US: Obama will push for an extension of emergency unemployment insurance benefits through the end 2014

  • The White House said on Friday that President Barack Obama will push for an extension of emergency unemployment insurance benefits through the end of 2014
  • More than 2 million unemployed people stands to lose jobless benefits by the end of the year if Congress doesn’t reauthorize the program
  • Spokesman Jay Carney said the White House believes Congress will support the request

More at Reuters  and the Huffington Post.

With US government finances in better shape, at least in the short term, this would be good news for 2014 growth. Better news would be creating enough jobs to end the program and QE.

Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.

23 Comments

  1. And the other 298 million Americans stand to lose two million dead fish hanging around their necks.

  2. How terrible it is Eamon..
    IF those peoples do not get help, means un employed add more than 2 million….in the meantime NFP only add max 200.000 / months…? So it will take 1 years to make the balance..ZERO SUM GAME..! I never realise that US Job situation so uwfull like this.
    Is it right Eamoon…. Or I am wrong in the numbers….?
    Cheers

  3. The White House said on Friday that President Barack Obama will push for an extension of emergency unemployment insurance benefits through the end of 2014.Another 2 million votes in the up coming elections ,it all about the votes with Obama ,and nothing else.

  4. Makes one wonder why spending $85 Billion a month on the banks isn’t helping to reduce unemployment and grow the economy…

  5. I have been unemployed Since Match 1st. I have applied for at least 5 jobs a week since and 90% of those I never hear anything back. Without unemployment I would of lost my house. I just got a job but will be grossly underemployed but I want to get back out there. I don’t like being on unemployment but if it wasn’t there I would of been up you know what’s creek without a paddle. I am all for extending it.

  6. Work harder two million people depend on you! I’m all for extending income taxes to 50%. If that means handing over income earned to support these crucial programs from Monday through noon on Wednesday every week I’m all for it.

  7. I do not understand why some people complain about people that collect unemployment benefits. Everyone is not a dead beat. I lost my job in 2008 (layoff), starting working again in 2010- A $15,000 pay cut., thet job site closed May, 2013. I apply for jobs everyday and have not found a job yet. I want to work.. In the mean time, I must pay my rent, buy food, pay bills etc. yes, I need that small unemployment check

  8. It goes inline with the stuff many right wing commentators want and sheeple seem to be going along with it. Demographically it also makes sense as people tend to be more conservative as they get older. Bad news for little guys right now, good news for corporates. I think the pendulum will swing way more to the right until people start to revolt against it.

    So until then long defence contractors and data miners. Viva police state.

  9. You people created a Congress of Career Politicians who pad their bank accounts by allowing CEO’s to ship jobs overseas in the name of their personal profit and also propped up Banks without regard to controlling their excesses, so you helped build this job vacuum by wanting to keep your Pork Barreling Career Politician in office. So it’s time to stand up and take responsibility for the mess you have created.

  10. The President reaps what he has sown. The most anti growth President in my lifetime.
    Nothing that flows from the mouth of the White House does anything to engender confidence amongst the business community.
    Barry Obama cannot accept that the blame game he plays has a price and America is going to pay it.
    The awakening is starting as people are staggered by the cost of the health care law, and not even the press can hide what the impact on families across the nation is of long term unemployment.
    A President who does not know how to lead other then increase government is the problem.

  11. I have been put of work for 8 months now and it isn’t for lack of trying. I have applied, and applied and applied. I have listen to countless do’s and don’ts, redid my resume, removed any evidence of being an older applicant, and have been lucky to land three interviews which I was not hired. As your confidence level deteriorates, your self esteem kicked to the curb, and to make matters worse to wait to see if the 2014 unemployment extension will be approved by politicians who do not have a clue on how life is when you have been unemployed for months. As they sit in their luxury homes with no worries on where they will get there next meal or pay the mortgage and health benefits. it is scary. Walk in my shoes mister and see how quickly you would approve this extension!

  12. what happened to the jobs Obama was going to create?

  13. If Congress doesn’t pass extensions on unemployment benefits by the Dec 29, 2013 deadline I will lose my home.

  14. I’m 58 yrs. now, worked in the same business for 24yrs., wife ,children, home, and yes bills. Unfortunately the company I worked for decided for profit instead of progress and shut down across the country, thus leaving another 20,000 unemployed Americans that were working and providing for their families. We did not ask for this, but it seems that corporations are not running business any more just profiting and that is where the problem in America is any more, WE don’t build, we profit from others at the expense of people.
    Plan for your future, ok, but the future doesn’t know or care your coming— lets face it “We All Can’t Be Farmers”, let me raise chickens, hogs and plant and dig a well in my back yard and I will not ask of you anything, but the system will not allow it, for I must make profit for them. I need and want a job but I can’t live on $10 an hour, we sold virtually everything sellable, jewelry, travel trailer and I have no savings now, so please tell me what you want of me, for I’ve paid into the system for over 40yrs now, paying police, congressman, senators, teachers, firemen, state, local and civic municipalities and paying their wages and retirements, maybe just maybe the GOP could cut me some slack and let me keep onto what little we have left in hopes I get another job.

  15. There are many small business owners who have it in their blood to find their definite purpose in life by contributing to their local communities.
    They do so by expanding business with great ideas. Doing the 70 hour weeks needed to keep the enterprise afloat.
    But we also have this entity that treats all the same. The large corporation which has the resources to have on hand accountants, attorneys, human resource people, labor councilors, trouble shooters and whatever else compliance people they are required by law to have to get a product out the door is able to cope.
    This entity called government which imposes the same regulatory burden of standards on the small and medium enterprise is crushing the ability of these true job creators to grow. The economy languishes and good people with talent and productive years in them gets wasted, all in the name of equality of compliance with visions of the very catchy word Globalization as the new world order.
    So the consolidation of power gets greater as only those with direct access to the large commercial banks have no shortage of monies made available.
    While the domestic local economy languishes.
    Can only live in hope that the next election someone gets elected who comes down from the clouds and gets real about letting America be America. A place once known as the Land of opportunity.

  16. I have been unemployed for over a year now and will lose what little income I receive if the government doesn’t extend unemployment compensation. As Vivian above stated, I have done everything in my power to find any kind of work. I have worked very hard my whole life and I have lost my self esteem through all of this. I want to work!
    The people who say we’re lazy have no clue!!!

  17. I have been with out work for 6 months, and what little I do get every two weeks pays child support puts gas in my car and helps me keep my car as well as pay rent so my kids have a bed to sleep in under a roof. It really pisses me off at there Idiots that say we are Lazy. I bust my ass to find a job Im a disabled veteran, with bad knees from being hurt in the military, So because these ppl saying we are lazy cuz we been out of work for 37 weeks or more have no clue, I hope you get a chance to see what its like on my end, knowing in two weeks I will lose my house, my car, my furniture, my kids willlose there bedroom there there bed there pets and there friends because we will have to find some where to live WHICH will be hard. So for all you ppl whom think us unemployed individuals are lazy think of this. my family will be on the street, they wont be able to get up in there bed go to there bathroom and brush there teeth in there bathroom, or get in our car and go to schoolit will be more like this in reality, one we will end up in a shelter with 100s of other ppl they will get sick from all the other families getting sick we wont have the warmth or the food that we need to keep things in a balance I will continue to look for a job and continue to get turned down until hopefully someone will finally hire me then we will rebuild maybe and if i dont get a job maybe all the benefits I applied for like SSI since i have a hard time walking and use a cane and knee braces ( which also stop me from getting a job) will finally come thru and Ill be able to get a place for my family and another vehical , oooh but wait now because i lost benefits I have to figt to get anything because i lost it all and defaulted on my house paymen my car paymnet my credit card payment and anything like that has put a major blemish on my credit which oh made me look like less then desirable and now i cant get anything for like 7 years. so tellme Im lazy the person saying im lazy i willbet your sitting at home in a nice room whils some family member supports you because your to lazy to go out and get a job because well you just dont want to because you have it so good being a bum or you where born with a silver spoon in your mouth to some extent that you dont need to work cuz mommy and daddy busted there asses to get WHAT THEY WANTED just for you to squander it all and sit on your ass so callme lazy or any of us unempoyed lazy again but first take a long hard look at yourself I dont want to lose my car my home my life , I dont wat my kids to get made fun off because we are homeless but obviously you individuals whom thing we are lazy do so why dont you helo us out when we have o way to support our families he we can come live with you all Ill clean up a lil bit make sure my kids are quiet mow the yard be the lil butler or better yet maybe have a lil bit more compasion and realize all thisis gonna do is make homless rate sky rocket as well as other poverty leves shoot way up so again do you think its right to cut off over a million individuals nation wide doing everything they can to support there families.

  18. Ive also been let go on my job 7mos and its a shame that we uneployed people should be made to feel this way. I have been working since i was 15yrs old and now im 45. I also stand to lose my home that ive worked so hard to maintain all these yrs and on top of it worked two or three jobs trying to keep. This is a slap in my face.What the hell happen too we payed it to it. Do you know what would happen if they don’t pass this. Get ready to load up your guns because its going to get ugly people r going to start break in ur home business and even kill you in order to take care of there life.

  19. I have been unemployed since March 22, 2013. I have been applying for 2-5 jobs per week since that time. I have ten years in radio broadcasting and two years in Customer Service/Call Center. I have not gotten a single phone call. What else am I? 50 years old. Age discrimination is supposed to be illegal, but at the department of labor where we all have to go for regular appointments while on UC, the veterans rep (yes, I’m also a US army veteran, so employers get $5,600 JUST FOR HIRING ME) says everyone on her list who is over the age of 45 says they are not getting calls for anything. Anything. If I apply for a job in radio, that warrants a phone call. I’ve done everything in radio except sales. I’ve done on-air, production, traffic, copy, news, board-op–everything but sales.

    Throwing 1.3 million off UC will NOT throw those people into jobs. It will move them from one category to another–they’ll go from UC to welfare, and in the process, lose homes and vehicles. We need BOTH of those things in order to work. Obama created this job situation. He can extend the UC benefits.

    And you business owners out there, stop complaining about people on UC if you are also NOT calling those people when they apply for your jobs. Especially veterans and people over 45. Want to get me off of UC? Hire me. I’m educated, competent, and I have a work ethic you will NOT find in a young worker under 20. Want me off of UC? Call me for a damn job.

  20. There are aspects to the winner take all economy that exists today in the US
    When i was young I learned a skilled trade by starting off as the Donkey.
    At that time there was enough in a business to hire Donkey’s and let them learn from the bottom up. After about 8 years ran a crew as foreman and eventually ran a small business that peaked at 27 people.
    But a person running a small business was then targeted as a potential revenue stream by Government to support the welfare state. So it became harder and harder to remain afloat and the first cuts in hiring started with the Donkey’s as heavy equipment could replace the need for start up labor.
    Soon the difference between keeping the doors open became a balancing act between government compliance regulations, finding projects that kept the cash flow sufficient and enough hours in the week to juggle everything.

    There is always risk in building a business and in keeping employees on payroll. The political structure has promised a risk free environment for the worker. No need for the worker to have any common sense so as not to cut their hands off. The US economy became a political instrument for the promise of no fault living. The live your life in a no fault manner political structure remains.

    Me, am trading Forex rather then building a small business. Less risky then running an entrepreneurial small business. I’ll put my energies into building a trading business.

    So if there are no jobs start looking at the people who promise a no fault world and then start to question why the economy from being vibrant has turned into a winner take all event.
    Winner take all has evolved as political’s are rewarded who lie every time their mouth moves.
    Business does not hire as there is no money, no cushion to allow for employees that can not produce from the first day.
    It is not getting any better and every day a new compliance regulation gets added. Not even a chance of simply stopping the rate of increase.

    Blaming the business owner is not exactly the incentive the business owner needs to decide to grow rather then retrench. But then again i am only one vote.

    The business owner lives in a world out of Emerson’s essay on compensation not in the fantasy land of the current political structure of the USA

  21. Some very salient points. There’s also the other side of the coin that it is sometimes hard (on an emotional front) for small business owners to have to sit someone down and tell them they haven’t got a job anymore. While you have to make decisions for the good of your business it doesn’t mean there’s no feelings there, and yes I speak from experience.

  22. Please Obama fight for an extention for EUI.. I and my three boys depened on that small but really helpful check …I was laid off on November 2012 I have been actively looking for a job but no luck whats ever!! Please approve in extention for 2014 , I dnt want to be homeless, plus I have bills to pay and also buy food, since I have been denied for any snap bennifits because works lack off in there work! Please Obama fight for an extention you have lots of followers that voted for you with out no job and depend of EUI!!

  23. While waiting for the Hawaiian vacation to come to an end

    “Ne te quaesiveris extra” Latin meaning, (Do not seek for things outside of yourself)

    http://www.emersoncentral.com/selfreliance.htm

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