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The Jobless Benefits and the Banks

An economic stimulus to banks continues while an extension of unemployment benefits (an economic stimulus) to individuals ceased on December 28, 2013. Both government packages are a stimulus to the economy but neither are discussed in the same manner.

Some Republicans like Rand Paul have argued that extending unemployment benefits causes individuals receiving the benefits “to become part of this perpetual unemployed group in our economy.”

According to the New York Times, “1 in 4 unemployed Americans will receive jobless benefits — the smallest proportion in half a century.”

The chief U.S. economist at JPMorgan Chase, Michael Feroli, has estimated that this policy change will cut the country’s annual growth rate by about 0.4 percentage points in the first quarter of 2014.

According to AP and FoxNews.com, Gene Sperling (Economic adviser to the president ) says the Senate may hold a vote on a proposal to extend benefits for 3 months as soon as Congress returns next month.

Will any members of Congress discuss the federal package as an economic stimulus or will arguments focus on the morality of helping others?

References

FoxNews.com (2013). 1.3 million to lose unemployment benefits as Obama pushes for aid extension. Fox News. Retrieved December 30, 2013, from http://www.foxnews.com/politics/2013/12/28/obama-pushes-for-unemployment-benefit-extension/

Greeley, B. (2013, December 30). Why Don’t the Jobless Get the Same Tapering Touch as Banks? BusinessWeek. December 30, 2013, from http://www.businessweek.com/articles/2013-12-30/why-dont-the-jobless-get-same-tapering-touch-as-banks

Lowrey, A. (2013). 1.3m losing unemployment benefits Saturday. New York Times. Retrieved December 30, 2013, from http://www.bostonglobe.com/business/2013/12/27/million-losing-unemployment-benefits-saturday/AbN5vJzLcmwsBA00TMUyvI/story.html

Peralta, E. (2013). More Than 1 Million Americans Lose Unemployment Benefits. NPR. December 30, 2013, from http://www.npr.org/blogs/thetwo-way/2013/12/28/257800647/more-than-1-million-americans-lose-unemployment-benefits

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