70,000 Americans cut off from unemployment next month

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Thom Hartmann A...
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The National Employment Law Project is reporting that another 70,000 Americans will be cut off from unemployment insurance next month.  Already – nearly half a million Americans have lost their unemployment benefits this year thanks to austerity measures demanded by Republicans in Congress – and rubber-stamped by Democrats and President Obama – that cut unemployment insurance down from 99 weeks to 79 weeks in states that haven’t seen their unemployment situations get worse.  That even includes states like Florida, Nevada, and Illinois that all have unemployment rates above the national average. 

So what does this mean?  Aside from the moral crisis of pushing families into desperation – it’s also bad for the economy as money is being taken out of the hands of Americans who would normally spend it and stimulate the economy.  Republicans have been pushing policies that will crash the economy – just so they have a better chance at beating President Obama in November.  And unfortunately Democrats are letting them get away with it.

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lovecraft
As a long term

As a long term unemployed white male in my 50's, can I be anymore unemployed under Romney?

Bush_Wacker
Bush_Wacker's picture
lovecraft wrote: As a long

lovecraft wrote:

As a long term unemployed white male in my 50's, can I be anymore unemployed under Romney?

Yes.  Things can always get worse.  With someone like Romney he might make you pay back any unemployment benefits you may have recieved. 

What kind of work do you do?

pshakkottai
pshakkottai's picture
USA is a very rich country

USA is a very rich country and can afford it.The GDP per capita is 15 trillion / 300 million = $ 50,000 per capita. The mean wealth is 4 times this number which is 200,000 per capita. It is shameful that such a wealthy country is so mean spirited to stop unemployment payments! All it requires is deficit funding. All govt deficits become private savings anyway.

In fact for a currency issuing govt austerity is totally absurd. Even poor India which is a money creator, funds university education.

Rodger97321
Rodger97321's picture
Stock Market on Autopilot

Stock Market on Autopilot again?

The big items since the U.S. markets closed on Friday were:

1)  U.S. Winds down longer benefits for the unemployed (meaning less disposable income, meaning lowering of economic activity)

2) Over a hundred people murdered in Syria - indications of perpetrators being outsiders - but not yet known at whose behest.

3) Over 40 shootings and at least 10 dead in Chicago over the long weekend.

4) Story on B.O.'s excellent imitation of a kill-squad dictator

5) Poll results show Consumer Confidence falls to 5-month low

Yet, all the markets showed great gains (as if Today's trading direction had been set in advance).  Like the weekend and early week news were nothing but positive.