Pivoting back to Jobs – The Obama administration estimates that failing to extend unemployment beyond 26 weeks — the limit during good economic times — would cost the U.S. economy roughly 240,000 jobs. Can we got back to the 6% unemployment under President Bush? Is the funding coming from the cut to Military retired pay?
President Obama on Tuesday will meet with Americans who lost unemployment benefits at the start of the year, as the White House ramps up pressure on Republicans to extend the federal aid for three months.
Labor Secretary Thomas Perez announced the White House gathering during a conference call with reporters, the latest attempt by the Obama administration to highlight the 1.3 million Americans no longer receiving federal unemployment insurance.
“This was not only the right thing to do; it was the smart thing to do,” Perez said of the economic repercussions of halting the jobless benefits.
“These programs don’t get in the way of people looking for work. They assist people looking for work,” Perez added.
The Obama administration estimates that failing to extend unemployment beyond 26 weeks — the limit during good economic times — would cost the U.S. economy roughly 240,000 jobs.
However, some Republicans argue that such benefits keep Americans perpetually unemployed and limit their motivation to return to the workforce.
A bipartisan bill sponsored by Sens. Jack Reed, D-R.I., and Dean Heller, R-Nev., would extend the unemployment benefits for three months and is expected to receive a Senate vote next week, according to Senate Majority Leader Harry Reid, D-Nev.