On the recordDecember 1, 2010
Last night the unemployment benefits expired for 2 million Americans, including over 159,000 New Yorkers and 95,000 residents of New York City. The Joint Economic Committee, which I chair, released a report that finds that there could be serious unintended consequences if Congress should not renew this vital program; consequences not just for 2 million Americans who lost their jobs, but for our larger economy as well. Failing to renew the program with its 99-week cap could result in the loss of over 1 million jobs over the next year, wiping out almost a year's worth of hard-won progress. Failing to preserve unemployment benefits would also drain the economy of $80 billion in purchasing power just as our fragile economy is recovering. At a time when there are five unemployed Americans for every job opening, failing to extend unemployment benefits goes against both all common sense and economic sense. We must support and extend this vital renewal of this program.
