The Economic Case for Extending Unemployment Insurance

[laughingliberal]

The lapse in extended unemployment insurance benefits at the end of May has resulted in 2.5 million jobless Americans exhausting their assistance. If we do not reinstate benefits by the end of the month, this number will grow to 3.2 million. These losses are exacting an enormous human toll on families who count on these benefits as they continue to search for jobs.

As the president recently remarked: "Lasting unemployment takes a toll on families, takes a toll on marriages, takes a toll on children. It saps the vitality of communities, especially in places that have seen factories and other anchoring businesses shut their doors. And being unable to find work - being able to provide for your family - that doesn't just affect your economic security, that affects your heart and your soul. It beats you up. It's hard."

It is also bad for the economy. But unemployment insurance puts money in the pockets of the families most likely to spend the money - which in turn expands the economy and creates jobs. The nonpartisan Congressional Budget Office has identified increased aid to the unemployed as one of the two most cost-effective policy options for increasing economic production and employment.

http://www.huffingtonpost.com/lawrence-h-summers/the-economic-case-for-ext_b_645666.html

When even the GS branch of the economic team admits to the hit the economy will take if they don't restore the UI benefits, it's time to pay attention. Ben, are you listening?

[Orrex]

1. It's time to scrape off these teat-suckling parasites once and for all

If you don't have the sense to be born into a wealthy and well-placed family, then to hell with you.

[Hosnon]

9. Damn straight.

Who do these people think they are after all?

[cordelia]

2. K&R

[Spheric]

3. It's all about building character in the little people.

Not extending unemployment benefits is the most economically insane, and at the same time heartless, thing they could possibly do. I'm trying to figure out how the Republicans are going to blame this on the Democrats in November.

K&R

[femrap]

4. k and r

Shit, all of the Unemployment funds are put right back into the economy. It's purely sadistic that the repugnants are saying 'no.' May they have to eat their dollar bills so not to starve.

[Spheric]

5. This will completely erase in very short order what little good the stimulus plan accomplished. /nt

[unapatriciated]

6. k&R

[Lydia Leftcoast]

7. For all the conservative whining about "government not being able to stimulate the economy"

I bet the nation's landlords and grocers and other purveyors of necessities don't care where their customers' money comes from as long as it comes!

If the unemployed stop being able to buy food from stores, they'll have to go for free food at food shelves and soup kitchens, and that, in turn, will hurt the stores.

[laughingliberal]

8. That's the point. The money going to UI is getting circulated. Republicans are trying to...

orchestrate a crash to help them in November. That said, WTF is with Ben Nelson?

[bvar22]

11. Ben Nelson is just "taking one" for the DLC Team....

...like Former Chairman of the DLC Joe Lieberman and DLC Darling Blanche Lincoln "took one for The Team" on HealthCare.


If they needed more, the DLC would order more.
The DLC New Team

(Screen Capped from the DLC Website)

[laughingliberal]

16. Does appear a little transparent, doesn't it? nt

[Sebastian Doyle]

12. Yep. It's the ripple effect.

Idiots like Nelson and the admitted Republicans never get that. Maybe if WalMart actually started losing money they would pay attention. And that could actually happen in this case.

[CrownPrinceBandar]

10. I guess its saying something when Larry Summers pipes up.......

Several years ago I used to think that the whole notion of Class War was a worst-case scenario and that it couldn't happen here, last year when I lost my job my resolve on that wavered but still had some hope, now that I see 14 MILLION folks out of work and nothing being done I have no doubt.

[tango-tee]

13. K&R!

[jgraz]

14. K&R.

[Missy Vixen]

15. Wait till the "haves" face the truth

A huge increase in crime.

People will do whatever they have to to feed their families, and that's going to include crime. Then again, I'm sure that this will be a boon for the prison industry, will it not?

My favorite part, though, is the willingness to throw these 3.2 million people under the bus. They vote, too. Three million people is nothing to sneeze at, and imagine how many other people know them or their situation.