On the recordDecember 13, 2011
As I am preparing to speak, I'm thinking about a debate we had 3 years ago where banks received $700 billion, about the Fed 1 month ago printing $7.7 trillion for banks in this country and abroad, and here we're telling the American people who happen to be unemployed, you know, we're thinking of cutting benefits 40 weeks. People want work, not welfare. People want work, not unemployment compensation. But when people do not have work, unemployment insurance is essential. It is a lifeline. And this legislation significantly cuts unemployment insurance, that safety net that millions rely on. It reduces the number of weeks unemployed workers are eligible for by as much as 40 weeks. We need more jobs, and yet we have more long-term unemployed. We know the unemployment rate is actually higher because people have stopped looking for work. Nearly 14 million Americans are out of work, and among the long-term unemployed, more than half have been out of work for over a year. The problem is not a lack of effort for those seeking a job, the problem is a lack of jobs. Let's get America back to work, not be cutting unemployment compensation.
