On the recordFebruary 16, 2011
We must acknowledge that passing a continuing resolution will do nothing to create jobs. We are stuck with an unemployment rate of 9 percent and have left the long-term unemployed who have exhausted their unemployment benefits out in the cold. Representative Lee's amendment makes it clear that some of us have not forgotten about these individuals and their families. The amendment will ensure that these hardworking Americans will have access to unemployment benefits during this historic economic recession. It's not only the right thing to do, but it will also help our economy. Economists estimate that the U.S. economy grows by over $1.60 for every $1 the government spends on unemployment compensation because unemployed persons usually spend all of their benefits quickly. This $1.60 is in stark contrast to the 20 cents in economic activity generated by some of the tax cuts we passed last month. Put simply, unemployment compensation is one of the most efficient and effective ways to stimulate the economy. But extending benefits is only one part of a comprehensive approach that is needed to get the long-term unemployed back to work.
