General EUC Discussion - Ongoing
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Why work? I can sit home and make the same money!
UIO--you should really have a rants section in this forum because this would fit in nice.
This is my first post here, although I've been a member for a while, and have gleaned a lot of helpful information from the journeys all of you have been taking. For that, I thank all of you.
So, after a year and a couple of months being unemployed (and claiming benefits--but not EB---figure this one out...lol), I am entering Tier III, and I get a weeks worth of work from my old employer which pays me $640 (before taxes), and I file today. Now my info page says I still have the same amount ($3575) as I did before I filed this morning, but the next date to file is April 5th. I guess this means that if you make enough to cover two weeks worth of UC in one week, then you still have the weeks remaining, but you don't get anything for the second week. Am I interpreting that correctly?
Nevertheless, it makes paying the bills a little tougher on an unknown work schedule, than it does on knowing when the check is going to be in the bank. True, UC doesn't pay enough for luxuries, but when you live frugally (as I have for most of my life), it is the consistency, and the knowing of when the check will be in the bank that is important. Finding part time work in construction is hit and miss at best, and mostly, its miss. So, the dilemma---find hit and miss work, work out when the bills are going to be paid (ie: work out payment schedules with landlord, electric, etc.) or just collect the checks until they run out (pay the bills on time and stay frugal), then go to plan B (yes, there is a plan B). At 60 years old and paying in all my life, sometimes the government rules and regulations just PISS ME OFF!
OK....I feel much better now. Thanks for any information this wonderful forum and it's knowledgeable members can provide.
This is my first post here, although I've been a member for a while, and have gleaned a lot of helpful information from the journeys all of you have been taking. For that, I thank all of you.
So, after a year and a couple of months being unemployed (and claiming benefits--but not EB---figure this one out...lol), I am entering Tier III, and I get a weeks worth of work from my old employer which pays me $640 (before taxes), and I file today. Now my info page says I still have the same amount ($3575) as I did before I filed this morning, but the next date to file is April 5th. I guess this means that if you make enough to cover two weeks worth of UC in one week, then you still have the weeks remaining, but you don't get anything for the second week. Am I interpreting that correctly?
Nevertheless, it makes paying the bills a little tougher on an unknown work schedule, than it does on knowing when the check is going to be in the bank. True, UC doesn't pay enough for luxuries, but when you live frugally (as I have for most of my life), it is the consistency, and the knowing of when the check will be in the bank that is important. Finding part time work in construction is hit and miss at best, and mostly, its miss. So, the dilemma---find hit and miss work, work out when the bills are going to be paid (ie: work out payment schedules with landlord, electric, etc.) or just collect the checks until they run out (pay the bills on time and stay frugal), then go to plan B (yes, there is a plan B). At 60 years old and paying in all my life, sometimes the government rules and regulations just PISS ME OFF!
OK....I feel much better now. Thanks for any information this wonderful forum and it's knowledgeable members can provide.
Garys1n2- Posts : 3
Join date : 2009-11-23
Age : 74
Location : Orlando
Re: General EUC Discussion - Ongoing
Your more than welcome to post in the "Off Topic" thread and rant away hehe Please stay on topic within the established threads however
Re: General EUC Discussion - Ongoing
This was posted in the Michigan Messenger I believe this morning, I am trying to find out more on it.....
"Jackie Headapohl of MLive.com reports that the U.S. Senate is going to vote on another short term extension of federal unemployment benefits sometime this week. This is only a temporary extension that will allow the House and Senate to iron out their differences on a much larger jobs bill that includes an extension through the end of the year."
It just kills me, all the money that the United States has donated to Haiti, and all the other countries in the world, yet, we cannot make sure we take care of our own people. Oh, yea, the stupid healthcare bill was more important, and not even taking effect till 2014 I think, wth??? We are talking about people becoming homeless and people starving. How can our government just sit back and watch it happen? And for all the people that think people are just collecting unemployment because they don't want to work.... try living on an income of $265.00 a week... we are not living off this, we are just barely making it with it. It feeds our children...And please remember, you do have to work a certain amount of time to even collect.... Just because I need a little help temporarily does not make me a lazy, not wanting to work, free-loader. Quite the opposite, I am 33 years old and I worked the same job for 11 years, I think I was pretty dedicated to my job, and I lost it because of no fault of my own!!!!!!
"Jackie Headapohl of MLive.com reports that the U.S. Senate is going to vote on another short term extension of federal unemployment benefits sometime this week. This is only a temporary extension that will allow the House and Senate to iron out their differences on a much larger jobs bill that includes an extension through the end of the year."
It just kills me, all the money that the United States has donated to Haiti, and all the other countries in the world, yet, we cannot make sure we take care of our own people. Oh, yea, the stupid healthcare bill was more important, and not even taking effect till 2014 I think, wth??? We are talking about people becoming homeless and people starving. How can our government just sit back and watch it happen? And for all the people that think people are just collecting unemployment because they don't want to work.... try living on an income of $265.00 a week... we are not living off this, we are just barely making it with it. It feeds our children...And please remember, you do have to work a certain amount of time to even collect.... Just because I need a little help temporarily does not make me a lazy, not wanting to work, free-loader. Quite the opposite, I am 33 years old and I worked the same job for 11 years, I think I was pretty dedicated to my job, and I lost it because of no fault of my own!!!!!!
lafosl- Posts : 24
Join date : 2009-12-07
Re: General EUC Discussion - Ongoing
lafosl
Here's the full report
http://www.mlive.com/michigan-job-search/index.ssf/2010/03/senate_will_try_to_pass_another_short-te.html I can't tell for sure but I think it is a blog
It is very confusing as it refers to the recently passed jobs creation bill. It may refer to another deadline extension. I will try to confirm & post later.
Here's the full report
http://www.mlive.com/michigan-job-search/index.ssf/2010/03/senate_will_try_to_pass_another_short-te.html I can't tell for sure but I think it is a blog
It is very confusing as it refers to the recently passed jobs creation bill. It may refer to another deadline extension. I will try to confirm & post later.
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
Re: General EUC Discussion - Ongoing
Here's the posting from firedog lake:
http://news.firedoglake.com/2010/03/22/dems-to-try-another-short-term-extension-of-unemployment-will-bunning-stand-in-the-way-again/
It is just another patch extension until they can finalize the bill that extends deadlines. No new weeks, no new Tiers, No new hope.
http://news.firedoglake.com/2010/03/22/dems-to-try-another-short-term-extension-of-unemployment-will-bunning-stand-in-the-way-again/
It is just another patch extension until they can finalize the bill that extends deadlines. No new weeks, no new Tiers, No new hope.
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
Re: General EUC Discussion - Ongoing
Garys1n2 wrote:
So, after a year and a couple of months being unemployed (and claiming benefits--but not EB---figure this one out...lol), I am entering Tier III, and I get a weeks worth of work from my old employer which pays me $640 (before taxes), and I file today. Now my info page says I still have the same amount ($3575) as I did before I filed this morning, but the next date to file is April 5th. I guess this means that if you make enough to cover two weeks worth of UC in one week, then you still have the weeks remaining, but you don't get anything for the second week. Am I interpreting that correctly?
I don't see any reason why you wouldn't be paid for the second week if the $640 was reported just for that one claim week. If it spanned the two weeks, then that's a different story.
The info page doesn't actually update until the money is actually processed--you'll see that in a few days. But the way occasional work is calculated works like this (I've been reporting the same kind of project work off and on for several years now):
Whatever you report as income for any particular week is subtracted from your total account balance, with the exception of $58 per week, which you are allowed to make and still not have that subtracted. I.e., subtract the earnings from your weekly benefit amount, and add back $58. On the other hand, if you exceed your weekly maximum, you don't get the extra $25 for that week.
Then the next claim week is treated totally separately if you had no income for that week. If your work days overlapped that week, then you use the same formula for that week.
There are two more things you should know:
If the work is contract only (no taxes taken out), then any such earnings will not be counted in any possible re-figuring of a benefit year total, which could put you into a weekly amount that is much less.
When you report earnings, chances are there is a temporary hold on your account for them to review it, which could lead to a big delay in your check arriving. What I've been doing is immediately call up a reliable rep and ask them to review my claim, explaining that it was only temp project work for that week, not a continuing job (which you should have used that 5 lines at the bottom of the final reporting page anyway to explain), and hopefully they will track your check to avoid a delay.
And one more--if the work is contract, you don't really need to report the company who paid you, only your own name and address, since technically you were self-employed for that week. If they end up sending you a form to fill out as the employer and you did it freelance, you can ignore the form.
nancym- Posts : 725
Join date : 2009-07-12
Location : FL
Re: General EUC Discussion - Ongoing
Thanks for the information about the "off topic" section as being the place to "rant", UIO.
nancym...The work was not contract work, and taxes, etc. were taken out bringing the $640 down to a little less than $590. It was only a one week project, and I made that note in the comments section of their filing page. I checked my claims info page again before writing this, and it still says next date to file is 04/05 with the balance remaining the same as before ($3575), but I will call today and see what they have to say. Thanks for explaining that you have been in the same situation, and for the excellent information you provided. I'll let you know what they say after I get a reply (I'll call Melody because she seems to always call back within a short period of time). Again thanks!
nancym...The work was not contract work, and taxes, etc. were taken out bringing the $640 down to a little less than $590. It was only a one week project, and I made that note in the comments section of their filing page. I checked my claims info page again before writing this, and it still says next date to file is 04/05 with the balance remaining the same as before ($3575), but I will call today and see what they have to say. Thanks for explaining that you have been in the same situation, and for the excellent information you provided. I'll let you know what they say after I get a reply (I'll call Melody because she seems to always call back within a short period of time). Again thanks!
Garys1n2- Posts : 3
Join date : 2009-11-23
Age : 74
Location : Orlando
Re: General EUC Discussion - Ongoing
I have been receiving unemployment since 2/8/2009. I don't know what tier I am on. When I reached a year, my benefits stopped briefly and I had to call Tallahassee to get payments resumed. Since then this message was on the form confirming the weeks I claimed: "Due to the change of quarter, your claim in being reviewed for eligibility on regular unemployment compensation ... payments will continue on the EUC program until the available credits are exhausted or the program ends." When I called Tallahassee to question what this meant I was told that my benefits would end on 4/19/10 and I had missed the cutoff to go into Tier 3 which ended on 4/17/10. I thought the extension recently passed by Congress extended everyone's benefits. When I called Senator Bill Nelson's office I was told that the government had turned the money over to the states to distribute as they see fit. Does anyone know anything about this? I appreciate your help.
prissy88- Posts : 1
Join date : 2009-10-01
Re: General EUC Discussion - Ongoing
prissy88 wrote:I have been receiving unemployment since 2/8/2009. I don't know what tier I am on. When I reached a year, my benefits stopped briefly and I had to call Tallahassee to get payments resumed. Since then this message was on the form confirming the weeks I claimed: "Due to the change of quarter, your claim in being reviewed for eligibility on regular unemployment compensation ... payments will continue on the EUC program until the available credits are exhausted or the program ends." When I called Tallahassee to question what this meant I was told that my benefits would end on 4/19/10 and I had missed the cutoff to go into Tier 3 which ended on 4/17/10. I thought the extension recently passed by Congress extended everyone's benefits. When I called Senator Bill Nelson's office I was told that the government had turned the money over to the states to distribute as they see fit. Does anyone know anything about this? I appreciate your help.
Each and every quarter your claim is reviewed for eligibility. If you have not earned enough credits, or they see that you have reported income since last working it will change your benefit amount. That is for your regular claim. If I were you I would contact Melody or Josh first thing in the morning at the numbers listed under our AWI Contacts thread. They will be able to explain everything and make sure nothing is wacky about your claim. Let us know what you find out
Re: General EUC Discussion - Ongoing
prissy88 wrote:I have been receiving unemployment since 2/8/2009. I don't know what tier I am on. When I reached a year, my benefits stopped briefly and I had to call Tallahassee to get payments resumed. Since then this message was on the form confirming the weeks I claimed: "Due to the change of quarter, your claim in being reviewed for eligibility on regular unemployment compensation ... payments will continue on the EUC program until the available credits are exhausted or the program ends." When I called Tallahassee to question what this meant I was told that my benefits would end on 4/19/10 and I had missed the cutoff to go into Tier 3 which ended on 4/17/10. I thought the extension recently passed by Congress extended everyone's benefits. When I called Senator Bill Nelson's office I was told that the government had turned the money over to the states to distribute as they see fit. Does anyone know anything about this? I appreciate your help.
Hi Prissy,
Currently the deadline date is April 5 to be eligible for the next tier. So in FL this means you have to exhaust your tier 2 with week ending April 3 at the latest to be eligible to roll into tier 3. The deadline is suppose to be extended this week by our congress for another month. IF this is done, then you would be able to roll into tier 3 based on the dates you stated. As for that statement on your form, that statement has been on every form I've received for a while now & I think it's merely a standard statement on every form they send out lately.... Good Luck!
SaraJ- Posts : 104
Join date : 2009-07-13
Re: General EUC Discussion - Ongoing
I missed this one. Are any did any forum members respond?
http://blogs.orlandosentinel.com/news_local_blogonomics/2010/03/having-trouble-with-unemployment-benefits-tell-pbs-about-it.html/comment-page-1#comment-1691
http://blogs.orlandosentinel.com/news_local_blogonomics/2010/03/having-trouble-with-unemployment-benefits-tell-pbs-about-it.html/comment-page-1#comment-1691
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
Re: General EUC Discussion - Ongoing
grandmom49 wrote:I missed this one. Are any did any forum members respond?
http://blogs.orlandosentinel.com/news_local_blogonomics/2010/03/having-trouble-with-unemployment-benefits-tell-pbs-about-it.html/comment-page-1#comment-1691
Yes a few did, it might not be too late, I think they are down here in Florida this week and next if you want to call them
Re: General EUC Discussion - Ongoing
Thanks UIO. I would love to show them all my job search documentation.
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
Real Unemplyment Number
Why is the US Government still using the 9.7% number, according to the Employ Florida Market Place as of March, 23, 2010 the U.S. unemployment rate has gone up to 10.6%, Florida is at 13%
daytonaman- Posts : 118
Join date : 2010-02-01
Age : 58
Location : Daytona Beach
Re: General EUC Discussion - Ongoing
Daytonaman,
Are there any rallies or meetings set for the Daytona area? I would love to have our federal reps come explain their future intentions to us.
Are there any rallies or meetings set for the Daytona area? I would love to have our federal reps come explain their future intentions to us.
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
Re: General EUC Discussion - Ongoing
grandmom49 wrote:Daytonaman,
Are there any rallies or meetings set for the Daytona area? I would love to have our federal reps come explain their future intentions to us.
I haven't heard of anything yet, and honestly I haven't seen many unemployed people from the Daytona Area on these blogs, forums, ect...
I have contacted the e-mail posted on this site, they want to get protests going across the country, I haven't hear back from them yet:
http://washingtondc.craigslist.org/doc/vnn/1658124441.html
I will gladly join any march, protest, or whatever it takes to make congress wake up! I e-mailed the National Coalition for the Homeless this morning, asking for support, I informed them of the tsunami of homelessness that will be coming if Congress doesn't act before the end of this week.
A protest on the beach would get some attention, and I'm less than a block from Sunsplash Park in Daytona
OUR US CONGRESS HAS THE POWER TO EXTEND TIER 5 UNEMPLOYMENT UNDER EMERGENCY LEGISLATION, MAKE THEM ACT NOW, CALL TODAY
Last edited by daytonaman on Thu Mar 25, 2010 8:23 am; edited 1 time in total (Reason for editing : Add info)
daytonaman- Posts : 118
Join date : 2010-02-01
Age : 58
Location : Daytona Beach
Contact senate, congress, white house, and media all on 1 site.
I'm unemployed so I decided to use some of my leisure time normally rerserved for swimming through my money bin filled with cash from my EUC payments to create a website for all of us lazy, unmotivated welfare recipients so that we can easily beg for more undeserved loot. (sarcasm intended) Check it out Unemployed Advocate.
technovative- Posts : 1
Join date : 2010-03-24
Re: General EUC Discussion - Ongoing
technovative wrote:I'm unemployed so I decided to use some of my leisure time normally rerserved for swimming through my money bin filled with cash from my EUC payments to create a website for all of us lazy, unmotivated welfare recipients so that we can easily beg for more undeserved loot. (sarcasm intended) Check it out Unemployed Advocate.
Great job, technovative! (I like the name, too.) Everybody should bookmark this. Great action central place for us to use--THANKS!
nancym- Posts : 725
Join date : 2009-07-12
Location : FL
Re: General EUC Discussion - Ongoing
Wake up call. Let's hope it's loud enough
http://worldnewsvine.com/2010/04/unemployment-extensions-the-historical-paradox/?utm_source=twitterfeed&utm_medium=twitter
http://worldnewsvine.com/2010/04/unemployment-extensions-the-historical-paradox/?utm_source=twitterfeed&utm_medium=twitter
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
Historical Paradox
Hi Grandmom- Nice read , but Im afraid even if I ignore the article's refrain that everything bad from the WW1 until now has been caused by Republicans, this article still has some poor historical perspectives (at best) . In the 11th paragraph it states "Conditions continued to deteriorate, and with the end of World War I", just for the record, WW1 ended in 1918 (12 years before the 1930s) .
There was the equivilent of a farm depression during the 1920s (a period generally thought of as a boom) because WW1 in the previous decade created a huge demand for American farm products to feed the troops and the Allies, this created a bubble with farm prices, unfortaunately when the War ended , the bubble ended. There was a higher percentage of the population involved with farming at the time, and many of them were toughing it out long before the stock market crash of 1929.
Granted Mr. Hoover's government in hindsight, committed some grave errors that made the economic conditions of the time worse not better. However at the time there was no precedent for much of any type of government safety net (from either Repub or Dem adminstrations) , the closest thing at the turn of the century was unprecedented government intervention in business (break up of monopolies and new regulation like the FDA. instituted by Teddy Roosevelt - a Repub btw)
There was no government insurance of banks, so if a bank had most of its collateral in farm mortgages, and farms went under, the bank went under. If you had your money in a bank you lost it. (that had been the case for most of the county's history up till then)
Where Hoover erred was thinking the depression was a fiscal problem(needing a balanced budget as a solution) , so when his government raised taxes, and the Congress approved the Smoot -Halley tarrif act (making forgien goods more expensive and prompting retaliation from our trading partners) [it would be today's equilivilent of putting Wal-Mart out of business]it simply sunk the the economy further into a slump. Many WW1 army veterans came to DC in 1932 demanding early payment of their bonus (that was scheduled for payment in 1945) , this was denied (the Veterans then occupied buildings and camps in DC). Hoover eventually ordered (then Army chief of staff Douglas McArthur) to clear them. A ugly but necessary action to maintain law and order IMO.
So in 1933 in come the New Dealers, well intentioned (including establishing Fed guidlines for a unemployment insurance program) but no significant economic recovery until WWII. BTW there were no Extended Benifits nor was there up to 99 weeks of UI+EB+EUC in the 30s.
Bringing this to present day, the TARP monies were controversial at best, but were supported by both parties, at least the banks we have our EUC checks deposited in didnt go under. Fortunatly much of the money + interest has been paid back on the TARP. The issue here is the Congress refuses to put the money back in the treasury (the Prez and the Dems would get cudos for this because it would significantly reduce the deficit, but they are holding it with the intent of spending it) . What Coburn, Bunning & Co are making a big deal about is the +800B stimulus package that was passed last year and hasnt been fully spent yet (another slush fund that Congress is doling out for political convenience) can be used for unemployment extensions. At this point the Dems should call their bluff and apply these monies to a extensoin , but they are stubbornly refusing to do so.
There was the equivilent of a farm depression during the 1920s (a period generally thought of as a boom) because WW1 in the previous decade created a huge demand for American farm products to feed the troops and the Allies, this created a bubble with farm prices, unfortaunately when the War ended , the bubble ended. There was a higher percentage of the population involved with farming at the time, and many of them were toughing it out long before the stock market crash of 1929.
Granted Mr. Hoover's government in hindsight, committed some grave errors that made the economic conditions of the time worse not better. However at the time there was no precedent for much of any type of government safety net (from either Repub or Dem adminstrations) , the closest thing at the turn of the century was unprecedented government intervention in business (break up of monopolies and new regulation like the FDA. instituted by Teddy Roosevelt - a Repub btw)
There was no government insurance of banks, so if a bank had most of its collateral in farm mortgages, and farms went under, the bank went under. If you had your money in a bank you lost it. (that had been the case for most of the county's history up till then)
Where Hoover erred was thinking the depression was a fiscal problem(needing a balanced budget as a solution) , so when his government raised taxes, and the Congress approved the Smoot -Halley tarrif act (making forgien goods more expensive and prompting retaliation from our trading partners) [it would be today's equilivilent of putting Wal-Mart out of business]it simply sunk the the economy further into a slump. Many WW1 army veterans came to DC in 1932 demanding early payment of their bonus (that was scheduled for payment in 1945) , this was denied (the Veterans then occupied buildings and camps in DC). Hoover eventually ordered (then Army chief of staff Douglas McArthur) to clear them. A ugly but necessary action to maintain law and order IMO.
So in 1933 in come the New Dealers, well intentioned (including establishing Fed guidlines for a unemployment insurance program) but no significant economic recovery until WWII. BTW there were no Extended Benifits nor was there up to 99 weeks of UI+EB+EUC in the 30s.
Bringing this to present day, the TARP monies were controversial at best, but were supported by both parties, at least the banks we have our EUC checks deposited in didnt go under. Fortunatly much of the money + interest has been paid back on the TARP. The issue here is the Congress refuses to put the money back in the treasury (the Prez and the Dems would get cudos for this because it would significantly reduce the deficit, but they are holding it with the intent of spending it) . What Coburn, Bunning & Co are making a big deal about is the +800B stimulus package that was passed last year and hasnt been fully spent yet (another slush fund that Congress is doling out for political convenience) can be used for unemployment extensions. At this point the Dems should call their bluff and apply these monies to a extensoin , but they are stubbornly refusing to do so.
sc4ram- Posts : 1544
Join date : 2009-07-12
Location : Flroida
Re: General EUC Discussion - Ongoing
Scram4 Thanks for the info. I am not much of a history buff so I didn't notice the discrepancies in the dates. The blogger possibly just lost his timeline. As for the extensions being unprecedented, the unemployed were put to work instead of receiving benefits. I believe & sincerely hope that is what the TARP funds will be used for. This whole economic recovery reminds me of the which came first, the chicken or the egg question. Pay benefits so people can survive & put money back into the economy so businesses can stay viable or create jobs so people can earn money to put money back into the economy so businesses can stay viable.
I am sick to death of being told that I am not trying hard enough to get a job & just want to sit home and collect my $275 a week. Some rocket scientist, I don't remember who, said that we should all uproot out lives and move to other states for even minimum wage jobs that we may be hired for.
My unemployment has caused me to go into default on my student loans and interest & penalties brings the total owed to over $58,000.00 for my Associates degree. Not realizing that this meant I owe the government money I answered no to a question asked on the census takers application and was disqualified from being hired. I don't know how or if the economy is going to rebound, but I do know that the feelings of being abandoned by so many will never heal for many of the long termed unemployed.
I am sick to death of being told that I am not trying hard enough to get a job & just want to sit home and collect my $275 a week. Some rocket scientist, I don't remember who, said that we should all uproot out lives and move to other states for even minimum wage jobs that we may be hired for.
My unemployment has caused me to go into default on my student loans and interest & penalties brings the total owed to over $58,000.00 for my Associates degree. Not realizing that this meant I owe the government money I answered no to a question asked on the census takers application and was disqualified from being hired. I don't know how or if the economy is going to rebound, but I do know that the feelings of being abandoned by so many will never heal for many of the long termed unemployed.
grandmom49- Posts : 182
Join date : 2009-09-02
Location : Holly Hill, Fl
sc4ram- Posts : 1544
Join date : 2009-07-12
Location : Flroida
TIER V Petition
Happy Easter Everyone!
Please sign the petition if you haven't, it's approaching 5000!
http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits
Please sign the petition if you haven't, it's approaching 5000!
http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits
SaraJ- Posts : 104
Join date : 2009-07-13
The Sobering Truth Behind Unemployment Numbers
The first few paragraphs and the graph in this article are a good explaination of the current unemployment statistics. Especially the comments about "U6" which includes the unemployed people that are considered to have given up looking for work. (this number is 17.5%.)
I posted this because our Prez was basking in the glow of the positive job numbers last Friday. (to hear him talk you wouldnt think a tier 5 was high on his list). However he sent his economic team out to the Sunday talk shows (ie Lawrence Summers and Christina Romer) and they took pains to point out that unemployment will be high for sometime. (even with the backdrop of publications like the New York times are printing headlines like "The Cluds Have Parted" in regards to the economy). Good thing because our economy must create ~150,00 jobs a month just to employ the new people (college grads and immigrants) that come in to the work force. As you may have heard about a third of the 162K new jobs reported on friday were the temp Census jobs (that will go away) . The point is with U6 as high as it is even if the economy continues to create jobs it will be years before there will be enough jobs created to make a dent in U6. I still think its hard to imagine the current guys and gals in power in DC (who if the election were held today would get clobbered) wont take some action on extensions. The thing to watch will be what will their strategy is, will it be Tier 5, create more government jobs to hire the unemployed, simply blame the Repubs because they insist on enforcing the Dems own rule on pay-go, or all of the above. Whats a bit bothersom is they are making no commitments on lowering the unemployment rate going into the election. (ie lowering expectations) Stay tuned.
http://finance.yahoo.com/news/The-Sobering-Truth-Behind-etfguide-2786255264.html?x=0&.v=1
I posted this because our Prez was basking in the glow of the positive job numbers last Friday. (to hear him talk you wouldnt think a tier 5 was high on his list). However he sent his economic team out to the Sunday talk shows (ie Lawrence Summers and Christina Romer) and they took pains to point out that unemployment will be high for sometime. (even with the backdrop of publications like the New York times are printing headlines like "The Cluds Have Parted" in regards to the economy). Good thing because our economy must create ~150,00 jobs a month just to employ the new people (college grads and immigrants) that come in to the work force. As you may have heard about a third of the 162K new jobs reported on friday were the temp Census jobs (that will go away) . The point is with U6 as high as it is even if the economy continues to create jobs it will be years before there will be enough jobs created to make a dent in U6. I still think its hard to imagine the current guys and gals in power in DC (who if the election were held today would get clobbered) wont take some action on extensions. The thing to watch will be what will their strategy is, will it be Tier 5, create more government jobs to hire the unemployed, simply blame the Repubs because they insist on enforcing the Dems own rule on pay-go, or all of the above. Whats a bit bothersom is they are making no commitments on lowering the unemployment rate going into the election. (ie lowering expectations) Stay tuned.
http://finance.yahoo.com/news/The-Sobering-Truth-Behind-etfguide-2786255264.html?x=0&.v=1
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