Legislation was recently introduced to renew the federal Emergency Unemployment Compensation program for an additional year. Despite recent compassion for people who may lose their insurance, thus far the same measure of compassion has been void when it comes people who will lose their jobless benefits.
Unless Congress acts, 1.3 million people will lose their jobless benefit by year’s end.
John W. Schoen at CNBC reports on the story, noting that failure to act would make Congress the Grinch.
According to Chad Stone at the D.C. based policy think tank – Center for Budget Policy Priorities (CBPP), this not only has a negative impact on the unemployed, but also the creation of new jobs and the economy:
“EUC, like the federal emergency unemployment insurance (UI) programs enacted in every major recession since 1958, is a temporary program that provides additional weeks of UI to qualifying jobless workers during periods when jobs are hard to find. Emergency federal UI not only helps relieve hardship among those jobseekers and their families; it is also widely recognized as one of the most cost-effective ways to increase demand and spur job creation in a weak economy. Both of those tasks — relieving hardship and boosting the economy — remain necessary today.”