Unemployment Benefits Extended through 2011; More Help Needed
On Friday, President Obama signed the large tax cut bill that includes an extension of extended unemployment benefits through the end of 2011. While, the extension of those benefits was sorely needed, it is extremely unfortunate that the bill did not include additional spending measures that would stimulate the economy. As further evidence that the Great Recession continues, the latest report shows that North Carolina lost 12,500 jobs in November, more than any other state, pushing the statewide unemployment rate to 9.7 percent. Without further assistance, the economy is unlikely to...
Read MoreMillions to Lose Unemployment Benefits, Even if Extension Passes; New Course of Action Needed
Even if Congress manages to extend emergency unemployment benefits for more the millions of workers who could receive them, about four million others will see their benefits end over the next year, unless an entirely new program is created. This is according to a report recently issued by the President’s Council of Economic Advisers. So, the crisis facing some now is going to be experienced by even more later, unless serious job-creating actions are taken. You would think that the latest, terrible monthly jobs report would convince those in power that the Great Recession continues...
Read MoreCongress Provides Funds to Save Teacher Jobs
Last week, the Senate finally passed the $26 billion package to aid states that are still reeling from the effects of the recession. The legislation provides $10 billion to retain teachers who might otherwise lose jobs to cutbacks, and an additional $16 billion to help states with rising health care costs. The bill was quickly passed by the House and signed by President Obama. Of that amount, North Carolina received about $300 million to save teachers’ jobs. North Carolina leaders are now figuring out when and how to use the money. Obviously, one possibility would be to use some...
Read MoreRepublicans Continue Assault on Unemployed Workers
Senate Republicans (with the help of one Democrat, Ben Nelson) have continued their filibuster of the Democrats’ jobs bill, mustering the 41 votes needed on Thursday to prevent the bill from passage. Republican obstructionism will ultimately spell the end of extended unemployment benefits for millions, even as the economy is nowhere near creating significant job growth. On top of that, failure to pass the bills means states will not receive the much-needed $23 billion to pay for sharply rising Medicaid costs. (The great recession has swelled the ranks of those eligible for health...
Read MoreObama Signs HIRE Act to Spur Jobs
On March 18, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847, summary here), a $38 billion jobs bill comprised of several tax breaks and spending provisions to encourage employers to start hiring again. The bill includes a one-year extension of the federal highway program, an extension of the Build America Bonds program that helps states finance certain infrastructure projects, and various tax breaks for hiring and retaining previously unemployed...
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