WASHINGTON (AP) — The jobs crisis has left so many people out of work for so long that most of America’s unemployed are no longer receiving unemployment benefits.
***People do not need unemployment benefits, they need work. Not only is there no generator of new jobs, starting up your own business is near impossible. I do see thriving businesses. I was at one recently that was selling a safe product but in violation of a federal law. Perfectly safe, customers happily buying it, no fraud, but against the law. How many businesses are “making it” because they are willing to go face criminal sanctions?***
Early last year, 75 percent were receiving checks. The figure is now 48 percent — a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America’s 14 million unemployed have had no job for a year or more.
*** The crisis is not in unemployment, the crisis is in oppression by government at city, country state and federal level.***
Congress is expected to decide by year’s end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.
***It does not occur to anyone to give people regulatory relief and create wealth, only to borrow more and spend further in the whole.***
The ranks of the poor would also rise. The Census Bureau says unemployment benefits kept 3.2 million people from slipping into poverty last year. It defines poverty as annual income below $22,314 for a family of four.
***They are not poor because they do not have unemployment checks, they are poor because they have no opportunity.***
Yet for a growing share of the unemployed, a vote in Congress to extend the benefits to 99 weeks is irrelevant. They’ve had no job for more than 99 weeks. They’re no longer eligible for benefits.
Their options include food stamps or other social programs. Nearly 46 million people received food stamps in August, a record total. That figure could grow as more people lose unemployment benefits.
*** How is a food stamp benefit different in any way from unemployment insurance? I guess the thinking is since we can go on like this forever, we might as well. Well, we can’t.***
So could the government’s disability rolls. Applications for the disability insurance program have jumped about 50 percent since 2007.
***So just as business people are cheating to stay afloat, obviously people are cheating welfare to stay afloat.***
The number of unemployed has been roughly stable this year. Yet the number receiving benefits has plunged 30 percent.
***Caution: Know your customer! Has your customer base been people on welfare or unemployment? Get set to watch them dwindle... 99 weeks ago was when the layoffs from the downturn got heavy.***
The Congressional Budget Office has estimated that each $1 spent on unemployment benefits generates up to $1.90 in economic growth. The CBO has found that the program is the most effective government policy for increasing growth among 11 options it’s analyzed.
***This is a big reason why our economy is going bad, because people believe such nonsense. if anything, each dollar spent means 90 cents in econ activity, not $1.90, becuase the buck is still owed somewhere, by someone. Only people who never plan to pay anything back can think the way the CBO thinks. UI is a downward spiral.
The American system, as understood by the people in the commanding heights, is over. If you believe in what they conditioned you to believe, then the future is very bleak indeed for you and yours.
Presently those in the commanding heights know their system is bankrupt, literally, and are busying stealing anything not nailed down on their way out the door.
The Koch Bros, who own the Tea Party movement, got their oil trading money out of Goldman Sachs alum Jon Corzine run MF Global while 50,000 others are not so lucky. Goldman Sachs alums run the Fed, US Treasury, and now Italy. As I mentioned last week, a federal judge was miffed, but did nothing about Citigroup mulcting 700 million but only suffering 15 million fine. Nice work for a Bank if you can get it. (Taxpayers will make up the rest, eventually.) Someone is risking a federal offense selling below grade fruit (perfectly safe) and yet dirt cheap, while people who steal hundreds of millions face no jeopardy.
Mish Shedlock was asked if we should be executing the president of Bank of America, Citibank and the top officers, MF Global and others, as they do in China. (And they do, in China.) Mish reasonably replied, no, we have a legal system that can deal with fraud and theft.
But it does not. Judges tsk tsk, the SEC winks winks, and the powers that be steal steal.
Occupy Walls Street is owned by Soros, and the Tea Party is owned by the Koch Bros, and the protestors in both camps are socially conditioned to believe “if we can just get the right person in government, then it will all be OK.”
There is no one at any level of government advocating freeing Americans to work. Ron Paul does talk about eliminating the Fed, and about free markets, but there are not enough people who know how to work in a free market to support the rest. And even if elected, the masses of protesters would shut down any effort that did not expand government, whether for war or welfare.
One could say the USA ended when Bush bailed out the financial industry, but you can go back to the bailout of Chrysler, or PennCentral, or Nixon going off the gold standard, but in any event, we are too far gone. We mind have wound back to 1990, or 1980 or 1970, but not now. On the other hand, we can go back to 1790, and make rules knowing what we know. The leaders are stealing anything not nailed down, war and welfare hustlers are making their bids for public office. We see this every so often in history, every 75 years or so, somewhere. Now it is USAs turn. We're about to find out we are not exceptional. This is good to know, because chaos is tradable, and out of chaos comes the spontaneous order in freedom. We could choose to be another Hong Kong, but we are past the point of no return of becoming another Somalia.
We need two systems, one country.
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