Last Thursday, the Senate failed to pass a bill that would again extend unemployment benefits. Rather than continue haggling between Democrats and Republicans for another round of changes to the bill, the Senators will likely drop the issue.
The bill also contained an extension to the homebuyer tax credit, a benefit that officially ends on June 30, 2010 for homes purchased by May 31.
This is the beginning of the end for economic stimulus from the government. Meanwhile, the Obama administration at the G-20 summit is warning other countries not to end their own stimulus plans too quickly, an approach we might not be able to take ourselves.
Updated December 26, 2010 and originally published June 28, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
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I’m sure many will disagree, but I think this is a good thing in the long term. The unemployment benefits have to stop somewhere, and now is as good a time as any. It’s sad that so many are dependent on programs and my sympathies to all those who are struggling, but, from an economics perspective, the music has to stop sometime.
I would encourage all those who have lost their jobs as a result of this bankster con game to take their anger to the voting booth this November. Democrats and Republicans alike need a strong wake up call. Just vote them out!
Cheers!
I have always paid my taxes and what does my country do….cancel my unemployment benefits but continue to give billions of dollars to other countries to eat but not americans that pay taxes???? What is the senate thinking? Do you want anouther million homes to be lost? I really hate politicians that have nice fat paying jobs! What about us…..AMERICANS!!!!
You’re kidding, right? The music has to stop somewhere, and they can’t find this pittance they pay out in benefits from some other pork?
What’s going to happen is massive homelessness and a slow but sure collapse as housing takes a hit, the banking industry on loan defaults, the retail industry. Not only that but the White House has “vowed” to end homeless within 10 years. Has appointed a task force (is paying them for sure) and now money will move into some other social program that will cost far more to get people off the street later, then continuing them at a mere subsistence today. Get a grip! It’s thinking like this that is destroying the country.
And in the highest unemployment in decades, do you understand that without a vote, you now get 26 weeks and that is it? Everyone got cut off.
Cheers!
I’m wondering if you would feel the same way if you were the one unemployed for over a year. I’m currently employed after a year of unemployment and 38 years of full employment. I do understand there has to be an end, but if everyone believes the BS our elected officials are giving out we are in trouble.
I do think the elected officials need a wake up call no matter what party, I’m on board.
So considering Unemployment Benefits and Homebuyer Credit Not Extended and
Unemployed Job Applicants Are Turned Away Automatically, what exactly is the solution for those whose unemployment benefits have run out?
I’m renting a room from one and this isn’t good for anyone in the house.
Curious: I think the magic 8-ball said it best: “Outlook not so good.” For those in the unenviable position of unemployment right now… work on something that can be put on your resume. Another degree program, certification, self-employment, “consulting…” anything to show you’ve been busy (in addition to full-time job searching, of course).
To be honest, I don’t know how the Republicans can sleep at night. This is really selfish of them. It is a shame that something hasn’t been done already. I am running out of my benefits now. I need them as much as anyone else and I lost my job almost a year ago now through no fault of my own. All they are doing by not extending benefits for those who need it, is weakening a nation. People who helped build this country are taking the hits. They should all be ashamed of themselves. I am embarrased every time I watch CNN. Maybe one day, hopefully soon, they will wake up and do what is right. We have a justice system that is supposed to be of the people, by the people, for the people, but it’s really for themselves.
It’s not just the republicans.it’s every stinky politician in Washington. It’s the fact that this country is out of money. There is no more money to give to the programs anymore. Maybe if we ALL got together and voted ALL incumbents out in November, we can get this country turned around. Maybe we need to pressure our leaders into stopping the money leaving this country to help others, when we can’t even help ourselves. Maybe the politicians can take a pay cut, or even relinquish their salaries for a specific amount of time to help out our country. I think they could afford it. That’s what my boss did when our company was slow and losing money… he ceased his pay until we were running again. ALL of the politicians need to STOP SPENDING OUR MONEY!!!!!!!!!!! Maybe we could get out of this mess! I am EXTREMELY embarrased of this entire country, and how everyone acts. Maybe we ALL need to re-read our Constitution, and re-read our history books, and remember what this Country was founded on, and what true Americans are made of! Wake up everybody!!!!!
Er, unemployment benefits have been extended several times now. Yes, it’s
infuriating to see fat cats benefit from government programs, but individually let’s man up
here, so to speak.
Maybe Obama should’ve focused on keeping the unemployment rate below 8% like he promised he would instead of pushing for his bailout of the unions, gov’t workers, and the unpopular healthcare plan. Who really gives a shat about healthcare when you don’t have a job? At least he took care of his base.
I would think that without a job, you should be caring more about ensuring health care is available and affordable, particularly outside of an employer (who an employed individual does not currently have). But it is a separate issue.
It is my belief that his plan mirrors the plan we currently have in Massachusetts and merely increases the costs of care. I would prefer that he spend his time creating more jobs. The job market for recent graduates such as myself are abysmal.
Since so many of us are afraid of the socialist flood, why not have future extensions be low or no interest loans?
That’s one of many possible solutions, but politicians being politicians are more interested in their egos and their re-elections rather than what is best for society.
We need more than unemployment extension. We need an overhaul of the social safety net system. I have been out of work for 2 years and have not received a penny from unemployment or insurance benefits. I was an independent consultant contracted to 1 company for 5 years. I have lost my savings and my retirement and could not afford health insurance and now live in poverty through no fault of my own. Unemployment insurance is based on an antiquated employment system. It has destroyed financially many families due to the “luck of the draw” for how you received your income prior to the lost. Many people were contracted and worked very hard and there is and was no help. It is extremely unfair to provide for a “chosen” group of unemployed both for the weekly cash as well as the Cobra subsidy.