Bush signs unemployment extension
President George W. Bush on Friday signed an extension of unemployment benefits.
It gives seven more weeks of unemployment payments to workers who have exhausted their current jobless benefits. For those in states with the highest unemployment rates, an additional 20 weeks will be allowed.
The government reported the number of workers filing new claims for jobless benefits last week was at its highest level in 16 years and more than 4 million people were now receiving unemployment benefits.
And speaking of unemployment. I was listening to Clark Howard yesterday and he said that a recent survey of economists finds that they unanimously agree that there is a recession and it began back in April. However, they disagree on how severe things will get going forward. Some economists think unemployment will rise from our current level of around 6.5% to 7.5%, while others think it could go up to 10%. That’s a gloomy outlook either way.
You probably know someone who got laid off. It may even be you. People often ask Clark how long the tough times will go on. Many Americans weren’t old enough to remember the recessions of the early-to-mid ’70s and the early ’80s. Both represented a new low and were the worst since the Great Depression.
But modern recessions — even when they have significant unemployment — tend not to last too long. In fact, economists think this current one won’t be extra long because of all the bailout money being pumped into the economy. The best guesstimates are that tough times won’t last longer than mid-to-late next year or until 2010 at the latest.
Looking from a historical perspective, we had a recession that started in 1873 and lasted for 6 years. The duration was so intense because there were no financial instruments available to shorten the length and severity. No food stamps, no unemployment compensation, no bailouts. Today, we have modern adaptations to prevent a complete meltdown.
Clark doesn’t want to belittle those feelings, but if you are dejected, remember that you still probably have food to eat and access to shelter (even if your own home is in foreclosure).
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Tags: bailout, Clark Howard, economic crisis, jobless benefits, president bush, unemployment
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December 16th, 2008 at 9:58 pm
I’ve been contacting my Congressmen about an economic stimulus idea which entails allowing Unemployment Benefits paid during 2008 to count toward the Earned Income Tax Credit for the upcoming tax season. I’ve received back some encouraging reports regarding this issue. I encourage ALL of you to e-mail or write your congressmen asking for this very thing. It would put ALOT of extra money in the pockets of those who, like myself, were unable to find work all year long. Ask them, if for this year only, to include Claimed Unemployment Benefits for 2008 as Earned Income so that we may collect the much needed tax credit which can be upwards of $5,000.00! Thank you and God bless!!!
January 19th, 2009 at 12:01 pm
OUR SEVEN WEEK EXTENTION HAS RUN ITS COURSE, OUR STATE TENNESSEE SHOULD BE GETTING THE EXTRA 13 WEEKS EXTENTION ACCORDING TO THE HIGH RATE OF UNEMPLOYMENT WHICH WAS APPROVED. BUT THE OFFICE SAYS THEY DON’T KNOW SOME ONE KNOWS IF IT WAS APPROVED, WOULD YOU PLEASE CHECK ON THIS.
March 8th, 2010 at 12:12 am
Just skimmed through this awesome blog article. Cool work mi amigo! Check ya later