The American Jobs Act is made up of a provision that could be incredibly stimulative in terms of GDP expansion and jobs growth even though also providing direct relief towards the employees that have been hardest hit by the recession. But in discussions above which parts with the bill to help keep for inclusion within a smaller, bipartisan package following the American Jobs Act is officially killed (later today), that provision does not appear to become common.
Referring obviously to the extension of federal unemployment insurance. Unless Congress acts, on January 1, millions of long-term unemployed workers will start to lose their rewards. In accordance with National Employment Law Project, 6 million would lose their benefits in 2012, and 2.2 million would lose their rewards by mid-February.
In September, the average length of unemployment rose to a record high of 40.5 weeks. Cutting back advantages to 26 weeks would mean the typical unemployed person would go virtually 4 months without having any type of earnings after going six months around the limited earnings unemployment insurance supplies (on common about $300/week, or about 70% in the poverty level for any family of four) . And that could be just the average situation. For millions of unemployed workers the situation will be significantly, much worse.
|SHARE THIS STORY|