Thursday, November 18, 2010

Merry Xmas out of work America - Bye Bye Benefits

As the jobless crisis lurches on and record numbers of Americans are still looking for work, the holiday season will provide an extra kick in the nuts to those long term out of work citizens as Congress failed to pass an extension of benefits to the so called "99ers". While those who opposed the measure to extend the benefits claimed to do so out of concern for growing deficits and debt, they are largely the same people who would like to extend the current tax rates for the top 2% of earners.

Some numbers to consider are the $5-6 billion per month that extending the unemployment benefits would cost; and the $700 billion over the next 10 years in lost revenue for the treasury. Bear in mind that of the $5-6 billion that would go to the long-term unemployed would almost entirely be funneled directly back into the economy as those people, still struggling, purchase groceries, pay rent, and address other immediate family needs. The money that would go to the millionaires and billionaires, on the other hand, would have no such assurances. With the American economy in trouble, many of them might opt to invest their new found tax cuts in companies overseas or in corporations that are outsourcing jobs to China and India.

While there aren't many differences between the Dems and the 'Pubs, here is a stark contrast that voters should remember for 2011 and 2012. Those angry voters who were so upset with the lack of jobs and the feeling that Congress wasn't doing enough to help them, have just been shown a preview at what a GOP controlled Congress and White House would offer those struggling the most. Nada.

For further reading on the House's failure to pass HR 6419:

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