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The Democrat Senate, forced by President Obama, is about to give money it does not have, to assure that the unemployment rate goes UP. That is NOT a typo.
"The economic consensus which includes Obama Administration economists in their previous lives couldn’t be clearer on this. In a 1990 study for the National Bureau of Economic Research, labor economist Lawrence Katz found that "The results indicate that a one week increase in potential benefit duration increases the average duration of the unemployment spells of UI recipients by 0.16 to 0.20 weeks."
A March 2010 economic report by Michael Feroli of J.P. Morgan Chase examined several studies and concluded that "lengthened availability of jobless benefits has raised the unemployment rate by 1.5% points."
A 2006 NBER study by Raj Chetty of UC Berkeley on a related subject begins, "It is well known that unemployment benefits raise unemployment durations."
The unemployed currently get up to 99 weeks of unemployment pay. The Obama approach adds 27 MORE weeks.
"But Mr. Obama was nonetheless obliged to concede that, 18 months after his $862 billion stimulus, there are still five job seekers for every job opening and that 2.5 million Americans will soon run out of unemployment benefits. What happens when the 99 weeks of benefits run out? Will the President demand that they be extended to three years, or four?"
Why does Barack Obama hate the poor so much that he creates policies to keep them poor (higher taxes, job killing regulations)? Why does he prefer people be on the public dole rather than get legitimate jobs?
This is why we need Regime change in November. Anything short of that, and like California, the nation will be in a Depression for a full generation.
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"The economic consensus which includes Obama Administration economists in their previous lives couldn’t be clearer on this. In a 1990 study for the National Bureau of Economic Research, labor economist Lawrence Katz found that "The results indicate that a one week increase in potential benefit duration increases the average duration of the unemployment spells of UI recipients by 0.16 to 0.20 weeks."
A March 2010 economic report by Michael Feroli of J.P. Morgan Chase examined several studies and concluded that "lengthened availability of jobless benefits has raised the unemployment rate by 1.5% points."
A 2006 NBER study by Raj Chetty of UC Berkeley on a related subject begins, "It is well known that unemployment benefits raise unemployment durations."
The unemployed currently get up to 99 weeks of unemployment pay. The Obama approach adds 27 MORE weeks.
"But Mr. Obama was nonetheless obliged to concede that, 18 months after his $862 billion stimulus, there are still five job seekers for every job opening and that 2.5 million Americans will soon run out of unemployment benefits. What happens when the 99 weeks of benefits run out? Will the President demand that they be extended to three years, or four?"
Why does Barack Obama hate the poor so much that he creates policies to keep them poor (higher taxes, job killing regulations)? Why does he prefer people be on the public dole rather than get legitimate jobs?
This is why we need Regime change in November. Anything short of that, and like California, the nation will be in a Depression for a full generation.
More...