On the recordJuly 14, 2010
I rise today to discuss the state of unemployment in our country and what we need to do to finally create sustainable jobs and grow our economy. The unemployment rate currently stands at 9.5 percent nationally and in my State 10.7 percent. Clearly, something has to be done about this. It appears that the new Senator we are expecting from the State of West Virginia may be the deciding factor when we vote later this month to begin addressing this problem. First, I think we need to understand that we need to instill certainty into the economy by providing relief to the segment of our fellow citizens who cannot find work. Because of the downturn in the economy, I have already voted multiple times to extend unemployment insurance from the standard 26 weeks to 99 weeks, amounting to tens of billions of dollars. But this emergency extension has now expired, leaving many without the benefits they need to stay afloat. So let's extend unemployment insurance once again. Resuming this emergency program through November 30 will cost about $33 billion, and I believe we should pay for at least half of it from the stimulus funds. Just before the recess, I supported an unemployment insurance extension that was fully paid for, but my Democratic colleagues blocked that amendment offered by Senator John Thune, preferring instead to continually borrow money on the credit card of our children and grandchildren. Last year, we borrowed $1.4 trillion.…
