Want to slow the economy’s recovery? Stop helping the unemployed.
Congress has a pretty big deadline at the end of the month. If they don’t move to extend the emergency unemployment benefits by Nov. 30, it will mean that unemployment benefits will be largely capped at six months.
Not only would that wreak havoc on the lives of those receiving benefits that stand to be immediately or evenutally affected, it could amount to a sucker punch to the nation’s economy, according to this timely report from the Center on Budget and Policy Priorities.
Right now, more than 5 million people in the country are receiving benefits after being laid off and let go from jobs. Congress has extended the unemployment benefits to go beyond the six months traditionally allotted given the extremity and depth of the Great Recession. As it stands, for every open job in America, there are five out-of-work people applying for it, the report found.
The report also points out that Washington has never withdrawn helping when the unemployment rate has been as high as the 9.5 percent it’s at now. Instead, the powers-that-be have waited until things were well on track to getting better.
With less than three weeks to the end of the month, the clock is ticking.