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Schwarzenegger, Three Months Late, Lobbies for Unemployment Insurance
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ShareApril 22, 2008 7:45 AM
ABC's Z. Byron Wolf Reports: The problem with the economic stimulus package that Congress passed in early February is that three months later the stimulus has yet to kick in.
The backbone of the $146 billion bill is a set of rebate checks for taxpayers and seniors and veterans living on fixed incomes. The tax rebate checks should be coming out in the next several months now that the IRS is done collecting the taxes.
Many economists had pointed to an extension of unemployment benefits as a quicker way to stimulate the economy; it would have gotten money into the marketplace almost immediately as people losing their jobs in the budding recession were able to keep drawing unemployment for an extra amount of time.
Republicans in the Senate saw it differently and blocked an attempt by Democrats to extend unemployment insurance, among other things, back when the stimulus proposal was being considered by Congress.
They argued that unemployment benefits encourage out-of-work beneficiaries from seeking jobs. And there was concern that the debate over the proposals by Democrats in the Senate could delay the stimulus checks.
But times have not improved since that debate in early February and it was a powerful Republican voice calling today for an unemployment insurance extension -- California Governor Arnold Schwarzenegger.
In a letter reportedly sent to leaders of both parties on Capitol Hill, the moderate California Governor called for Congress to extend unemployment benefits.
“California has been hit especially hard by the national housing slump and subprime crisis. In the past year alone, we have lost 131,000 jobs in the construction and financial services sectors,” the governor says in the letter. “California’s unemployment rate now stands at 6.2 percent, and it is clear that states cannot fully address the consequences of the national housing downturn on their own.” He argued that nearly half a million unemployed workers in California exhausted their unemployment benefits in March.
Schwarzenegger argues this is a national problem and that Congress should act soon and use federal dollars to extend unemployment insurance.
Earlier this, Schwarzenegger had called on the Senate to move quickly and pass a House of representatives version of the bill that did not include the unemployment insurance extension.
April 22, 2008 | Permalink | User Comments (4)
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It looks like Schwarzenegger unlike other Republicians leaders has not given up his membership in the human race. What do these guys think unemployed workers would do? Enjoy a life of luxury on unemployment. It makes me think of DeGaulle's quote "The more I know man the more I like my dog."
Posted by: wth52 | Apr 26, 2008 11:25:17 PM
Arnold is correct. California's unemployment rate is shocking. That state was usually the last to go into recession and the first to come out in previous recessions.
Bush is kidding himself. And he has a Harvard MBA? If things were that great, why did Bear Stearns need a bailout and why has the Fed dropped interest rate so many times.
Except for farm and oil/gas states, the country is suffering. I am paying $1100 for COBRA for myself and teen daughter. I am also a widow and lost my job of 24 years. I am also 63 and have two Masters degrees:finance and politics.
Posted by: Phyllis Benedict | May 7, 2008 11:47:37 PM
Why has an extension of unemployment benefits not rec'd more press? I would much rather help those w/o any income pay for food , than save 18 cents on gas for vacation trips they won't be taking this summer!
Posted by: S.Schaub | May 12, 2008 12:44:54 PM
What do they (gov't) think we'll all do? I was laid off in Agust of last from a 20 year career - well educated, no degree, used my savings to try and save the condo - lost it along with the savings I had; unemployment ended months ago - am about to lose my vehicle; and I'm now over 163 applications out; 70 in my carreer field and the rest in whatever else I've ever done before.
I'm now being refused work due to my credit history being trashed because of the condo foreclosure.
And I thought I couldn't go down any further... Along with my newly started SS benefit - a slight extension in the unemployment benefits (240 per week) would stop my slide - if I had it when the condo foreclosed - it would've stopped that as well.
I'm 65, female and invisible.
Thank you Governor, for making this an urgent issue.
Posted by: Julia | May 15, 2008 5:57:29 PM
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