Recession persists, but jobless benefits ending

[steven johnson]

Source: MSNBC

WASHINGTON - In the coming weeks and months, hundreds of thousands of jobless Americans will exhaust their unemployment benefits, just when it's never been harder to find a job.

Congress extended unemployment aid twice last year, allowing people to draw a total of up to 59 weeks of benefits. Now, as the recession drags on, a rolling wave of people who were laid off early last year will lose them.

Precise figures are hard to determine, but Wayne Vroman, an economist at the Urban Institute, estimates that up to 700,000 people could exhaust their extended benefits by the second half of this year.

That so many people have remained on jobless aid for more than a year underscores the depth and duration of the recession, which began in December 2007. If the downturn extends into May, it will be the longest recession since the Great Depression.

Read more: http://www.msnbc.msn.com/id/30045448/

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Since the recession began in December 2007, 5.1 million jobs have been lost. The unemployment rate is currently at 8.5 percent and is expected to hit 10 percent by the end of the year. People are going to lose their homes and benefits. Food stamps and other social programs will help somewhat. And under federal law, states found to have particularly high unemployment must provide 13 to 20 more weeks of benefits.

[whatdoyouthink]

1. That's what

Worries me more then this depression ... are we going to have bread lines (I know we do - kinda) like the 30's - huge homeless (I know we do) populations that equal large cities - out there in areas... I wish all this stimulus could have went to putting people to work first!!! and Bail out others 2nd!!!