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Unemployment extended to 112 weeks
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Chipdip Offline
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Unemployment extended to 112 weeks
Max unemployment in my youth was 9 weeks, and that was when unemployment was double digit, inflation was off the charts, and interest rates were like going to Check and Go.

112 weeks equates to just over two years. Has unemployment become our latest entitlement? Do we keep extending it as long as the recession keeps on going?
07-03-2010 07:50 AM
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DesertBronco Offline
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Post: #2
RE: Unemployment extended to 112 weeks
I think we extend unemployment until the last TARP Payments are made, paying back the taxpayers.
07-03-2010 10:06 AM
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acer1 Offline
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RE: Unemployment extended to 112 weeks
I wonder if the laws of unemployment has changed. Businesses used to fund unemployment through taxes levied by the states and the federal government on the payroll of those that are employed. If a company lays off persons that collect insurance the cost to the company always went up until the fund the company paid into had an adequate balance.

Do these extensions now get funded by the government??????

If it doesn't that means that the cost of business continues to rise for those that can stay in business, ie another hidden tax. Just wondering.

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07-03-2010 11:17 AM
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DesertBronco Offline
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RE: Unemployment extended to 112 weeks
FUTA makes up for SUTA's shortcoming, so to answer your question, yes. Just like TARP, Wars, Social Security and all other Federal Government spending and fund shortfalls, they're tightened up by deficit spending and subsequently, Treasury Debt.

I don't think fiscal responsibility is a bad thing, I don't think starting to address it at the expense of unemployed people who did nothing to cause this problem is the best way to go.

Maybe if we had told the select Wall Street banks to bag it in 2008 when their giant ponzi scheme unraveled, then by all means, collective suffering would be good for the national soul and long term good.
07-03-2010 11:30 AM
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bronconick Offline
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RE: Unemployment extended to 112 weeks
I have no idea what the end game plan on this is, since more and more, you hear "experts" say 10% is probably the new normal.
07-03-2010 10:04 PM
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DesertBronco Offline
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Post: #6
RE: Unemployment extended to 112 weeks
Probably is, we've exported so many jobs overseas, our natural rate is going to be high for quite some time. Any attempts at lowering that rate will fall on a declining (depressed) economy. When we're in an era that's anything but inflationary, it won't help.
07-03-2010 10:31 PM
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Chipdip Offline
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RE: Unemployment extended to 112 weeks
(07-03-2010 10:04 PM)bronconick Wrote:  I have no idea what the end game plan on this is, since more and more, you hear "experts" say 10% is probably the new normal.

Yeah, failing liberal presidents tend to throw in the towel once they figure out that spending enormous amounts of money does not stimulate a thing. Carter said virtually the same chit, that we were just going to have to get used to a lower standard of living. He was wrong, and this moron is wrong too.

The economic engine that is the United States, will right itself, when the housing bubble finally ends (and it will in time), and when we get a president and a congress that believe in fiscal responsibility, and essentially get out of the way of small business. As much as I hated Clinton's morals and his wife's attempt at national healthcare, at least BC kept his mitts off the economy and let it do its thing unencumbered by overzealous legislation and regulation.
07-04-2010 05:37 PM
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DesertBronco Offline
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RE: Unemployment extended to 112 weeks
Quote:at least BC kept his mitts off the economy and let it do its thing unencumbered by overzealous legislation and regulation.

On the contrary, Clinton signed the repeal of the Glass Seagull banking act, and that opened Pandora's box. Even when you try and compliment a Dem you get it wrong.
07-04-2010 05:41 PM
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Chipdip Offline
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RE: Unemployment extended to 112 weeks
(07-04-2010 05:41 PM)DesertBronco Wrote:  
Quote:at least BC kept his mitts off the economy and let it do its thing unencumbered by overzealous legislation and regulation.

On the contrary, Clinton signed the repeal of the Glass Seagull banking act, and that opened Pandora's box. Even when you try and compliment a Dem you get it wrong.

Yes, and he also signed the Community Reinvestment Act, which basically got the ball rolling in lending to losers. Bush jumped on that one early as well.

But for the most part Clinton didn't tinker with an economy that was rolling. He let IT do ITS thing. Spending 850 billion in money we didn't have, and channeling it in the wrong places, has done nothing to stimulate our economy. In fact it likely slowed the recovery.
(This post was last modified: 07-05-2010 10:07 AM by Chipdip.)
07-04-2010 05:49 PM
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DesertBronco Offline
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RE: Unemployment extended to 112 weeks
That one event, repealing the banking regulations borders on corruption by all parties involved, they knew the ramifications. Hell, just read your economic history books, the blueprint for disaster was right there in black and white. Banks playing poker (ponzi) with our economy for their gain.

Our recovery will never happen if the moral hazards that exist today aren't remedied, this financial reform only scratches the surface. The banks on Wall are still running the country financially. It's wrong, and they're still selling the country out, nothing has changed in my mind.
07-04-2010 06:22 PM
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notauser Offline
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Post: #11
RE: Unemployment extended to 112 weeks
http://www.cnbc.com/id/30308959

http://upload.wikimedia.org/wikipedia/co...sident.jpg
(Know one likes Wiki as a source, I just thought it was interesting. Keep in mind this is as total debt as a % of GDP, this does not represent the balance of the debt)

The repeal of GS was terrible, it wouldn't have PREVENTED the downturn, but it would have REDUCED its effect and fewer banks would have failed in my opinion. Then again the housing market wouldn't have been as robust the past few years which meant fewer jobs, right now 7 million homes are in some form of default, though that's not to say all will go into foreclosure.

GS will never come back, the banks will see to that.
07-16-2010 09:48 AM
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chipfan Offline
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RE: Unemployment extended to 112 weeks
Just back from a quick trip to Michigan and while there I heard a talk radio show out of Detroit. A guest on the station said that he owns a small manufacturing plant and has 31 positions to fill and that he can't find takers. Jobs pay from $12 - $15 per hour for light assembly and up to $90,000 for engineering jobs. He can't get anyone to come in for an interview because they all want to use up their Unemployment first. 04-jawdrop

Had a chance to talk to my brother, who says his son (my nephew) is out of work after being laid off at Border's and isn't looking too hard for a new job. When I asked him if the nephew is tired of looking, he just laughed, and said no, that he is happy being on unemployment. Doesn't sit well with my brother, by the way...or me.

Is anyone else hearing of this? If so, sounds like maybe those unemployment benefits are too enticing, and I would be in favor of dropping any extension...or going the route of the old CCC, and putting these folks to work on infrastructure projects. We would at least get something for our money.
07-19-2010 05:40 PM
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Charm City Bronco Offline
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Post: #13
RE: Unemployment extended to 112 weeks
Maybe the guy who owns the manufacturing plant needs to do a better job marketing his open positions and marketing them to the RIGHT POOL of potential employees instead of putting an ad in the paper or posting an ad on Cragislist. This is always going to happen, be it in a good economy or bad economy. Those with little brains or work ethic are always going to want to expire their benefits first. Do you really want these people working for you? I wouldn't. How about upping the pay on a few positions and reducing the number of available jobs?

I've heard the same story about a guy who owns a landscaping business who can't get anyone to accept a job offer because they're living "high off the hog" on unemployment. I actually think I heard about this in the latest conservative chain email meme I got from one of my right-wing wacko friends.

I know when you're collecting unemployment, if you knowingly refuse a job offer, they will cut you off. Obviously you have to be dumb enough to admit this in your weekly filing. I wonder if this manufacturing owner has ever called the state with names of specific individuals who have turned down job offers.
07-19-2010 06:59 PM
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notauser Offline
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RE: Unemployment extended to 112 weeks
$12 x 40 = $480

Minimum weekly benefit in 2006 in Michigan $81
Maximum weekly benefit in 2006 in Michigan $362
http://www.nccp.org/profiles/MI_profile_37.html

The guy working at Borders might not be looking for a job, but benefits can't exceed 50% of earnings up to $362. So if he was making $400 a week his unemployment benefits should be $200 a week.

Remember unemployment is a state program, benefits are set by the state.

There might be some people milking the system, but most need this money. The money isn't saved, it's spent quickly by almost all unemployed. And there are five people unemployed for every one job opening. Ask any HR person how many people apply for an open job and don't be surprised if it exceeds 100. My mother works at a company that isn't hiring and they got unsolicited resumes faxed to them almost everyday, my brother works for a school that had one position open, and they got over 60 resumes, most with graduate degrees and one with a Ph.D.
07-19-2010 07:15 PM
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bronco5 Offline
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Post: #15
RE: Unemployment extended to 112 weeks
I don't think I can take advantage of Unemployment yet (I don't know the system that well). Instead, I'll just get a Bridge Card. Thats like 200 dollars a month right there for food and other necessities. I can spend more money on beer! Horray beer!
07-19-2010 10:59 PM
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Charm City Bronco Offline
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Post: #16
RE: Unemployment extended to 112 weeks
Unless you file your taxes as independent from your parents, you're not eligible for food stamps. You do realize you aren't the first college student to think of this, right?
07-20-2010 09:14 AM
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