Unemployment Update November 20, 2008: Unemployment Extension H.R. 686


Unemployment Update November 20, 2008: Unemployment Extension H.R. 686

By: Paul DeWitt Goree  © 2008

 

This is the latest update concerning my search for employment, within our dwindling economy.  Yesterday I went to apply for food stamps. I was denied as expected, but thought what a shame, that a tax payer like myself, upon hardship, could not utilized the very public services that my taxes went to provide.  I’m very understanding, considering the fact that others (families) need these benefits more than I currently.  I can only image what those families are going through. As a single male, I only have to supply for myself, but I remain unemployed and am finding that a harder ordeal to do. 

 

Today the stock market feel again. The Dow lost 5.6% dropping 441 points [1].  More than 400 million people are collecting unemployment. This is as high as in 1982, when the Reagan administration entered the White House with a devastated economy.  Currently, the unemployment rate in Las Vegas, Nevada is 7.1% [2].  Nationally, the unemployment rate is 6.5% [3] and is projected to rise to 8.0% by December 2008 [4].  So I guess there is comfort in knowing that I am not alone.  But what is very disturbing is news that the Federal government will be laying off 100,000 postal workers with an early retirement offer and job cuts [5], and if the Big 3 can’t come up with necessary funding plans, they too will contribute to hundreds of thousands of lay offs.   As noted in the past, the highest unemployment level ever experienced in the United States was in 1932, the rate was 25% [6].  If things continue the Obama administration, we could experience an unemployment rate near that record high.

 

The good news is the actions of Congress today.  I want to give three cheers to Congress for passage of an additional unemployment benefit extension.  As noted earlier, the Bush Jr. administration issued the first extension June 2008.  Well I benefited from that extension and have now depleted my funds, as I still continue to look for steady employment.  Today Congress approved a second unemployment extension H.R. 6867, will provide $6 billion dollars to unemployed recipients in the United States. The bill will provide 7 more weeks of benefits to those who have exhausted their funds. And in states where the unemployment rate is higher than 6% (Nevada, California, Rhode Island, etc), the bill will provide 13 extended weeks.  In October the bill passed the house, 367-28, with only 5 Republican representatives voting against the bill.  Those five are: Rep. James Barrett [R, SC-3], Rep. Christopher Cannon [R, UT-3], Rep. K. Michael Conaway [R, TX-11], Rep. Bob Inglis [R, SC-4], Rep. John Shadegg [R, AZ-3 ] [7].  I would like to applaud Senator Harry Reid [D-NV], John Ensign [R-NV] and all the other house members who voted aye on the October 03, 2008 passage. As for the five nay voters, what are these representatives thinking?  During a time of economic devastation, especially upon the working class, they have found it not necessary to approve an unemployment extension that will benefit, Americans who are out of work, Unbelievable!!!

 

 

 

 

FOOTNOTES:

1.)    www.econreview.com/events/ur1932b.htm

2.)    www.lasvegasnow.com Alyson McCarty, Eyewitness News Channel 8 CBS

3.)    www.dop.com Unemployment rate October 2008

4.)    www.channelone.com Associated Press Jennifer Love

5.)    www.balleralert.com  Post office to lay off 40,000, first layoffs EVER” Jonathan McCall

6.)    www.bigcharts.marketwatch.com 11/20/2008 INDEX

7.)    www.opencongress.org  Wall Street vs. Main Street Oct 2008 Donny Shaw

8.)    www.opencongress.org Unemployment Compensation Extension Act of 2008 H.R.6867

 

 

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3 thoughts on “Unemployment Update November 20, 2008: Unemployment Extension H.R. 686

  1. Joseph

    I’ve been contacting my Congressmen about an economic stimulus idea which entails allowing Unemployment Benefits paid during 2008 to count toward the Earned Income Tax Credit for the upcoming tax season. I’ve received back some encouraging reports regarding this issue. I encourage ALL of you to e-mail or write your congressmen asking for this very thing. It would put ALOT of extra money in the pockets of those who, like myself, were unable to find work all year long. Ask them, if for this year only, to include Claimed Unemployment Benefits for 2008 as Earned Income so that we may collect the much needed tax credit which can be upwards of $5,000.00! Thank you and God bless!!!

    Reply
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