Safety Net for the Long-term Unemployed

New $100 billion safety net for jobless in works, By Andrew Taylor (AP), December 1, 2009, Washington Post: “As unemployment spikes, the cost of compassion is going up too. By as much as $100 billion. That’s the potential price of a push by Democrats in Congress to continue providing extra help to the jobless beyond the core 26-week unemployment insurance package provided under permanent law. The jaw-dropping numbers combine the approximately $85 billion cost of continuing emergency benefits through 2010 for the long-term unemployed – jobless more than six months – plus an estimated $15 billion to continue subsidies to help pay health insurance premiumsEven before the last new round of extended benefits in November, the cost of unemployment compensation was estimated by the White House to exceed $140 billion for fiscal 2010, which began in October. Just two years ago – when the unemployment rate was 4.8 percent in contrast to the current 10.2 percent – the cost of unemployment benefits was only $43 billion…”

Comments are closed.