Friday, May 2, 2014

Unemployment Benefit Extension Ended in December, Suddenly, U.S. Rate Down to 6.3...Magic!!!

Remember when Senate Republicans killed the federal unemployment benefit extension in December? 

That threw over 2 million people off the official unemployment rolls...
WaPo: After the payments ended in December, some workers opted to file for early Social Security benefits. Others may have enrolled in school or simply stopped looking for a job, disqualifying them for retroactive payments.
The number of the uncounted unemployed will continue to grow month after frustrating month. 
Fiscal Times: By the end of the year there will be 4.9 million people cut off from unemployment insurance. Add in their children and other family members, and you are talking about many millions of people who are affected. 
So is it any surprise the unemployment rate is at its lowest level since the Great Recession?
Jsonline: The Labor Department also said Friday that the unemployment rate sank to 6.3 percent, its lowest level since September 2008, from 6.7 percent in March. But the drop occurred because the number of people working or seeking work fell sharply. People aren't counted as unemployed if they're not looking for a job.
This is the same ploy used by Scott Walker, when he change the requirements to receive benefits on top of those losing federal extension benefits. Magically, and in time for Walker's reelection, the unemployment rate dipped to 5.9.  That's pretty close to the drop federally.
Post a Comment