Posted 1 month ago on Jan. 8, 2014, 2:28 a.m. EST by shooz
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"The US economy is losing up to a billion dollars a week because of the “fiscally irresponsible” decision to end long-term unemployment benefits, a Harvard economist said on Friday.
Professor Lawrence Katz based his assessment on official forecasts of the impact to the economy of 1.3 million jobless Americans losing benefits
The benefits, which apply to people who are unemployed for longer than six months, expired last week after a bipartisan budget deal on federal spending for the next two years failed to include a reauthorization of the program.
Democrats have launched a sustained push to reintroduce the federal program, and a Senate vote on a bipartisan bill to restore the benefits for three months is expected early next week.
On Friday, Democrats in the House of Representatives released a state-by-state breakdown of Labor Department figures, showing the number of people who lost federal benefits when they expired on Saturday. The 1.3 million affected Americans are losing on average $305 per week. In total, Democrats said $400m had been “taken out of the pockets” of job seekers across the country."