Question for the Recession, What Jobs?
Cited: Newsweek
The economy added just 83,000 new private sector jobs in June according to job numbers released July 2. This has added new fuel to the already heated debate over what the government should do to help unemployed Americans.
Exhibit A: David Brooks, the great moderate hope, attacks the subject in a New York Times column Tuesday. He bashes backers of new stimulus, complaining that there isn’t evidence for the government to make further large-scale infusions of cash into the economy. Instead, Brooks suggests the government extend unemployment benefits, something Congress has been hesitant to do, and extend much-needed aid to state governments, which not only face dire straits but, unlike the federal government, can’t run deficits.
Brooks’s argument has caused a minor food fight between wonks. Time’s Joe Klein calls his argument “not very convincing, and somewhat confused,” while fellowTimes columnist Paul Krugman—one of the “Demand Siders” Brooks calls out—responds with a characteristically combative blog post insisting he’s got plenty of evidence for why we need a new stimulus.
The fact is that any real progress on solutions for unemployment has screeched to a halt on Capitol Hill. NEWSWEEK’s Daniel Gross wrote last week that the paucity of serious proposals suggests politicians just don’t care about unemployment. After repeated attempts, Democrats have still failed to move a bill extending unemployment insurance—one of Brooks’s suggestions—through the Senate, with opposition from deficit hawks hanging it up. The liberal site Think Progress has compiled a list of shame featuring senators from states with high unemployment who still voted against extending benefits on multiple occasions. The latest attempt was put on ice to allow members of Congress to recess for July 4. President Obama voiced his frustration with the lack of progress during his Saturday radio address, blaming Republican obstructionism.
It is clear that the real losers are the out-of-work Americans even know political liability certainly lies with Obama and the Democrats, the GOP might not benefit either. The last extension on and if it’s was allowed by the Congress in May. Out of the overall 15 million jobless Americans, 1.3 million people saw their benefits lapse. With so many unemployed and at home constituents, senators and representatives may feel the heat and go and action. The unemployment benefits extension, which cost $3.5 billion, went back on the table when Congress returns to work July 12.
The House finally passed legislation July 22 extending unemployment insurance for 2.5 million jobless Americans, sending the bill to President Obama who is expected to quickly sign it into law.
Continued aid for the unemployed had been stalled for weeks over Republicans’ insistence that the $33.9 billion cost be paid from spending cuts elsewhere. Democrats have argued that extending jobless aid has typically been treated as an emergency and not required a funding source.
The vote was 272-152.
The Senate broke the stalemate earlier this week when two Republicans joined Democrats to pass the bill. Obama plans to quickly sign the legislation into law, which would unleash the aid to those who had their benefits cut off in late May. The aid would be retroactive to the cut off and continue through November.
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My Take: Well, At least people will have money until November. Unless they have a job, they’re going to have a lousy Christmas. I have a feeling that people are going to need the services of criminal attorneys soon. The crime rate always goes up in tough economic times. It will probably also need the services of drunk driving accident lawyer, because drinking increases as well.
But as the saying goes, things always look darkest before the dawn. Some things will go on like needing to compare auto insurance to get the cheaper rate and save money or to search for Virginia dental services that are cheaper. Of course, with a Virginia dentist, you could probably work out payment and it is usually free when you compare insurance rate.
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