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Unemployment extension passes another hurdle
October 27th, 2009, 4:33 pm · 30 Comments · posted by Mary Ann Milbourn
The logjam over an extension of unemployment benefits ended today when the Senate approved a procedural motion on a bipartisan 87-13 vote to allow the bill to go to the floor for action, the Associated Press reports.
A time and date for a full Senate vote on the bill, H.R. 3548, was not immediately known.
Under the Senate bill, high-unemployment states like California, where the jobless rate was 12.2% in September, would be able to provide up to 20 additional weeks of benefits.
States with unemployment below 8.5% would get an additional 14 weeks.
California Employment Development Department officials, citing the length and depth of the recession, estimate 143,000 Californians have already exhausted the up to 79 weeks of benefits currently available.
While the concept of an extension had bipartisan support in the Senate, the bill got held up over Republican concerns that businesses would have to bear the $2.4 billion cost of the additional benefits through a $14-per-employee federal surtax. The bill also became a target for a variety of amendments, including a Democratic proposal to extend the $8,000 first-time homebuyers tax credit.
The amendments are still being negotiated.
Once approved by the Senate, an agreement must be worked out with the House of Representatives, which approved a different version of the extension on Sept. 22.
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Well, looks like enough pork is getting added to the Bill. Otherwise it wouldn't have a snowball's chance. and don't count on Obama eliminating earmarks like he promised you a year ago. He's already broken that promise numerous times. And don't expect Obama to let you review the Bill on-line a full 5 days before a vote. He's already broken that promise too. I foresee 245 weeks of unemployment benefits in Cali before it all blows up. When debt outpaces GDP for multiple years it becomes mathematically unsustainable. You can paper over massive debt for only so long. Sooner or later it rears it's ugly head.
Yea Baby!
I agree that we should have unemployment extensions because of the deep recession we're in. I don't believe, like most people seem to think, that most unemployed workers are simply taking a vacation -- most people I know would rather be earning a real paycheck!
That being said, I think the EDD should work on getting more hardcore evidence that those on extended unemployment benefits are actively seeking work to prevent it from becoming some kind of welfare program for the unmotivated. I believe there are people really struggling to find work and need those benefits, but we need to weed out the bums who aren't looking for work and just want to collect.
OK, so then what happens at the end of the twenty weeks? Another extension? I just got a job at a gas station two weeks ago. $9.25 an hour and 40 hours a week, graveyard. I know that people would line up for that. Getting ANY job now is like winning the lottert. Soon there will be tax increases on ALL of the working to pay for the people who can't find a job. The politicians all talk about jobs or creating jobs. My question is FROM WHERE? Our corporations have been exporting labor FOR DECADES!
It looks like the unemployment tax (UI) in your paycheck will go up. The money comes from the taxpayers and you know the state spends it elsewhere.
balony
my husband has been looking for work over a year. The employers are not hiring older workers and I have spoke to alot of people they cannot find work in fact I ran into 3 people today that can't find work. I think the Senateshould approve it or make Obama make good on his promises and EDD sshould try to make sure the older people looking for work are not discrimaated against. It is not welfare My husband worked 2 jobs for over 20 some years and paid into the unemployment bucket and it should be there. Living in the IE where the average unemployment rate is over 10% there is no work..
Your comment is awaiting moderation. ........why is that?
October 27, 2009 at 6:36 pmOK, so then what happens at the end of the twenty weeks? Another extension? I just got a job at a gas station two weeks ago. $9.25 an hour and 40 hours a week, graveyard. I know that people would line up for that. Getting ANY job now is like winning the lottery. Soon there will be tax increases on ALL of the working to pay for the people who can't find a job. The politicians all talk about jobs or creating jobs. My question is FROM WHERE? Our corporations have been exporting labor FOR DECADES
I want to know is the folks that are employed but at a lower pay rate then what they may have gotten for unemployment... how do we myself included survive on $10.00 hourly.And we are not recieving cost of living from employer. garnishings due to no work now hardly enough to breath. thank god for my mother i would be in the streets at 45. just wondering how to survive thats all.
i realize what i had to say is not so much what your talking about just had to put it out there.
Rep. party and george bush started this mess. For 8 years the rich got richer, wallstreet thieves stole, and who had to pay?? The middle class.!! I earned every PENNY of my unemployment..even if its extended 200 weeks..!! So i'm supposed to feel bad because some making 250,000 a year has to pay more taxes..? Give something back you gluttons..!! And as far as a free ride..america got a 200 year free ride remember (slavery) That was white america's welfare check. Wake up... damn i cant wait for the revolution..!!
Valintino,
if you haven't noticed yet, under Obama the rich are STILL getting richer!!! The corporate welfare has increased significantly under Obama. He's lied to you over and over again. Google "7 lies in under 2 minutes" if you question me. Obama is STILL rewarding the financial criminals who brought the economy down. He made the 'too big to fail' financial institutions even bigger! hah! So it's wasn't just Boooosh. Your boy is just as bad.
Really? Really?
Where the heck do they get the money for this? 79 weeks of benefits is not enough? 79 WEEKS!!!!
Does anyone care about the size of national debt? ANYONE?
I care but I feel like the last of the mohicans. It's good to know that there are two of us.
You are not alone in your thinking. It might be hard to see the outrage toward the national debt when you are surrounded by liberals in CA. Talk to people in most any other state and you will see the turmoil. Where I live in CO, some guy invented a new calculator so that the common folk could help keep track of the debt. He could not find a calculator that had enough digits to go into the trillions, so he created one himself. Once again, you are not alone.
Yeah your probably an imagrant working illlegaly here stealing the americans jobs everyone that draws unemployment has had credits to get unemployment why don't you get on the welfare system there the ones getting free money and your right in the line with them
Your comment is awaiting moderation. Still waiting or jerked around?
October 27, 2009 at 7:09 pm
Your comment is awaiting moderation. ........why is that?
October 27, 2009 at 6:36 pmOK, so then what happens at the end of the twenty weeks? Another extension? I just got a job at a gas station two weeks ago. $9.25 an hour and 40 hours a week, graveyard. I know that people would line up for that. Getting ANY job now is like winning the lottery. Soon there will be tax increases on ALL of the working to pay for the people who can't find a job. The politicians all talk about jobs or creating jobs. My question is FROM WHERE? Our corporations have been exporting labor FOR DECADES
well good for you. But other people cannot find work they are having to sell their homes or lose their homes. Alot of people have children they have to support. for every job there are 17 people or maybe even more in line for it.
(See bottom line below)
Home Buyer Tax Credit to be Extended and Eligibility Expanded
by CalculatedRisk on 10/27/2009
http://www.calculatedriskblog.com/2009/10/home-buyer-tax-credit-to-be-extended.html
UPDATE: I was told this is a done deal, but I haven't seen an announcement yet - so it might still change. The tax credit was expanded to move-up and higher income buyers. The amount of the credit was reduced to a maximum of $7,290.
From Bloomberg: Senate Close to Deal Replacing Homebuyer Tax Credit
The details:
•Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
•For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
•There is a minimum 5 year residency requirement in their current home for move-up home buyers.
•The tax credit is the lesser of $7,290 or 10% of the purchase price.
•The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
•Expect bill to be signed by Friday.
This is obviously bad economics, but it must be good politics. The first-time home buyer impact will fade (and will probably cost over $100,000 per additional home sold). The move-up portion will probably be even less effective.
Apparently this tax credit will be combined with the extension of the unemployment benefits to avoid a veto (the real reason the extension was being held up).
California,California,California Thats all I hear only 12.2%
Michigan 15.3%
The reason being: Once upon a time CA. was considered the nation's largest economy. What happens in CA. effects the rest of the country.
border patrol is all i have 2 say about that
Your on a site based on CALIFORNIA! Last I checked, Orange County is in what state?!?! Oh yeah, California! It doesn't matter the states individual unemployment rate. The countries unemployment rate is 9.8% currently and still climbing. This country is in trouble if the companies do not stop shipping our jobs over seas. If your company works in the country, your company should be based there! BRING OUR JOBS BACK!
The sooner California goes bankrupt the better so we can start over. That's what is needed here. We need to hit the reset button. We are simply in delay mode for the time being.
But the government has no money of its own to spend; only what it borrows or confiscates from us via taxation. Lately it mostly borrows though. The day of reconing is getting closer and closer....
If for one minute some of these politician's could experience losing a job you performed for years,and being unable to provide for your family,they would'nt drag there feet or wish to add all this fat to the bill,delaying much need'd assistance for hard working people's. MikusZurilious, Det. Michigan
I agree, most aren't unemployed by choice and need assistance so they don't end up homeless. But where all those jobs that are suppose to be coming? I think previous posters are onto something: either we are going to go bankrupt or there is going to be a revolution, but it won't be over raising taxes.
While our leaders are locked in a massive clusterf*** here is a headline for you.
NEW YORK (CNNMoney.com) -- Nearly half of U.S. workers who left their job last year cashed out their 401(k) accounts, according to a study released Wednesday, despite ongoing efforts to dissuade Americans from doing so.
I think the IRS should suspend penalties if you are unemployed, people are trying to survive. I'm adding to my DXD position at the open.
Via the The Associated Press
Costco Wholesale Corp. said Wednesday that it will start accepting food stamps at its warehouse clubs nationwide after testing them at stores in New York.
Cool, another 20 weeks of checks! I guess i can start looking for a real job around March 2010.
Unbelieveable how long it takes to pass this extension...I live in Toledo,Oh and there are no jobs...When a minimum wage job pops up, so do 15 people..It's unbelievable! They are dragging their feet when alot of single mothers are depending on this money..and they know that there are no jobs! They know this, but they still havent passed it..And then there are the people who are over 50 (me included) who have an even harder time at getting a decent job..This Unemployment is my only lifeline at the moment...but I still puch everyday looking for employment..I guess they wont be happy untill everyone of us file Bankruptsy and join the Home forecloser listings..I know several Republicans who are also in the same position as me, and they have stated that they will never vote for another Republican, as long as they live!! Me included!!