More Bad News For The Economy

by Kathleen McKinley | December 3, 2010 10:47 am

The Bureau of Labor Statistics reported today that the jobless rate rose to 9.8 percent in November. The economy only added a measly 39,000 jobs. Forecasters had expected more than three times that. Not good, my friends. It’s beyond frustrating that this Congress and administration spent so much time on a massive healthcare bill that had to be passed behind closed doors and with back room deals and now faces repeal, instead of dealing with the economy. Now, we are all suffering.

Democrats in congress want to extend unemployment benefits again. What is this? The 6th time? On the bright side, this report may force Congress to extend the Bush era tax cuts for everyone.

But what are they doing on Capitol Hill today? Having hearings on “Don’t Ask, Don’t Tell.” We are in the longest stretch of elevated levels of unemployment since World War II, and Congress is busy listening to opinions on whether gays should serve openly in the military.

I know that’s an important issue to many, but it is really what we need to be focusing on RIGHT NOW? Good grief.

We have extended unemployment benefits already to almost 2 years. When does ongoing unemployment benefits become welfare? At what point? If we need to take care of those who can’t take care of themselves, so be it. But let’s call it what is. Republicans want any more extensions to be paid for out of unspent stimulus funds, but Democrats are so used to giving benefits with no means to pay for it, that they refuse. This kind of thing is exactly what got us into this mess.

There is a compromise in the works. Democrats are saying they may be willing to extend the Bush era tax cuts for everyone as long as unemployment benefits are tied to it. Which sounds great, but again, how are we going to pay for it?

It’s time for Democrats (and many Republicans) to realize that the piggy bank is empty. We are paying the price for their reckless spending.

On a side note, if the Bush era tax cuts are extended for everyone, even the richest of us, I fully expect Pelosi, Kerry, Reid, Edwards, and the rest to pay in taxes what they would have paid had the tax cuts expired for the “rich.” Right? I think they need to put their money where their mouth is. They think the rich should pay more. They ARE the rich. So…pay more! The government will welcome their checks.

Somehow, I don’t think that will happen.

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