Unemployment; What More Can We Say?
One day after the announced new unemployment rate finally cracked 10%, ending up at 10.2%, Congress did the right thing, in the right manner, by passing an extension of unemployment benefits for at least an extra 14 weeks for everyone, and in states hit the hardest up to 20 weeks.
The Senate actually passed this bill with a vote of 98-0; now there’s true bipartisanship! The thing I can’t figure out is who didn’t vote, since there’s supposed to be 100 votes, but I’m not going to search all that hard for it.
The estimate is that there are more than 15 million people out of work by now, and it’s not going to get better any time soon. It’s at its highest level in 26 years. Even with the number we have, we all know that more people are actually unemployed, and we haven’t even tried to count the underemployed, those folks who have taken jobs that pay well below what they were used to being paid before.
So, this isn’t a great way to start the week, but at least I didn’t talk about the new bank closures; that’s coming next.