Tag Archives: unemployment benefits

Unemployment problem

If you missed President Obama today, he was outstanding. He was talking about our inequality gap. He gave a great speech with data suggesting that it is in our best interest to address inequality.

From Steve:

In just 24 days, federal emergency unemployment benefits will expire for a whole lot of struggling Americans. Suzy Khimm calls it the “unemployment cliff.” Continue reading Unemployment problem

Wednesday Evening News Roundup

News Roundup

Did I read that the Obama administration is agreeing to Social Security cuts? I just don’t understand what the administration is doing. Craziness on a grand scale. Liberals have been replaced by conservative Republicans!!!! AAuugghhh….

From Robert Reich:

Sure, March’s employment report was a big disappointment. But it’s hard to see any direct connection between those poor job numbers and the sequester. The government  has been shedding jobs for years. Most of the losses in March were from the Postal Service.

Take a closer look, though, and Americans are starting to feel the pain. They just don’t know it yet.

That’s because so much of what the government does affects the nation in local, decentralized ways. Federal funds find their way to community housing authorities, state unemployment offices, local school districts, private universities, and companies. So it’s hard for most Americans to know the sequester is responsible for the lost funding, lost jobs, or just plain inconvenience.

A tiny sampling: Brandeis University in Waltham, Massachusetts is bracing for a cut of about $51 million in its $685 million of annual federal research grants and contracts. The public schools of Syracuse, New York, will lose over $1 million. The housing authority of Joliet, Illinois, will take a hit of nearly $900,000. Northrop Grumman Information Systems just issued layoff notices to 26 employees at its plant in Lawton, Oklahoma. Unemployment benefits are being cut in Pennsylvania and Utah. (more…)

From Steve:

On the Korean Peninsula: “American and South Korean troops increased alert levels on Wednesday as South Korea’s foreign minister warned that North Korea could launch its medium-range Musudan missile ‘any time from now.'” U.S. defense officials are also “highly confident” that North Korea is planning the imminent launch of a medium-range missile.

Now that there’s a bipartisan agreement on key elements of the gun-safety legislation, will Sen. Ted Cruz (R-Texas) drop his filibuster threat and allow the Senate to debate the issue? Of course not. Continue reading Wednesday Evening News Roundup

The Sequester

Yesterday, our lawmakers allowed us the privilege of $85 billion worth of spending cuts. Republicans promise that this will help put the United States back on solid fiscal footing. I don’t see it that way. The sequester looks to me like a lot of pain without much, if any, gain.

what is driving the deficit

From CBPP:

The recession battered the budget, driving down tax revenues and swelling outlays for unemployment insurance, food stamps, and other safety net programs.[3] We calculate that changes in the economic outlook since the summer of 2008 account for over $400 billion of the deficit in both 2009 and 2010 and smaller amounts in later years. We estimate that the downturn has pushed up deficits by $2.5 trillion (including the associated interest costs) over the 2009-2018 period.

More from CBPP:

We have slightly revised our estimates of the automatic budget cuts — known as sequestration — scheduled to begin March 1 under the “fiscal cliff” deal reached at the start of the year. The table below lays out what will happen if sequestration, required by the 2011 Budget Control Act, takes effect as scheduled.

The fiscal cliff deal lowered the 2013 sequestration by $24 billion, from $109.3 billion to $85.3 billion. This shrinks the percentage cuts in full-year funding for most programs subject to the automatic cuts. However, the fiscal cliff deal did not affect the Medicare cut, which remains capped at 2 percent.

We need jobs. We don’t need an economic slow down which is exactly what it going to happen. Continue reading The Sequester