Not extending $600 unemployment benefit 'would be a catastrophe,' say former Fed Chairs Bernanke and

[Yo_Mama_Been_Loggin]

Yellen

With expanded unemployment insurance set to expire at the end of the month, two former chairs of the Federal Reserve urged lawmakers to renew the emergency benefits created in the early days of the coronavirus pandemic.

“I think, frankly, it would be a catastrophe not to extend unemployment insurance,” Janet Yellen told members of the House Select Subcommittee on the Coronavirus Crisis during a remote hearing on Friday. Currently, many out-of-work men and women are eligible for an additional $600 per week.

“We need the spending that those unemployed workers can do,” she said.

Appearing before Congress for the first time since they left government, Yellen and her predecessor, Ben Bernanke, praised lawmakers for the size and speed of their initial reaction to the economic downturn; then, they offered a series of suggestions.

https://www.msn.com/en-us/money/markets/not-extending-dollar600-unemployment-benefit-would-be-a-catastrophe-say-former-fed-chairs-bernanke-and-yellen/ar-BB16SvPe?li=BBnb7Kz

But Princess Ivanka says you should try something new.

[uponit7771]

1. Pelosi is the most powerful women in the world right now, she can ask for what she wants and if it

... doesn't pass Trump loses even more.

She can get what she wants RIGHT NOW

[dalton99a]

2. Sadistic and stupid - something Trump loves to do every day

[Trenzalore]

3. I honestly think they are that dumb

The talk in the RW hemisphere is people aren't returning to work because unemployment is so lucrative.

I fully believe they are dumb enough not to extend the benefits.

[MissB]

4. They are so out of touch

They probably assume that all these folks getting an extra $600/week are stashing it.

[Trenzalore]

7. This is going to be a pretty big and public fight

Trump needs to change the subject from 100k cases a day which we will be at next week.

I don't think the extended unemployment benefits make it through.

[John Fante]

9. This would be a catastrophic way to change the subject.

The enhanced benefits are the only thing holding this economy together right now. Remove that disposable income from the equation and it's 1932 all over again. Maybe worse.

[Johnny2X2X]

5. They will compromise

This money is the only thing keeping the economy going right now, it’s all being pumped back in.

I think that the $600 gets reduced to $400. But that they extend it until January.

[Hoyt]

6. Think they'll extend it, but put a cap on the $600 based somewhat on

prior earnings.

[John Fante]

8. Don't cave, Democrats. Let Trump and McConnell tell 30 million Americans

the "free ride" is over. The Lincoln Project ads will write themselves.

Within a week the Pukes will be BEGGING to make a deal, but by then the damage will have been done.

[RainCaster]

10. I'm one of those needing that $600!

Please keep it coming until the job market picks up.

[Luz]

11. Me too. And I honestly don't know how we'll make it on

$220 a week. Millions of us out here with this giant boulder hanging over our heads.

I don't see how they don't extend it (at least some of it). The price of not doing it will be greater than doing it.