Unemployment Extension Passes Senate: How Long To Get The Money
By Jeffrey Paulsen on July 21, 2010, 12:40 pm Posted in Business NewsAfter months of battling over the extension of unemployment benefits, Democrat junior Senator Carte Goodwin broke the Republican filibuster immediately after being sworn in. Goodwin fills the seat left by the late West Virginia Senator Robert Byrd.
Where Does Unemployment Go From Here
The bill now goes back to the Senate for its approval which was already given weeks ago. Once this process has been completed the bill will go to President Obama for his final approval. Unemployed Americans are hoping this will happen within the next few days.
This delay has caused millions of unemployed people the loss of their benefits almost seven weeks ago. The President was appalled by the reaction of the Republican House Committee to deny these hard working Americans the ability to sustain. Past history shows that extending benefits helps the economy and creates jobs. Most of the benefit dollars are immediately pumped back into the economy, experts say.
What Are The Benefits And Who Is Eligible
According to the bill, the Federal Government will absorb the extended benefits after state and local benefits expire. Although the extension will give the unemployed some financial relief, it neither offers additional benefits for those who have been out of work for 99 weeks or longer nor does it offer additional COBRA benefits after the initial twenty-six weeks, making health care unaffordable for most.
In June the number of long term unemployed Americans held steady at 6.8 million. Although we have had a steady increase in the number of private sector jobs in the last 6 months the public remains skeptical. There were 882,000 jobs added to the economy last year but those were temporary jobs for conducting the 2010 census.
Related posts:
- Unemployment Extension Bill Passes: Who Is Eligible
- Unemployment Extension Benefits, Tier 5 & Cobra – Latest Update
- Unemployment Extension Bill: What It Does And Doesn’t Have In It
- Credit Card Reform Act: How It Might Help With Unemployment Extension
- White House Forecasts 95,000 New Jobs/Month For 2010
Stevierayfan I understand your perspective and your success story is commendable. Its unfortunate you
But unlike you millions of Americans have failed in the so called American dream and need a safety net. Thats what unemployment assistance is for.
Yes, in general rich people create jobs, but a of now corporations are sitting on cash and not hiring! Yes its unfortunate and it goes both ways. For every successful entrepreneur there are rich executives that have done nothing to deserve their wealth accept for being born into a family. And as far as unemployment assistance for every hardworking American doing his best to find a job their are ones sitting on their but, doing nothing but drugs. It goes both ways
mrs.rich: I don’t know where you live, but Federal law says that no hospital can refuse you medical aid. Look around…. there are many hospitals country-wide that offer some of their (evil?) profits to help those who cannot pay. If the government didn’t steal taxes from you to help others who DON’T work, you could have afforded better health insurance. Put the blame where it belongs… on government.
But unlike you millions of Americans have failed in the so called American dream and need a safety net. Thats what unemployment assistance is for.
MIke wrote:
“…Yes, in general rich people create jobs, but a of now corporations are sitting on cash and not hiring!
REPLY: True, true…. but why? Because they have no clue as to how much they can invest in new equipment or employees, because they don’t they know how much the “health care” bill is going to cost them, and also what it will do to their bottom line when the Bush tax rate reductions expire. Most of the money from the Bush tax cuts went to families, not corporations. Those tax cuts resulted in MORE money going into the government coffers, as it always does. In 1006 America had better than 100% employment; the stock market was close to 15,000, and consumer confidence was at an all time high. Tax rate reductions (tax cuts) ALWAYS works like that. It worked when Queen Elizebeth did it, and Pres, Kennedy, and Reagan too. Listen: if you reduce the cost of any activity, more people do it, which creates more new wealth. Grocery stores don’t have sales to lose money. If you reduce the cost of baseball tickets, more people buy tickets, and everyone wins.
“…Yes its unfortunate and it goes both ways. For every successful entrepreneur there are rich executives that have done nothing to deserve their wealth accept for being born into a family. And as far as unemployment assistance for every hardworking American doing his best to find a job their are ones sitting on their but, doing nothing but drugs. It goes both ways.
REPLY: We cannot choose to whom we are born; or what color our parents are. The ones sitting on their butts are the ones who receive out tax money for not working, and government agencies get their cut for running their agencies. And, sorry, but it’s the left that uses those people to buy votes. A government that robs Peter to pay Paul will always have the support of Paul. That’s why this whole thing about amnesty is nothing more than “buying” new people to vote Left. I’ve seen if happen for decades.
I don’t disagree with you necessarily but in this case if Paul is rich because of nepotism or talented enough to be self made he shouldn’t have qualms about being “robbed” to pay for unemployment Americans. Especially when he was “robbed” for 8 years to pay for two unjust M.E. wars, tax cuts for the wealthiest 2 %, to bail out major corporations and their greedy employees, etc etc etc.
This system works everywhere in the developed world throughout the EU, in places like Canada and Australia, etc in which anyone over 200k gets taxed @ 50%, everyone has universal healthcare and unemployment until they find a job.
If I were in your position as a small to medium business owner I would be more upset with my tax money going to fund wars, etc (as I stated above) then to pay for unemployed Americans
In America it might be called a crime for one person, whether public or private, to set a limit as to how much a person can make if they are working for it. To do otherwise is totally against everything this country was founded upon, and what allowed this country to go from worst to first in less than 230 years. It is individual liberty and freedom that allows one to succeed or fail; that is an implicit right we have. If that’s his, and your, true views of what is “right” then one should take advantage of another right you have, to leave, and to buy a one-way ticket to any of those countries/continents you mentioned. The health care systems in Britain and Canada is falling apart, as they now readily admit, and their systems are proving themselves to be unsustainable as we sit here writing. If one allows themselves to fail then it is their own fault (for the most part), and they have failed themselves, their families and their country. They are worse off than the surfs from the old land-Barron days, and they are but slaves to their overlords; they are not free, and should not wish to bring down their fellow citizens to their level. To give of ones wealth freely to help those they/we wish to help brings grace; to have it taken from them at the point of a gun brings anger and weakness. Please note that in the Bill of Rights…. the ONLY rights we have in America, there are no rights that place a burden on our fellow citizens. What you wish upon your fellow man is already happening…. we have placed a burden on our children, grandchildren and great-grandchildren a debt which can never be repaid. That is criminal, and I for one do not wish to aid in the rape of their collective future.
Okay, stevie, you are an idiot. If you own a busies, my gues is it must be basic. Maybe a mini-mart? Because you know little or nothing of economics. You say people should have saved, I did. Had a 401k, decent credit rating, several months savings in the bank. Guess what? Still unemployed because idiots like you are so worried about the bottom line. I got laid off to protect the companies 45% profit margin. So tell me, would you do the same? If so, you are no better than a big business setting on the bailout money that TAXPAYERS gave them to create jobs.
People, what is killing this great country is greed, pure and simple. Companies worry about the bottom line, the stockholder share, the money to pay overpriced CEOs or board members. The damn raise should go to the guy on the floor making the product, not the guy sitting in an office. Don’t care how much he thinks he is worth, he isn’t the one making the company money.
Now, I know I will get blasted for my opinion. And honestly I don’t care. I am not liberal or conservative. I am a little of both, because I do that crazy thing called thinking for myself. I weigh each issue on its merit and then consider the arguments. Only then do I reach a decision.
I am not for the extension, I want it paid for first. But I can accept that debt might be the only way to handle it. At least until business owners are willing to accept less profit so they can create more jobs, thus getting more buyers and more profit that way.
Meanwhile corporations that are not hiring and are holding back on development, upgrading equipment … Are helping to make the situation worse on all counts. This is true even for themselves.The simple fact that prices can be very good for companies willing to buy, allowing them to prepare for the future, while the price is right and while the supplier is still in business. To me it looks like everyone on all levels view people and suppliers as disposable. Oops, Oh well, there will be another one.
LIKE I GIVE A SHIT ABOUT THE GOV DEPT. I HAVE TWO KIDS TO FEED AND CANT FIND A J.O.B. SORRY BUT I CANT TELL THEM SORRY YOU CANT EAT BECAUSE WE OWE TOMUCH TO CHINA
@ Ben Schelb
I remember a rich old lady on 60 minutes several years ago that made the statement: “Everybody Can’t Be Rich”, Somebody Has To Do The Work”
That statement is more true today than it’s ever been!
IM NOT LOOKING TO BECOME RICH WOULD BE NICE LOL JUST WANT TO BE ABLE TO SUPPORT MY KIDS AND THAT WOUJD BE OK WITH ME
Well good points, however the freedom of companies to do what ever they want in stupid, because it hurts everyone else bottom line. My campany laid me off because I got hit in a automobile accident. I never missed work, but the fear of something happening made them choose wisley in thier mind to lay me off.
The guy they hired, biggest drug dealer around, they didn’t do a screen properly and he ran twoother workers through a furnace. The idealistic group tracking, if you will (which means the way companies think they are being competitive and treat others) has gotten way out of control, to the point buisness cannot be done anoymore.
Meanwhile I am going back through the system, getting retrained rather expensivly for no reason, just because someone else thought I couldn’t do my job because of an injury. This person is also a drug dealer who works.
Anyway just like the deficit…..this is out of control and the cost is going to be from things we knew how to avoid in the first place.
Control?
Look at China workers striking at Honda Manufacturing. They have reached a penicle that we are no longer in the midst of. They have proven how badly buisness is being done here in the US.
Stevie isn’t an idiot he’s just not looking at the big picture. How can you spend a billion dollars literally 5000 times on war and tax cuts for the rich, to bail out millionaire financial traders and auto industry executives and never care about a funding source!
Then these Republicans (thank god the chicks in Maine are better than that) make a stand and deny millions of Americans money to eat and have a home (this is including little children who need food!) for ONLY SPENDING a billion dollars 33 times
Ok let me make it really simple:
$ 5,000,000,000 for wars and the rich
$ 33,000,000 for millions of unemployed Americans
Republicans are a joke
I believe that we should all be on our knees repenting. We need to all look around at not only the shape of our country but other countries, the continuous nature made disasters,wars and rumors of wars. We should not be fighting amongst ourselves but coming together to help each other. Instead of writing how bleak our situations are or how we feel negatively about another we should be writing about ways we can help the unfortunate in this country. Let others know how to get help. If we are able to comment on the internet about various subjects then we must have time to actually help our fellow man. Please quit the bickering and come together as as a nation. May God have grace and mercy on all of us!!!
thats cool Rhonda in la la land
First thing would be to get off your knees and realize God is clearly male made for power and social control.
If you believe this world is all we have like I do you can have faith in mankind.
re:single dad.
Exactly correct!!!!
Tell China to pound sand.
It is appalling to hear compassion being conveyed to corporations or government. What are you people thinking?
40 million jobs outsourced to India, China since 1986. Our men and women dying in a useless trillion dollar war funded with our tax dollars.
Tax cuts of 1.5 trillion for the rich during the Bush regime.
Americans your fellow Americans are in dire consequences and your bickering over who pays for it.
Each and everyone of you should be proud of being apart of assisting their needs.
Get some compassion. Who cares about a few more bucks on taxes.
However, I will clear the air on unemployment. Employers pay a part and employees pay apart.
Employers offset wages/lower and benefits costs to pay insurance premiums.
If it’s not all about greed why are gas prices so high $2.75 a gal avg.they, yell gas shortage liers look how much oils coming from one broken well you know the oil we send some where to be resold to us at a higher price. if our economy is so broke why do everyone dems and reps keep giving our money to foreign country’s and for all the people who are hating on the unemployed remember who buys the products your job might create because if no money is being spent you will join us on the unemployment line quote:Jimmy Hendrix,when the power of love overcomes the love of power then there will be peace on earth
Hello everyone ,Lets just say the rich get richer the poor get poorer . Now with that said anyone who rips off the middle class and poor should be in jail .The Repub morons need a wake up call .They will get one in Nov trust me the party of nothing but havoc. Its a good day for my brothers and sisters we won the battle and helped the poor people that the wall street hacks put out of a job in all sectors .Obama has support atleast what does the repub fools have nothing take the whip out and kick his butt .Then on to Mitch the idiot what a moron he is .Thanks all that stand up for others .
@stevierayfan Bush signed off on the Commodity Futures Modernization Act which was a big part of the collapse, clinton had his share as well like repealing the Glass Steagall Act, which was passed through a republican majority senate, the real problem lies in the bi-partisan effort in protecting the best interests of banks and corporations
Remember united we stand divided we fall. This once great country is divided and falling fast.
endthefed yeah don’t forget the prescription drug modernization act that was a waste of half a trillion. You could have funded 10 million unemployed Americans for FIVE YEARS with that money
Remember banks also started the first great depression.
so did land speculation. There’s no quick fix or way out. I don’t think WWIII will get us out of it
they outsourced our job to India 740 jobs lost in america, how do expect us to pay for our mortgage, this is @$@4@4!@
@mike No but taking back control of or money from the fed might.every check we pay 35percent of to repay money lent to government with interest from fed our own damn money . remember the same damn bankers formed the fed for control.
They sold this to the people so this wont happen again surprise here we go again it’s a money/land grab again.
@Iscruzjr you forgot about the 2million in country outsourced illegal immigrant jobs
We can go back and forth about politics but what we cannot ignore are the facts; the inevitable. The facts are we screwed ourselves by allowing the tax cut to pass which gives companies tax breaks for sending jobs overseas. We allowed our treasures to be compromised by criminals who were in a race to get to the moon. The rich people in the world use their resources to exploit vulnerabilities; for example, Rich guy A and his corporation of rich guys buy construction companies overseas to rebuild Iraq which is by the way a billion dollar operation. Allowing the bill to pass along with minor others opened the flood gates for political exploitation of the systematic underpinnings which our country rest on; LABOR. Once the bill passed the exploit began but just like all exploits its undetectable by the masses and works in the background as if nothing is happening; creating a silent war if you will. What is important to remember is any social and financial exploit has different components to ensure its success. What happened after the tax bill passed? Amazingly the economy skyrocketed?! How could the economy succeed with a battered engine, we were losing jobs which means we were receiving less income, which means the stores were receiving less sales, which means we were paying less taxes. How could the economy begin to increase yet we were losing jobs? The answer is loans! When we passed the bill to enable citizens to get loans when they normally would not qualify we killed ourselves twice; first with the tax cut then the second with the loans. Allowing the requirement for the loans to lessen and flood the market enabled more companies to receive loans to expand their businesses, which created more jobs to fill the devastating loss of jobs by sending them overseas; thus hiding the jobless downfall which was already upon us. The problem with this equation is there was not enough demand in the economy to support flux of loans in the economy. There were not enough qualified people to buy all of the houses which were built, there was not enough demand to buy the necessary quota of services or sales to justify an expansion of thousands of stores nationwide. It was all smoke and mirrors to discretely compromise the most valuable resource of the American people; not gold not silver, not money but LABOR. This is why we must continue to support the unemployment bill. We must support the American people who have fallen victim to the exploit of compromising or labor for the betterment of a the rich and wealthy. The American people were deceived by a stealthy exploit to help successful rich people win the race to the moon but instead of a moon its world domination over resources. Why? Because we are running out and those who have control over the pigs in barter town rule the ranks. The debate of unemployment should of occurred years ago but per the design of the exploit it was delay by a spoof or the loan and bank system exploitation. They spoofed the economy to make it seems as if the economy was running successfully based off of imaginary loans or monopoly money with no demand to back it up. This is similar to putting Crisco in your car for oil your car will run at first but then it will die because Crisco is not built to help turn the engine but you do not learn this until after you have been fooled to believe Crisco will run in your engine or until after it was too late. The spoofed economic engine finally came to a halt and as American people we have to reverse engineer the madness to make sure it does not happen again. We have to continue to fight for unemployment because after all the names calling the facts are still the same unless you are rich and wealthy you are a victim and a target. Joblessness is a harsh fact which cannot be ignored look at the labor and statistics website. They say there are 10 candidates to every 1 job do the math what does that mean. This means no matter how many times you call your neighbor or another blogger a hopeless drug abuser who does not want to work , or when you say people are not accepting jobs because their unemployment pays more is senseless because there is not enough jobs to go around…REGARDLESS….You could take a third of the unemployed and say they will not work because they are lazy irresponsible bums but you still would not have enough jobs to go around for the 70% of Americans who are left over. So until the real fix comes which is the greedy bankers and corporate execs begin reinvesting in the market so business can build and sell, an so jobs can be created then the daunting unemployment number will continue to rise and we will have no other choice but to support those who have fallen victim to a silent war waged on middle and lower class Americans by the rich and the wealthy.
@dale when a snake backs a rat in the corner it will fight for survival just ask any snake that has been bitten.
we need robin hood I’m tired of asking the sheriff of nothing ham if i can keep my cheese
I think all of the Repulican Senate that voted against the Unemployment Extention should be layed off, and take away all of there resources that they need to live. Then make them go without food and electricity and gas in there cars so they can’t even attend an interview that they were scheduled for. Then I would like for them to sit up at night and worry and cry because they don’t know how they were going to find a meal for there children. It is so sad that we can help Third world countries but yet watch American hard working people starve to death. All of the Republican’s can go straight to Hell!!! President Obama is the best President we have had in office since Clinton so just let the man do his job. If you don’t like what I just posted, I will say in advance KISS my American ASS
yeah don
Even after causing our unemployed so much anguish over the past month, these Republican dirtbags dare to delay the vote for an additional 30 hours!! The audacity of these people! They did not care so much about spending to start wars, send money to third world countries, fund their own pet projects, or vote themselves huge raises. We ALL need to go to the polls in November and vote these fools out of office so this crap can not happen again! Mitch McConnell you dare to make your “stand” on the backs of the unemployed! The worthless war in Iraq is what jacked the debit into the stratosphere. And stop blaming Obama! He was not in office when this whole poop storm started. Remember it was a Republican president with his Republican congress that started this whole thing. The slogan we the unemployed need to remember and adhere to is: “We will remember in November!”
I agree. We definitely need to remember the agenda of the republicans come this november. It is fine to finance a war, give tax breaks to big businesses and the top five percent of the country but not to help the working middle class in the midst of a recession. I can’t understand how republicans ever get voted into office under any circumstances. The only conclusion I can draw is that the middle class needs to come out in stronger numbers to vote against the same people who have made it so hard on us these past weeks. I am from Massachusetts and I was under the impression that a senator should vote for what the people in his state want. Mr. Nelson of Nebraska, who is a democrat, voted against the extentsion because his state is not in the same shape as most other states in the country. Mr. Brown is the senator of a state with a 9% unemployment rate yet he voted with his party rather than for the immediate needs of the people in his state. To all who voted for a republican in massachusetts for the first time in I can’t even remember, Martha Coakley would have pushed this vote through weeks ago.
Scott Brown is an idiot. Woman are shallow and think he’s hot so they voted for him. Good job bimbos you just made the lives of hundreds of thousands of Massachussetts citizens miserable
Eric good post. I too can’t fathom whyanyone would ever vote for a Republican in the first place. These people are evil and infected with the sickness of power and greed. They act like little children having a tantrum because they can’t spend trillions helping their rich buddies and killing Muslims
We shall not forget the 2 trillion looted from social security! Related social security issues are raising the age to 70. All should be aware of the cat food commission overseeing our trust funds.
I HOPE THIS IS IT BECAUSE I REALLY NEED MY MONEY TO PAY MY BILLS WHICH I,M BEHIDE MY BILLS NOW I HAVE ALOT TO CATCH UP WITH . PLEASE THAT THIS TRUELY BE IT.
To all my unemployed friends out there, we need to stop throwing the verbal crap at each other. It doesn’t matter if you are black, white, hispanic, asian or anything in between.
It’s time to stand together and throw the crap at those in charge. Our governement are the ones who make the decisions that effect us today and all of us plebians just argue if it’s justified or not. We need to start forcing them to follow our decisions WE ARE THE BOSS.
US President Theodore Roosevelt’s ideas on Immigrants and being an AMERICAN in 1907.
~
“In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else, for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American, and nothing but an American… There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…. We have room for but one language here, and that is the English language…. and we have room for but one sole loyalty and that is a loyalty to the American people.”
This loyalty has vanished from leaders of our country into aiding foreign lands at the expense of Americans! Lives and property have been relinquished unwillingly through forced poverty. We have become nations within a nation dividing the very fiber of America. As many people stated, time to stand together as one American! United with one voice for equality, fairness and freedom to pursue happiness unhindered by these types of political behaviors.
End of story
WELL SAID, AmericanCitizen . . .
I agree, they MAY come here, IF they do it through the proper channels, NOT flood the BORDER with 100′s even 1000′s every damned day!
It’s gotta stop, and NOW!
LATINO, SATIR! POR FAVOR DEJE!
SALIR de AMERICA!
Por Favor . . .
edit: Latino SaLir, SALIR!
Disappointed – the “99″s need the benefits worse than those covered by the extension – ridiculous again! I have been out of work (contract Quality Engineer out of GM)for 2 full years – lost vehicles, pension gone, house in foreclosure, forced into bankruptcy! This extension will not help create jobs – and that is what is needed! The banks aren’t loaning money so people are not buying goods that would result in more jobs! Oh – I have applied for the Obama making homes affordable program to save my home – but you need a job (income) to qualify!
Lot of bad ecomonics in this thread. Much of the money paid out in salaries and bonuses for high earners(frequently paid because the manager/executive eliminated jobs from the payroll, often by shipping them out of American (that’s patriotism!) does not get put back into the economy. Neither does it (as many writers have cited) “create jobs”. Businesses create jobs, and the current administration is helping them (despite what conservatives and right-wing reactionaries would have you believe). Small business is hampered by the unwillingness of banks to provide credit, not by government policies. Unemployed workers (and I’m one, after over 40 uninterrupted years in management) will recirculate virtually all of our funds immediately and directly into the purchase of day-to-day needs. The notion that there is a huge population of people doing nothing but living off “the sweat of hard-working citizens” (yatta yatta yatta) is myth propagated by conservatives and the ill-informed. Sure, there some bottom-feeders, but they don’t constitute the critical mass. This is a revisitation of Reagan’s famous “welfare cadillac mother” fable. By the way, get your business information from business news sources, not from millionaire tv talking head idealogues, whose motivation is achieving viewer ratings.
If past experience is any clue, it will take Ohio 6-8 weeks after Obama’s signature to finally get the money into the hands of the people.
To Ben Schelb: No, your spelling capabilities are basic, my business is manufacturing, and I currently employ 25 people. The “greedy” stockholders are people like you and I. You have a 401-K?…. then you’re invested in those greedy companies you complain about. Their bottom line is what keeps the doors of those companies open and providing jobs. Be smart, and invest that $$$ in Gold or Silver. Raises for the working people? I agree, but any given job is only worth so much. Bagging groceries is not worth $12 per hour. Cooking a Big Mac is not worth $12 an hour. The CEO’s don’t create wealth? Who do you think does the work of making sure those goods and services are sold to someone, making him, and you, money? And, most CEO’s have the enormous responsibility of keeping Uncle Sam from taking more of his, and your, income. If you work for $10 per hour, then you actually make about $16 per hour when you figure in your health insurance, unemployment and other government-mandated crap. The republicans were for the extension IF IT WAS PAID FOR, which the Republicans forced them to do; it’s paid for. How in Hell does less profit create more jobs? You have no idea of what you’re talking about.
To Dave S: corporations are not hiring and holding back on development and upgrading equipment because they have to look 3 to 5 years ahead. The biggest reason is state and federal taxes, which affects every company. And who wants more of their and your money in taxes?…. the Dems.
Derrell Winowich quoted someone as saying: “Everybody Can’t Be Rich”, Somebody Has To Do The Work.” And that’s absolutely true. But most of the rich work 50 to 60 hour weeks (remember, $250,000 is rich by the Dems standards. The rich are the ones who create jobs.
mike: the governments spending for unemployment is in the billions, not the $33 million you quote. The latest extension will cost $64 BILLION. As for war spending, where do you think 99% of our spending goes? It goes to American companies, from bullets to bombs to aircraft to tanks, and on down the list.
To: American citizen… China sells us so much stuff because American companies can’t compete because of high local, state and federal taxes and regulations. Jobs are not outsourced. American companies and jobs go kicking and screaming to those countries because they have to just to keep their doors open. if they didn’t, they’d have to close their doors. How many jobs would THAT save? By the way, the vast majority of the money from tax cuts went to working families. Those same tax cuts generated more NEW WEALTH (not redistributed) than the entire economy of China. I remember well many Democrats being somehow surprised that so much more money was flowing into government coffers when those tax cuts started working; and they work EVERY TIME! Tax cuts are not a Republican idea, it’s sound economic policy and practice. It’s the same as your local grocery store or car dealer having a sale; whet they lose on individual sales they make up for in the quantity of sales. Economics 101.n A useless war? I believe the 24 million now-free people would not agree.
knightpharoh says: If it’s not all about greed why are gas prices so high $2.75 a gal avg.
REPLY: Oil companies (actually, “energy companies) only make about 8 cents for every dollar they invest. WalMart makes about 4 cents per dollar. You want to talk about greed? State and federal governments make 18 cents from the oil companies for every gallon; then check out the state taxes per gallon. So who’s greedy?
To Allen W: the rich get richer because for the large part they work for it, and the poor get poorer because they won’t educate themselves or work two jobs, but mostly because the Dems pay them to stay poor. They take YOUR hard-earned money because “poor” people would rather sit on their ass and stake a claim on what YOU ear, and they do it with governments help. Wait until the health care taxes kick in, and if the Bush tax cuts are allowed to expire. The Arab in the White House lied when he said only those who make $200,000 or more will pay higher taxes. And, God help us, if Cap and Trade is passed (because the Dems want more power and more of your money,) wait until you see what will happen to your taxes and your energy costs. When was the last time you heard a Dem say “those who work for a living should get to keep more of it, because it’s theirs to begin with… they earned it.” It was john Kennedy. And just like when Bush lowered the tax rate, the Kennedy Tax cuts brought more money into the government coffers, and people like you and I had more money in our paychecks. It works every time.
knightpharoh says: “Remember banks also started the first great depression.”
REPLY: That’s pure crap. It all starts back at the beginning. In the 20s the prices of stocks were skyrocketing. People had more money and life was good. But it was all an illusion.
As prices soured so did business cost. This inevitably lead to a point where business’ were having a hard time staying both competitive and profitable. All this sparked the beginning of black Tuesday October 29, 1929 the day the stock market crashed.
After the crash Americans started spending less and started saving more. This lead to less production and less jobs, causing unemployment to go higher and higher.
Attempting to recover the US government passed a series of laws that ended up hurting the economy. One example was the Smoot Hawley Tariff, which set a high tax on foreign goods. All this did was lower trading between the US and other countries further hurting the US economy.
Bank Failures
Another major influence was the massive bank failures happening across the country. As banks disappeared so did the money that was deposited in them. There was no such thing as insured by the government at that time. In other words ordinary citizens where losing their life savings left and right.
So why did banks fail? There are three major reasons.
1. The McFadden Act of 1927
This act limited the size a bank could grow by forcing banks to stay within the state which they originated in. Other countries like Canada which did not have this regulation fared much better. Compared to the 9,000 banks lost in America not a single Canadian bank went bankrupt.
2. Loans
The average man was unable to pay off his debts, so they simply borrowed more money causing more stress on the banks.
3. Panic
Panic steamed from the crash and forced people to pull their money out of banks. The panic only grew as more banks fell.
This 12 year period lasting from 1929 to 1941 was devastating to most Americans. We would not fully recover until the US entered WWII and started creating new jobs. Also, the Smoot Hawley Tarrifs played a part, as did FDR’s economic policies IE: the New (Raw) Deal. World War 2 dod not end the Depression; World War 2 ended the New Deal, which ended the Depression.
knightpharoh says: “… we need robin hood I’m tired of asking the sheriff of nothing ham if i can keep my cheese.”
REPLY: Robin Hood did not steal from “the rich,” He stole from government entities and land barons who taxed the people into poverty… just like is going to happen here.
mike says: “…I too can’t fathom why anyone would ever vote for a Republican in the first place. These people are evil and infected with the sickness of power and greed. They act like little children having a tantrum because they can’t spend trillions helping their rich buddies and killing Muslims.”
REPLY: The laying of new taxes and giving our hard earned money to people that don’t deserve it (to buy votes) is being done by the Dems, not the Republicans. As an example, the “Health” Care Bill (yes, I’ve read it) contains this: the word “Tax” is used 124 times; the word “taxes” is used 16 times; the term “Excise Tax” is used 12 times; the term “Taxpayer” is used 79 times; the term “Taxable” is used 158 times; the term “Tax Exempt” is used 15 times; the term “Penalty” is used 79 times; the term “Require” is used 88 times; the term “Must” is used 40 times, and the term “Shall” is used 2,585 times. And all those terms pertain to individuals and companies…. NONE to your benefit, unless you somehow believe that there truly is anything that is “Free.”
American citizen says: “…We shall not forget the 2 trillion looted from social security!”
REPLY: The Social Security trust Fund (Sorry AlGore…. there is no “Lock Box”…. that was an out and out lie) was folded into the General Fund by another Dem, President Johnson. By the way, I’d bet that not many people here know that under law (passed by Dems), the government is under no obligation to give you ANY of the money from Social Security whatsoever.
That was the one thing FDR was right about, was his ideas on immigration. Our immigration system is NOT broken, it’s just not being enforced.
What I find so hard to believe is people with jobs have so much to say about the unemployed . No one asked to loose there job. To get unemployment you must be fired or layed off. The amount of money you get is a fraction of what you were making ,so there is no extra money to threw away. You don’t have enough to pay your bills. So sitting on you but is not an option. People should know what they are talking about before they open there mouths.