The talk of extending unemployment benefits is only for those who have not collected 99 weeks, those who have collected 99 weeks do NOT get the benefit of these extensions. That being said each month that goes by tens of thousands are now 99ers who CANNOT receive additional benefits. I have also read that according to the u.s department of labor they DO NOT track 99ers. Estimates vary by a large range that show that anywhere between 2-5 million unemployed have used up all 99 weeks. 6.3 million of those jobless were long-term unemployed (27 weeks or longer). My take is that by the first half of 2011 if employment does not pick up they will be extending those 99 weeks to 110+ or even more. Just to absorb the new labor force coming in there has to be 150k-200k new jobs created EACH month. Most the jobs created over the last decade during the biggest boom cycles in the economy will be lost forever, NO one seems to comprehend this, they think that they will able to spend billions and billions of dollars and create jobs out of thin air, this is just a laughing matter at this point. The only way this economy has learned to grow is through asset bubbles, there isnt any organic growth left in this economy.
true..speaking about new labor- just curious-if you just graduated from school,college or whatever,but never work yet and couldn't find any job-a)-did gvt count those people? b)are they eligible to any unemployment or SS benefits?
I was a "self-employed" freelancer in IT/software. I paid self-employment tax of about 11 or 12 % for social security. Self-employed contractors do not have unemployment insurance. I am missing out on all the wonderful extensions.
That's another disincentive for anyone to become self-employed or start a small business especially at a time when that is needed most. It's the politicians thinking that there are more votes to be had from the employed-unemployed vs. self-employed.
True. I cringe every time I see a new business open up locally. I admire them for trying and wish them the best (and try to support them if possible). However, unless it's a thrift store or something else "recession-friendly," it often goes out of business within a year or so.
So now that 99 weeks is the maximum for unemployment, what is the next step for people that are still unemployed and broke? I assume it's welfare, food stamps, and medicaid, which probably isn't as lucrative as unemployment?
The vast majority of them will actually be incentivized to find a job. It might not be as great of a job as they feel they deserve, but that's the free market I guess.
Corporate thugs (CEOs and senior managementwith huge paycheck, bonus & perks) don't want to see employemnt rise. They want desperate workers competing for work at slavery wages, willing bend-over backwards or keep keep a job. The unemployment problem is STRUCTURAL. No amount have training will bring back the job the next few years. If we remove many of tax filling requirements or regulations, we will have some micro-business sprouting up in America. I can't have a coffee cart or snack van here w/o paying big regulatory fees and red tape. There is also the insurance needs as this is a lawsuit country.
I have a friend in business for many years and over the last 2 years the business has completely fallen apart, all work has literally dried up. Well he is still trying to hold onto it but I think come early 2011 he is closing up, told me that he cannot receive any benefits because he was corporate officer of the company. So self employed who end up losing their business get absolutely NOTHING!!!!!
If he payed for unemployment insurance every month he would be unemployment. That was his choice when he decided how to compensate himself.