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Tuesday, October 26, 2010

Must Read Article by Michael Colliss-Unemployment and Tier V-Myths v.s. Realities

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This is a MUST READ article link if you are a 99er, unemployed or employed American; to truly learn about the Myths v.s. the Realities on what a Tier V extension will mean to 6 million American Job Seekers. 

Senator Debbie Stabenow (D-MI) bill, S3706-The Americans Want to Work Act Bill, currently is on hold until after the Congressional Elections recess period, with a return to work week for Senate Representatives during the second week of November. 

It is unknown if the bill will be brought back on to the Senate floor for debate after Senator George Lemieux (R-FL), who will be a lame duck when the Senate returns from recess, blocked the legislation on September 30 with a single filibuster stance

Within Mr. Collins article, he address the seven myths that are among the public at large that unemployment benefits are "generous", the extension of supplemental payments versus the deficit, do unemployment insurance discourage jobless Americans to look for work and more. 

We will share a quote from article but highly encourage our readers to review the entire article at All247News.com by Michael Collins.

Myth 6: Unemployment Benefits Discourage People From Looking For Work
This is perhaps the most frequently heard criticism of unemployment benefits. This argument holds that because people are getting unemployment insurance they are content to simply collect cash and do nothing. There have been some well documented studies that do support the argument that unemployment insurance benefits are a disincentive to seek employment but – and this is a BIG but – only when unemployment is lower than 5.6% .  As a nation we are nowhere near that level of unemployment and some economists are suggesting that it may take years before we see a national unemployment level lower then 6%. 
The non-partisan Congressional Budget Office examined this question and found that when unemployment is at the present levels the receipt of benefits has no affect on the motivation to get a job.  Common sense supports this view, with less than half the unemployed getting unemployment benefits and the average monthly benefit is between $1,000 and $1,300 before tax, this is hardly setting up a financial incentive not to seek work. 
Those who advance this argument also overlook a very basic fact; for every job opening there are well over five applicants (many more in some states). The jobs are simply not there to meet the skyrocketing demand. Every day millions of people look for jobs (any job) that, quite simply, may not even exist. The ending of unemployment benefits will not magically create jobs.
Again, review the complete article at All247News.com and if possible, share this information with others to dispel the rumors out in the public, on what benefits a TierV Extension on jobless benefits will do to the American Economic climate, as a whole.

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