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Home Publications Blogs Beat the Press That $24 Billion for Extending Unemployment Benefits Is a Bit Less Than 0.7 Percent of the Budget

That $24 Billion for Extending Unemployment Benefits Is a Bit Less Than 0.7 Percent of the Budget

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Sunday, 29 December 2013 10:57

That's the calculation for those of you who didn't know offhand whether $24 billion is a big deal to the federal government. It takes about two seconds to do this sort of calculation on CEPR's nifty keep Responsible Budget Reporting Calculator.

Comments (7)Add Comment
multiplier effect no included
written by djb, December 29, 2013 10:21

add on the multiplier effect of the 24 billion and it increases the income of society in general

by creating private sector jobs

Forget the Unemployed; How Does This Impact Walmart?
written by Paul Mathis, December 29, 2013 11:09
Obviously, the GOPers couldn't care less about budget savings or helping the unemployed. But what they do care about is corporate America of which Walmart is the biggest player.

So we all need to show sales and profit impact of these cuts on Walmart, Dollar Store, K-Mart, etc. Remember, "Corporations are people my friends," as Mitt said, and those "people" deserve our help!
per person
written by Joe, December 29, 2013 4:15
I read there are 1 million people due to lose payments. If that's true, and the proposal to continue payments costs 24 billion, that's $24,000 per person. That kind of sounds like a lot.
GOP Mantra: Supply creates its own demand . . .
written by Pine Treeconomics, December 29, 2013 5:00
Fiscal responsibility is a red herring. The main thrust of the GOP selling point of this policy (as is the case re: drastic cuts to U/E insurance in North Carolina) is that U/E insurance/welfare deincentives work, and by cutting the safety net, you push people from welfare to work. Why? Either there are jobs available (despite what the JOLTS, wage, hour, etc. data suggests), or increasing the supply of labor will create a demand for it.
Not to mention that the $24 billion is an increddible bargain for the right to coerce!
written by Perplexed, December 29, 2013 8:40
-"That's the calculation for those of you who didn't know offhand whether $24 billion is a big deal to the federal government. It takes about two seconds to do this sort of calculation..."

If "equal treatment under the law" were actually just more than "words on paper," then the anti-trust provisions of the 1914 Clayton Act would apply to the producers of labor (the 95%) just as it does to every other producer of every other commodity. If the laws did apply equally, these people would be suing and collecting treble damages in accordance with the Clayton Act provisions. That would be three times their actual damages. $24 billion is "chump" change by comparison. Why even have a Constitution if the elites gets to choose if and when to enforce it. Talk about "blind justice," this has been going on for 100 years now. Wake up America!
...
written by JDM, December 29, 2013 10:26
Joe, it's 1.3 million people so it works out to an average of a little over $1500/month ($375/wk.) each.
Lots More Than 1.3 Million To Be Affected
written by jerseycityjoan, December 30, 2013 4:27
The 1.3 million are those on now.

Obviously there's a lot of in and out of the unemployment tiers as people are laid off and ask the lucky ones find jobs. I do not know how accurate the 4.9 million will turn out to be -- but certainly it's too bad the media focused only on those who will cut off. Without the extension, many more would only get 26 weeks, period.

"Q: Who will lose benefits?

Anyone who has been collecting unemployment for more than 26 weeks will lose benefits. Roughly 1.3 million people will be affected immediately. Over the course of 2014, several million more people will hit the 26-week limit and will also lose benefits. The Obama administration estimates that by the end of 2014, a total of 4.9 million people will have been affected."


http://www.latimes.com/nation/politics/politicsnow/la-pn-q-and-a-unemployment-benefits-20131227,0,1111524.story#axzz2ox5hH4W9

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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