$49 Billion 7-Month Extension of Unemployment Benefits

Discussion in 'Wall St. News' started by S2007S, Feb 3, 2010.

  1. S2007S


    To all those bulls and money managers who are so extremely positive on this market do you not understand what is going on, so many clueless people out there don't even have an understanding of how fake and how upside down this economy is, how many times did they extend and are going to extend unemployment benefits to the tens of millions of people who are now unemployed. The whole system is being propped up by trillions and trillions of dollars. How anyone can believe were headed into many, many years of sustained growth is beyond me. Only thing that is helping this economy bounce along is the unlimited amounts of worthless dollars they push through the system.

    Obama Budget Includes 7-Month Extension of Unemployment Benefits
    Tweet Digg Reddit Facebook StumbleUpon Yahoo! Buzz By Mike Lillis 2/2/10 4:03 PM

    The Obama administration’s budget blueprint for fiscal year 2011, unveiled yesterday, includes $49 billion to expand federal unemployment benefits, which otherwise expire at the end of the month. That’s more than the $41 billion the House passed in December to extend the benefits for six months, but wouldn’t be enough to satisfy that long list of Senate Democrats urging a 10-month extension.

    “This would allow for some near-term extension of expanded unemployment benefits,” analysts at the Economic Policy Institute wrote today. “However, with costs of around $7 billion per month, this funding level would not be sufficient to extend the current benefit structure through the end of the year.”

    It’s hardly set in stone. A spokesperson for the Labor Department said this week that the $49 billion is just a “placeholder,” included to recognize that the administration intends to work with Congress later to hash out the details of the unemployment insurance extension. “The Administration will propose legislation for later transmittal,” the budget declares.

    They’re running out of time. Under current law, unemployed workers who exhaust their current tier of federal benefits after Feb. 28 won’t be eligible for the next. A Senate Democratic aide said Tuesday that the upper chamber, while expected to release the details of its jobs bill later this week, also intends to offer the UI and COBRA proposals as separate legislation. No word yet when that bill will surface.
  2. MattF


    so that would make what, 2.5-3 plus years of unemployment?

    Maybe I should just stop working now while the going's still good :D
  3. Perpetual unemployment insurance for the permananently unemployed + BIG pork spending + fighting wars around the world.... until we financially implode.

  4. you might implode but the industries behind that political agenda still get a huge windfall.

    government is not about the people but rather about the interests financing campaigns and lobbying congress.
  5. If this is your plan, probably a good time to leave your job and start trading full time.
    Endless Government checks to help subsidize your launch into trading.
  6. moonmist


    One of my friends was laid off by Citibank 16 months ago. This is exactly what he is doing. Collecting the unemployment checks, and start trading for a living.:p
  7. oh yeah and every trader makes money

    all of them

    how pathetic