Long-term jobless rate at new high. Time for a New Deal style jobs program?

[Karmadillo]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/07/BUEL1CR3UG.DTL

Nearly 23 percent of the unemployed, or 3.4 million Americans, have been out of work for more than a year, the highest such percentage of long-term joblessness since such records were started after World War II, according to an analysis by the Pew Economic Policy Group.

The report by the nonpartisan study group comes as Congress debates whether to continue extending unemployment benefits beyond the traditional 26 weeks to the new, temporary maximum of 99 weeks put into effect by the Obama stimulus package and two subsequent stopgap bills, the latest of which expired Monday.

Lawmakers are divided over whether the extensions - which Pew estimates could cost $87 billion this fiscal year if the 99-week maximum is extended through the end of September - should be offset by spending reductions elsewhere.

Democrats argue that this is an emergency measure and an effective stimulus, while Republicans want to prevent any growth in the federal deficit.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/07/BUEL1CR3UG.DTL#ixzz0kWQmDdOR