Monday, December 30, 2013

ECONOMY - 'Climbing the Ladder' Today

Graph presented in Alan Krueger's June 2013 speech at the Rock and Roll Hall of Fame: "Land of Hope and Dreams: Rock and Roll, Economics and Rebuilding the Middle Class." Graph sources: Miles Corak (2011), OECD, CEA estimates.

"What's at stake for the U.S. as Americans struggle to climb the economic ladder?" PBS Newshour 12/27/2013


HARI SREENIVASAN (Newshour):  More than four years after the recession hit, the unemployment rate remains stubbornly high at 7 percent.  But after Saturday, unemployment benefits will end for an estimated 1.3 million individuals who have been out of work for more than six months.

Typically, states and the federal government provide unemployment insurance for up to 26 weeks.  In the wake of the recession, emergency aid was provided for a longer period, up to 99 weeks total at one point, and the program was repeatedly renewed.

But when Congress went home this month, it didn't extend the benefits again after Democrats like Senator Richard Durbin of Illinois urged his colleagues to do so.

SEN. RICHARD DURBIN, D-Ill.:  If we really care about working families and those who are on their way back to work, we have got to extend these unemployment benefits.

HARI SREENIVASAN:  Some Republicans argue extending benefits is the wrong prescription as the recovery takes a more firm hold.

How typically Republican, lets threaten to shaft U.S. citizens to save money.

MORE:  What's the state of economic inequality in America?

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