Weekly Address: Time to Pass Bipartisan Legislation to Extend Emergency Unemployment Insurance

[mitty14u2]

11. US economy losing 'up to a $1bn a week' after jobless benefits cut

US economy losing 'up to a $1bn a week' after jobless benefits cut

The US economy is losing up to a billion dollars a week because of the “fiscally irresponsible” decision to end long-term unemployment benefits, a Harvard economist said on Friday.

Professor Lawrence Katz based his assessment on official forecasts of the impact to the economy of 1.3 million jobless Americans losing benefits

The benefits, which apply to people who are unemployed for longer than six months, expired last week after a bipartisan budget deal on federal spending for the next two years failed to include a reauthorisation of the program.

http://www.theguardian.com/business/2014/jan/03/us-economy-losing-1bn-jobless-benefits-cuts

This is another catch 22 that republicans love, keeping the stimulus going by the fed, the economy has to be slowed, they cut 10 billion in stimulus, cutting benefits cuts more that will keep the bond buying on the same track, cant have the money going to the general public it must go to wall street. GOP, we must keep wall street happy no matter the cost to citizens.

http://www.usatoday.com/story/money/business/2013/12/18/fed-meeting-december/4078769/