News | Iran Travels  | Iran Professional Services | About | Contact | Discussion Forum | Archive

                         HAMSAYEH.NET               همسایه

    IRAN & INTERNATIONAL NEWS      CONTACT ABOUT

   

Back To The Main Page

 

Western unemployment reality check  
 
   Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution.

Because of emergency extensions already enacted by Congress, laid-off workers in nearly half the states can collect benefits for up to 79 weeks, the longest period since the unemployment insurance program was created in the 1930s. But unemployment in this recession has proved to be especially tenacious, and a wave of job-seekers is using up even this prolonged aid.

Tens of thousands of workers have already used up their benefits, and the numbers are expected to soar in the months to come, reaching half a million by the end of September and 1.5 million by the end of the year, according to new projections by the National Employment Law Project, a private research group.

Unemployment insurance is now a lifeline for nine million Americans, with payments averaging just over $300 per week, varying by state and work history. While many recipients find new jobs before exhausting their benefits, large numbers in the current recession have been unable to find work for a year or more.

Calls are rising for Congress to pass yet another extension this fall, possibly adding 13 more weeks of coverage in states with especially high unemployment. As of June, the national unemployment rate was 9.5 percent, reaching 15.2 percent in Michigan. Even if the recession begins to ease, economists say, jobs will remain scarce for some time to come.

"If more help is not on the way, by September a huge wave of workers will start running out of their critical extended benefits, and many will have nothing left to get by on even as work keeps getting harder to find," said Maurice Emsellem, a policy director of the employment law project.

Note by Hamsayeh.Net : Optimists hope the current recession would somehow ease by the end of this year. But most leading economists view this recession as more of a 'reality', hitting the capitalist system in a way of its productive forces slowly diminishing while the population loses its purchasing power .

Source : NYT

August 02/09

 

 

Stock markets have turned into casinos since

implementation of new regulations by groups

of players

 

 

Back To The Main Page

HAMSAYEH.NET

 

 

IRAN NEWS DAILY .COM

 

 

Iranian Association for

Energy Economics

 

 

News | Iran Travels  | Iran Professional Services | About | Contact | Discussion Forum | Archive

Disclaimer: Opinions expressed on this site are solely Hamsayeh.Netís own and do not represent any official institutionsí, bodiesí, organizationsí etc. Similarly, Hamsayeh.Net would not be responsible for any other opinions that may be expressed therein by other sources through direct or indirect quotations.