While we’ve dropped from the peak 10.1 percent unemployment in October 2009, this latest unemployment extension proves we are far from out of the water...
New York, NY (PRWEB) June 18, 2011
With Republicans hell-bent on reducing the federal deficit in control of the House, it seemed unlikely that yet another benefits unemployment extension would occur – and yet, that is exactly what happened this week... It seems no one can deny the gravity of our joblessness right now, according to Unemployment-Extension.Org.
President Obama has reauthorized the federal unemployment extension benefits for another 13 months. As of May 2011, 13.7 million Americans were collecting unemployment. The last week of May saw the first increase in those filing for benefits in three weeks, which shows that the economy is still very fickle.
According to Unemployment-Extension.Org, there were 1.5 million “99ers” (who exhausted their 99 weeks of unemployment insurance without finding work) at the last count in October. The latest unemployment extension will not help the 99ers, but it will help people who were more recently laid off cash-in on the assistance that so many other Americans have been collecting.
Come the 2012 election cycle, Barack Obama is likely to be facing the highest unemployment rate that any US President has faced since World War II. Conference Board analysts expect that the jobless rate will still be a lofty 8.5 percent come 2012, down from the 9 percent it is currently.
Unemployment-Extension states that The Federal Reserve has already estimated that we "could" see unemployment down to 7.8 percent come November. While we’ve dropped from the peak 10.1 percent unemployment in October 2009, this latest unemployment extension proves we are far from out of the water.
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