tags: , , , , , . Economy, Labor Department, Uncategorized, Unemployment Statistics. 3 comments.

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