The White House wants this “New Report” to be released immediately! Under the current law, the extension in place at this time will expire on December 28 of this year. Of course, Obama wants to make sure it is extended again.
NEW REPORT: The Economic Benefits Of Extending Unemployment Insurance
The United States economy continues to recover from the worst economic crisis since the Great Depression, and while substantial progress has been made, more work remains to boost economic growth and speed job creation. Despite ten consecutive quarters of GDP growth and 7.8 million private sector jobs added since early 2010, the unemployment rate is unacceptably high at 7.3 percent, and far too many families are still struggling to regain the foothold they had prior to the crisis.
The Emergency Unemployment Compensation (EUC) program authorized by Congress in 2008 has provided crucial support to the economy and to millions of Americans who lost jobs through no fault of their own. Under current law, EUC will end on December 28, 2013. This report argues that allowing EUC to expire would be harmful to millions of workers and their families, counterproductive to the economic recovery, and unprecedented in the context of previous extensions to earlier unemployment insurance programs.
Since their inception in 2008, extended unemployment insurance (UI) benefits have provided critical support to millions of workers and their families:
Millions of workers stand to lose access to UI benefits if no action is taken:
Allowing UI to expire would be damaging to the macro-economy and the labor force:
Allowing EUC to expire would be unprecedented in the context of previous extensions to earlier unemployment insurance programs:
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