Expiration of jobless benefits poses growth risk to US economy

Global Risk Insights

With benefits for the long-term unemployed ending at the beginning of 2014, forecasters are downgrading US growth projections.

For 1.3 million long-term unemployed workers in the US, 2014 starts with a shock. Federal jobless benefits for those who have been out of work for more than twenty-six weeks, which have been in effect since 2008, are set to expire. Renewing the program – which pays an average of $300 per week to Americans, who have been unable to find work for more than six months in a depressed job market – was a Democratic priority in the recent budget negotiations, but was eventually left out due to a Republican demand.

Jobless benefits became a proxy for the debate over the size of the federal government, and in the process the program’s impact on economic recovery was lost. The expiration of the program is forecasted to be a drag on…

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One thought on “Expiration of jobless benefits poses growth risk to US economy

  1. I have had a parting of the ways with other conservatives on this,The people receiving jobless benefits are working people and most would jump at the chance for full time work,especially something better than entry level.I don’t see them as leeches of any kind.There is bound to be fraud in any program but we can’t just jettison working people.I continue to emphasize the use of eVerify to enforce the existing laws relating to immigration.We can’t afford to ignore the law of the land.eVerify would open many jobs to US citizens and legal immigrants.Open borders advocates are complete idiots.

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