The persistent unemployment striking the nation is hitting everyone, even those individuals with job security. Democrats in Congress are looking to aid those individuals who have been employed beyond the 26-week insurance package with a $100 billion in support.
The number puts into considering the $85 billion required for continuing emergency aid for the long-term unemployed through fiscal ’10 and roughly $15 billion in subsidies for health insurance premiums.
Prior to this additional $100 billion, the estimated cost of unemployment for 2010 was already in excess of $140 billion. The number is more shocking considering 2007 unemployment costs totaled at $43 billion.
Prolonging unemployment will help keep the economy from taking a major hit when the large number of long-term unemployed no longer have any income.
Economists consider it to be a healthy way to get money into the economy. The unemployed spend the money, because they need to whereas others who could potentially receive cash might want to save it away.
Without this package, roughly $1 million unemployed will lose their benefits by January with $3 million people losing them by March. With the package; however, we would be continuing to add to the nation’s $12 trillion debt and no closer to an answer on how to repay it.
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