Thursday, November 10, 2011

What depression? CNBC:Most of the unemployed no longer receive benefits

The jobs crisis has left so many people out of work for so long that most of America’s unemployed are no longer receiving unemployment benefits.

Early last year, 75 percent were receiving checks. The figure is now 48 percent — a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America’s 14 million unemployed have had no job for a year or more.

Congress is expected to decide by year’s end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.

The ranks of the poor would also rise. The Census Bureau says unemployment benefits kept 3.2 million people from slipping into poverty last year. It defines poverty as annual income below $22,314 for a family of four.

Yet for a growing share of the unemployed, a vote in Congress to extend the benefits to 99 weeks is irrelevant. They’ve had no job for more than 99 weeks. They’re no longer eligible for benefits.

Their options include food stamps or other social programs. Nearly 46 million people received food stamps in August, a record total. That figure could grow as more people lose unemployment benefits.

Why would anyone vote for any in the executive who are responsible for making plans?

Of course we can only vote for ONE such person. He or she appoints the rest.

1 comment:

Karol|Dealing with depression said...

This is quite sad, and unfortunately unemployment affects every country some are only worse than others. In my country over 70 percent of the population of my country is suffering from poverty and unemployment. And also sad is that the so called leaders live in extreme abundance.

Anyway, like I always encourage, it's time we take responsibility for our lives and the lives of our offspring. Let's start creating a future for ourselves and not wait for the leaders to do so, else I'm afraid we may always be disappointed. I know many will think that you need money to make money, but it's not completely true if you are well informed.