not SEE the "multiplier effect" creating a lot more misery.
By NOT continuing extended UI benefits
not only will the recipients loose their income
but 600,000 more of U.S. will also loose their jobs.
That really IS "cruel and unusual punishment" !!
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CEA estimates that in December 2011, without a year-long extension:
Employment would be 593,000 lower than if there were an extension; and
GDP would be 0.6 percent lower than if there were an extension.
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MOG, Ms C, that is too GD depressing.
Match that with the fact that many of the long-term unemployed are between 55 and 65, where those over 62 are being driven into filing early for SS, and those under 62 are being driven out of their homes. An entire generation of U.S., who played by the rules, has been economically destroyed.
What a GD mess.
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CEA Assessment of the the Impact of Letting UI Extensions Expire
http://www.econbrowser.com/archives/2010/12/cea_assessment_1.html
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CEA's report "The Economic Impact of Recent Temporary Unemployment Insurance Extensions" released earlier today.
http://www.whitehouse.gov/sites/default/files/microsites/20101202-cea-economic-impact-temp-ui-extensions.pdf
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Will Today’s Unemployed Become Tomorrow’s Unemployable?
http://economix.blogs.nytimes.com/2010/12/02/will-todays-unemployed-become-tomorrows-unemployable/#preview
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