Jobless Aid Headed for Passage in Senate

Discussion in 'Economy' started by sparky, Mar 11, 2010.

  1. sparky
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    sparky VIP Member

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    Jobless Aid Headed for Passage in Senate

    The Senate moved one step closer Tuesday to passing a jobs package chock full of tax cuts and extensions of social safety net programs despite widespread conservative opposition.

    Clearing a procedural hurdle in a 66-34 vote, the Senate is expected to vote on final passage of the bill Wednesday. Tuesday’s vote, in which eight Republicans sided with 58 Democrats, likely clears the way for a fairly easy final vote. One Democrat, Ben Nelson (D-NE), did defect to vote with the Republican minority.

    The $150 billion bill is a combination of popular tax cuts and incentives and aid for unemployed Americans struggling to make ends meet.

    The most costly portion of the bill is an extension of unemployment benefits, which will cost some $66 billion to extend from 26 weeks to 99 weeks.

    Another provision in the bill would provide a 65 percent subsides of health insurance premiums for the unemployed under the government’s COBRA health insurance coverage. That is expected to cost $10 billion.

    On of the most popular provisions in the bill - with both Republicans and Democrats - is the $25 billion in tax breaks directed at small businesses and individuals. The bill would extend a tax credit for teachers that purchase their own supplies and tax credits for research and development.


    Jobless Aid Headed for Passage in Senate | Economy In Crisis

    bandaids for the artierial bleeds?
     
  2. editec
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    editec Mr. Forgot-it-All

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    Tax cuts and extentions on social safety nets.

    Seems pretty reasonable to me.

    Sadly we have to borrow every cent it will take to fund this largess.

    But if this is expected to prime the pump of our economy, I think we're in for disappointment.

    The pump isn't very efficient, anymore, because we have systematically made a huge percentage of our workers dedundant.

    Free trade strikes again, I'm afraid.

    The economy might in the longer run revcover.

    But the American way of life that most of us expect for ourselves and our children won't.
     
    Last edited: Mar 11, 2010
  3. sparky
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    sparky VIP Member

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  4. editec
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    editec Mr. Forgot-it-All

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    Yeah well I've been scared about this problem for about 20 years.

    I was scared that I was right.

    And I was.

    Not like I'm the only guy who saw it, or anything.

    But it probably helped that I was raised 20 miles from Bethlem steel and Ingersol Rand and a whole lotta garment and shoe factories and the like, so I started watching industrial workers losing their jobs to FREE TRADE starting back in the 1960s.

    At first, I thought that was just not my problem, just as so many here currently think of this problem. I was , after all a MANAGMENT TYPE, not destined to be a factory worker.

    But then it eventually dawned on me if those people didn't have jobs, then a lot of people who worked along side them, or whose businesses depending on those people having jobs were ALSO screwed.

    Society is a MUTUALLY dependent event.

    Think of it like your body.

    You need it ALL to be reasonably healthy or sooner or later, it's all sick.

    Well ,we convinced ourselves that we ONLY needed the head, and the arms and legs were doing something we could job out to Asias more cheaply.

    Good for the ASIAN head, I suppose, but not so good for the American body politic.
     
    Last edited: Mar 11, 2010
  5. uscitizen
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    uscitizen Senior Member

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    We don't need no stinking jobs, all we need to do is invest and play the market.
     

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