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Monday, September 21, 2009

Stimulus Working? - Emegency Unemployment Bill Needed?

(AP) Despite predictions the Great Recession is running out of steam, the House is taking up emergency legislation this week to help the millions of Americans who see no immediate end to their economic miseries.

A bill offered by Rep. Jim McDermott, D-Wash., and expected to pass easily would provide 13 weeks of extended unemployment benefits for more than 300,000 jobless people who live in states with unemployment rates of at least 8.5 percent and who are scheduled to run out of benefits by the end of September.

The 13-week extension would supplement the 26 weeks of benefits most states offer and the federally funded extensions of up to 53 weeks that Congress approved in legislation last year and in the stimulus bill enacted last February.

People from North Carolina to California "have been calling my office to tell me they still cannot find work a year or more after becoming unemployed, and they need some additional help to keep their heads above water," McDermott said.

Critics of unemployment insurance argue that it can be a disincentive to looking for work, and that extending benefits at a time the economy is showing signs of recovery could be counterproductive.

But this recession has been particularly pernicious to the job market, others say.

Some 5 million people, about one-third of those on the unemployment list, have been without a job for six months or more, a record since data started being recorded in 1948, according to the research and advocacy group National Employment Law Project. - CBS News Story

I thought the Stimulus was working so well. Better than expected is what the White House says. If so why do we need more spending because of the economy?

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