Monday, September 21, 2009

And in further economy news...

The House just voted to extend unemployment benefits in Nevada and 25 other states with 8.5% or higher unemployment rates for 13 more weeks.

Some 5 million people, about one-third of those on the unemployment list, have been without a job for six months or more, a record since data started being recorded in 1948, according to the research and advocacy group National Employment Law Project.

“It smashes any other figure we have ever seen. It is an unthinkable number,” said Andrew Stettner, NELP’s deputy director. He said there are currently about six jobless people for every job opening, so it’s unlikely people are purposefully living off unemployment insurance while waiting for something better to come along.

The current state unemployment check is about $300 a month, supplemented by $25 included in the stimulus act.

That doesn’t go very far when a loaf of bread can cost $2.79 and a gallon of milk $2.72, Senate Finance Committee Chairman Max Baucus, D-Mont., said at a hearing last week on the unemployment insurance issue.

Yep, this is why we need it. Hopefully, things will eventually turn around. Still, things won't turn around until people have money in their bank accounts. I'm glad we'll see another extension.

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