A third Senate attempt to pass an extension to unemployment benefits fails to win 60 votes for...


A third Senate attempt to pass an extension to unemployment benefits fails to win 60 votes for cloture, getting only 57, and the bill will be shelved - meaning 1.3M unemployed will have lost their assistance by the end of the week.
Comments (36)
  • phxcrane
    , contributor
    Comments (751) | Send Message
     
    Good. Any body with half a brain knows they don't even start looking until unemployment runs out. The way this administration is handling the economy their will be a lot more unemployment to come. People better start taking those jobs for 1/2 what they were getting paid before.
    24 Jun 2010, 08:31 PM Reply Like
  • fxmaven
    , contributor
    Comments (1469) | Send Message
     
    Good, they'll be plenty of rich suckers out there to be targeted.

     

    I'm training to fleece/swindle the rich, the only exciting career left. Take your middle management job and shove it!
    24 Jun 2010, 10:02 PM Reply Like
  • Vukephalos
    , contributor
    Comments (100) | Send Message
     
    And so the sad slide continues. It's tempting to be flippant and point out the unemployed can always read SA, buy stocks and become rich but, in real life, it's never so easy.

     

    Many will find a way into small business and eventually prosper. Many will turn to welfare and some to crime. Whatever the case the consequences of this credit and financial excess will linger for a very long time. Except for those who created it.
    24 Jun 2010, 08:36 PM Reply Like
  • Bouchart
    , contributor
    Comments (1102) | Send Message
     
    At this point, anyone that can't find a meaningful job after 99 weeks of unemployment is likely to be totally unemployable.
    24 Jun 2010, 08:42 PM Reply Like
  • ebworthen
    , contributor
    Comments (2799) | Send Message
     
    You can't pay a mortgage flipping burgers or temping for attorneys.
    24 Jun 2010, 10:16 PM Reply Like
  • kcr357
    , contributor
    Comments (592) | Send Message
     
    Then one needs to live in a domicile they can afford or figure out how to up their income.
    24 Jun 2010, 10:27 PM Reply Like
  • S0UTS
    , contributor
    Comments (2) | Send Message
     
    Then rent an apartment and don't apply for a loan that you cannot afford. Simple.
    25 Jun 2010, 12:42 AM Reply Like
  • dondon
    , contributor
    Comments (295) | Send Message
     
    No, you can't pay the mortgage by flipping burgers. But if you start somewhere you have the chance to move up. I doubt that if I started flipping burgers that I would not move into a higher paying position within a relatively short period of time.

     

    As soon as I see a promising cashier or stock clerk, I fast track them into supervisory positions and eventually management. I am always on the lookout for hard working and smart employees. It is no different in any other business.
    25 Jun 2010, 01:30 AM Reply Like
  • Tuffmug
    , contributor
    Comments (120) | Send Message
     
    Kcr357,
    Without money or any jobs available, cardboard boxes will be the domicile of choice for these abandoned unemployed (Wow, no utility or tax bills and flow through ventilation!) and I guess they can sell a kidney and blood to up their income. Coming to your neighborhood soon. Just walk by quickly and don't make eye contact or they'll ask you for a buck to buy a meal for their kids.
    25 Jun 2010, 03:34 AM Reply Like
  • kcr357
    , contributor
    Comments (592) | Send Message
     
    A year and a half ago I rarely had more than 200 in my bank account. I worked crappy construction jobs, detailed cars, personal training, whatever I could find. Saved my money, kept my eyes open for opportunity, and picked myself up from being broke. All the while living in expensive S fl and renting a room for what a mortgage payment goes for back in Pa. I am not different from anyone other than I grew up in the country and will take jobs others won't and work harder than they will. Still drive a borderline crappy vehicle, but while my girlfriend is out in the heat washing/waxing her leased ride, I can load up my jet ski in my unwashed truck and relax.
    25 Jun 2010, 12:12 PM Reply Like
  • Tack
    , contributor
    Comments (16277) | Send Message
     
    When you subsidize unemployment, you get more of it. When you reduce or eliminate the subsidies, you get less.

     

    That's simple economic law.
    24 Jun 2010, 08:43 PM Reply Like
  • ebworthen
    , contributor
    Comments (2799) | Send Message
     
    Right, agree.

     

    But when you subsidize failure in the banking and "investment" sector backstopped by yet to be earned public funds the result is the same.

     

    This is a train wreck, on both tracks.
    24 Jun 2010, 10:15 PM Reply Like
  • fxmaven
    , contributor
    Comments (1469) | Send Message
     
    Likewise if you subsidize stupidity and incompetence, you get more of it. Corporate America, Wall Street and the Beltway come to mind.

     

    The monstrous and criminal subsidies to the banks, military industrial complex, and banks dwarfs unemployment insurance.

     

    BTW workers pay for unemployment "insurance", they have a right to collect as any policyholder does. In any case they are getting back meaningless pennies on the dollar, unlike Goldman being made whole on its CDS bets. I could continue on with millions of examples, but its pointless.

     

    So your "outrage" rings hollow when the real thieves inhabit Capitol Hill, Wall Street, and boardrooms all over the world. Of course successful hard workers should earn more- yet the insatiable greed of US Corps. & Govt. can't even allow its citizens a decent and honorable safety net, with all that wealth. A Shameful, abhorrent and sick society.
    24 Jun 2010, 10:43 PM Reply Like
  • Duude
    , contributor
    Comments (3413) | Send Message
     
    "BTW workers pay for unemployment "insurance", they have a right to collect as any policyholder does. In any case they are getting back meaningless pennies on the dollar"

     

    Workers who are recently unemployed still stand to benefit from unemployment insurance. But the federal government isn't paying people recently unemployed, rather people that have been unemployed for months longer after unemployment benefits covered by the insurance were already exhausted. I mean, did you actually believe the piddly amount employees pay in unemployment insurance would cover 99 weeks? LOL
    25 Jun 2010, 07:55 AM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    FXMaven

     

    I agree with much of what you say but;

     

    Workers do not, and never have paid for unemployment insurance.

     

    Employers pay for it. Premiums greatly vary from one employer to another based on industry as well as each individual employer's history.

     

    The fact is most State unemployment fund reserves have been depleted.
    So your argument as to return of capital is bogus. More money has been dispersed than collected.

     

    Setting aside the argument as to weather someone should be able to collect unemployment for more than a year, the fact is any extension at this point becomes a welfare entitlement at taxpayer's expense.

     

    That is, unless massive increases in premiums were to be levied on small businesses, which in itself, may have a counterproductive result.
    25 Jun 2010, 08:04 AM Reply Like
  • enigmaman
    , contributor
    Comments (2868) | Send Message
     
    exactly what happened when B Clinton over hauled welfare, work for benefits in the 90s, how horrible but it worked,less people collected more people went to work, I believe it was one of the first things Obama stopped, you know out of compassion
    25 Jun 2010, 08:08 AM Reply Like
  • serndipity
    , contributor
    Comments (188) | Send Message
     
    It's an absolute disgrace. Do Republicans not understand the nightmare that millions upon millions wake up to everyday across this country?

     

    Once again Republican Senators sent hard hit families to the back of the line in favor of hedge fund managers and Wall Street millionaires. Because of their party politics, a million people will lose their unemployment benefits tomorrow and states will have no choice but to cut even more jobs and more services, causing even more Americans to fall through the cracks.

     

    But this is about families who sit around the dinner table figuring out how to pay their electricity bill. It's about the recent high school graduate who can no longer attend college this fall. It's about our communities and the police officer who just got laid off because the state was left with no choice.

     

    Republicans have chosen for Americans to lose.

     

    The Republicans have decided that none of these people matter.

     

    They can say this is about deficits.

     

    If deficits really mattered.....Americans and not the monies poured into the mid-east war machine would come first.
    24 Jun 2010, 08:48 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    Sounds like a few democrats didn't support it.
    24 Jun 2010, 08:57 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    In case you were not aware, democrats have a significant majority.

     

    Obama has continued to fund the war in Afghanastan.

     

    Last I remembered, Obama is not a republican.

     

    I am a fan of neither party, they have all made their distinct contribution the the nation's problems.
    24 Jun 2010, 09:10 PM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
     
    I am moved by your passion for I also think this country has demonstrated this past century a potent ability to provide for the welfare of our most needy citizens.

     

    However, you state: "Republicans have chosen for Americans to lose. The Republicans have decided that none of these people matter."

     

    The political reality, serndipity, is that Harry Reid (D., Nev.) is the Senate Majority leader and he failed to deliver the 60 votes needed. Further, Reid "said this third vote on the matter would be the last, allowing the Senate to move on to modest legislation cutting taxes for small businesses."

     

    And there's the move towards support for small businesses. Not government, but small business: the employer of first resort for most Americans.
    24 Jun 2010, 10:45 PM Reply Like
  • earl880
    , contributor
    Comments (126) | Send Message
     
    Not a single Republican voted for the bill. Not one. So, yes, Republicans are to blame for this. Trying to blame Reid is insane. Repubs can spend all day apologizing to BP but when it comes to helping fellow Americans they can't be bothered. Disgusting.
    24 Jun 2010, 11:15 PM Reply Like
  • earl880
    , contributor
    Comments (126) | Send Message
     
    And NONE of the Repubs voted for it. Not one. Please don't try to blame this egregious act on the Democrats.
    24 Jun 2010, 11:24 PM Reply Like
  • fxmaven
    , contributor
    Comments (1469) | Send Message
     
    I used to think private sector workers were much better off than public sector workers.

     

    somehow in the 10 years I have been away USA has become a pathetic, stagnant economy with public sector workers who are paid far too much, receive too many benefits, and have ZERO accountability for their work or results.

     

    On the other hand, I am glad to see that rich people are moving their assets out of the country, virtually assuring that States and Fed govt. will be forced to default on these overinflated promises.

     

    The lie will then be apparent to all.
    25 Jun 2010, 01:21 AM Reply Like
  • fxmaven
    , contributor
    Comments (1469) | Send Message
     
    Most americans would prefer to work for the state now. Why not - it pays better, with no performance requirement.

     

    Small business is dead or dying - the corporate masters in the US have no use for it, apart from the odd pizzeria or barber shop.
    25 Jun 2010, 01:24 AM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
     
    earl880: ["Not a single Republican voted for the bill. Not one. So, yes, Republicans are to blame for this. Trying to blame Reid is insane. Repubs can spend all day apologizing to BP but when it comes to helping fellow Americans they can't be bothered. Disgusting."]

     

    Perhaps you are right that Reid is solely not to blame (I'm not insane). In checking the voting today, we see Nelson (D, Nebraska) voting with the Rs and Byrd (D, WV) a no-vote.
    25 Jun 2010, 04:30 PM Reply Like
  • Archman Investor
    , contributor
    Comments (3318) | Send Message
     
    It is always a shame when American families are hurting and I do not think anyone here regardless of political affiliations wants to see average Americans hurt.

     

    However, does anyone want to hear the story of my next door neighbor? She is 45 years old. Her husband earns something like $120K / year fully taxed here on Long Island, NY.

     

    She collects $30K of tax free disability a year (though she is able to vigorously clean her yard, power walk her dog, and has taken dancing lessons). Did I mention she has been on unemployment as well for 8 months now? Or mention that she has been waiting around eagerly anticipating a further extension in benefits? And of course the kicker is she passes off all the money she receives from her mom and dad as her own doing, in order to maintain the appearance that they have real net worth.

     

    Someone like that, is the kind of person that should be forced back to work doing any menial job they can find.
    24 Jun 2010, 09:40 PM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    The food stamp printers just cranked up a notch. With that, we pay anyway.
    24 Jun 2010, 09:44 PM Reply Like
  • Tack
    , contributor
    Comments (16277) | Send Message
     
    MG:

     

    Good point. Another absurdly-abused program to reduce.
    25 Jun 2010, 04:16 AM Reply Like
  • al9000
    , contributor
    Comments (54) | Send Message
     
    Extending unemployment benefits over 1 year is just creating another form of welfare. If someone can't find work in their area of expertise after one year they will just have to change their career - or find any kind of work they can do and see where it takes them
    24 Jun 2010, 09:51 PM Reply Like
  • Top Down Trends
    , contributor
    Comments (18) | Send Message
     
    Regardless of political sides and abusers of the system, the fact remains that there will be less money entering the system now. This is more withdrawal of stimulus.

     

    Aggregate demand will take a hit. Prices will fall further. The crutches are coming out, and the economy probably isn't ready to stand on its own.

     

    Some people can't find jobs, because they can't move to where the jobs are. Simply put: they are underwater, and cant sell. American balance sheets in this situation will get weaker. Not good for credit providers.
    24 Jun 2010, 09:55 PM Reply Like
  • Donald Ingram
    , contributor
    Comments (3481) | Send Message
     
    The party is over. Time to pay the bill. Unfortunately the rich have already left the table. Guess who gets to pay?
    24 Jun 2010, 09:57 PM Reply Like
  • S0UTS
    , contributor
    Comments (2) | Send Message
     
    I don't know about you but investors are about to pay. Higher tax on capital gains kicks in next year.. that's all investors big and small.
    25 Jun 2010, 12:49 AM Reply Like
  • fxmaven
    , contributor
    Comments (1469) | Send Message
     
    I vote for defaulting on your debts and moving to China, where there might be some money to be made.

     

    1. Demand Immigration reform.
    2. Stop allowing illegals to work under threat of forceable deportation.
    3. Finally, the middle and upper classes will have to pay a proper salary for the services they have been stealing.
    4. when the management morons finally realize there is no one to clean their homes, prepare the food, work in service industries or defend the country I'll tell the Taliban and they can take over and nationalize the wealth for the benefit of the caliphate.
    5. Chinese might be annoyed as Taliban don't use and won't allow iPhones, but I'm sure their domestic & Indian demand will compensate.
    24 Jun 2010, 10:09 PM Reply Like
  • Mister Ed
    , contributor
    Comments (591) | Send Message
     
    It all comes down to one basic concept, if the consumer isn't consuming, there is no economy.
    24 Jun 2010, 11:55 PM Reply Like
  • Not_a_planner
    , contributor
    Comments (183) | Send Message
     
    I do understand the points being made here and agree with many of them

     

    But there is some irony in politicians who signed on for all sorts of bailouts voting against this

     

    Just notable to me and I hope their constituents
    24 Jun 2010, 11:59 PM Reply Like
  • Duude
    , contributor
    Comments (3413) | Send Message
     
    If only our federal government would raid businesses that employ illegal aliens, thus providing Americans with job opportunities, the unemployment rate would drop. Additionally, more money would flow into the economy as it wouldn't be sent back to Mexico. I'm tired of the same old argument that Americans won't do these jobs. Yes, they will if they're not paid to reject these jobs. Instead we're paying up to 2 years of welfare relabeled as unemployment benefits so that people can sit at home.
    25 Jun 2010, 08:02 AM Reply Like
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