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This crisis is likely to last for longer than usual. There is no need to turn hard times into disasterous times. Unemployment insurance should be extended for the duration. That would provide enough money for folks to pay the mortgage, buy food, and heat the house. It is not enough for trips to Disneyland or Carribean cruises.
Pay for it with a retroactive income tax on all the high flying executives that created the problem.
I am thinking.. instead of doing bail outs.. which will simply line the pockets of the rich anyways... they should be taking care of the people of the US... its true that some of our problems are due to the people who "cheated" the system and took money they couldnt afford.. but hey its time to take care of our own..
The Presedent has to sign it off, and is expected to.
I heard a quick snippit of news about the extension but I'm not sure I understand.
Is this up to an additional 13 weeks of benefits on top of the first extension or up to an additional 13 weeks on top of the Original 26 benefit weeks most get?
In other words, are folks elegible for a MAX of 39 weeks is it now more?
Also, heard some states are able to offer up to an additional 7 weeks worth of benefits, but it supposedly varies from state to state.
I saw this on our local news but you can do a Google search and get in depth information as it's all over the internet.
To reply Gizmo, I believe this second extension is in addition after you exhaust your main claim and the first extension. They know that the unemployed exhausted the first extension (from the start), the beginning of OCT.
From what I read, the extensions go by State so you have to check your state and it's determined by the unemployment rate being 6% or higher.
I think the payments should last until the economy shows an demand for labor illustrated by job availability and rising wages. This "recession" is likely to require unemployment payments for 250 weeks or longer.
Last edited by GregW; 11-21-2008 at 08:12 AM..
Reason: added line of text
President Bush signed off on the extended benefits for unemployment.
"The benefits provided would be in addition to 13 weeks of federally funded extended benefits Congress approved last June." per CBS News. This works different state to state, so check the Unemployment Website for your state.
One wonders if the Govt is going to get better/wiser at handing out this money. We see what AIG, the banks, etc did with theirs: treat it like it was Christmas, gobble up smaller banks, etc. I think it's so foolish to give these guys money without any conditions. I wish it would have gone to the taxpayers. Afterall, it is our money.
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