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Thursday, November 18, 2010

What We Can and Cannot Afford

According to "Republicans and many blue-dog Dems," we can't afford to extend unemployment compensation, but we can afford tax cuts for the wealthy:

Why the Lame Duck Congress Must Extend Jobless Benefits For Hard-hit Families But Not Tax Cuts For the Rich, by Robert Reich: America’s long-term unemployed — an estimated 4 million or more — constitute the single newest and biggest social problem facing America. Now their unemployment benefits are about to run out, and the lame-duck Congress may not have the votes to extend them. (You can forget about the next Congress.)
The long-term unemployed can’t get work because there are still five people needing work for every job opening. ...
Republicans and many blue-dog Dems say we can’t afford another extension. But these are many of the same people who say we should extend the Bush tax cuts for the wealthy for at least another two years.
Extending the Bush tax cuts for the top 1 percent would cost an estimated $120 billion over the next two years. That’s more than another unemployment benefit extension would cost. The unemployed need the money. The rich don’t. ...

    Posted by on Thursday, November 18, 2010 at 12:42 AM in Budget Deficit, Economics, Social Insurance | Permalink  Comments (58)


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